Pune, India, May 04, 2023 (GLOBE NEWSWIRE) -- The global shunt reactor market size hit USD 2.43 billion in 2021. The market valuation is slated to rise from USD 2.55 billion in 2022 to USD 3.94 billion by 2029 at a 6.4% CAGR during the forecast period. Shunt reactors help increase the energy system's efficiency and power by absorbing the power of high-voltage transmission lines. Due to growing urbanization and industrialization, the demand for power generation is rising. This reactor is important for the efficient and safe distribution of power. Fortune Business Insights™ presents this information in a report titled "Shunt Reactor Market, 2022-2029."
Key Industry Development:
September 2022: ABB has stated that the company has signed a contract with Hitachi Ltd. to divest its remaining 19.9% stakes in the joint venture Hitachi ABB Power Grids.
Get a Free Sample of Research Report: https://www.fortunebusinessinsights.com/enquiry/sample/shunt-reactor-market-103998
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 6.4% |
| 2029 Value Projection | USD 3.94 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 2.43 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 208 |
| Segments covered | Shunt Reactor Market Size, Share & COVID-19 Impact Analysis, By Phase (Single Phase and Three Phase), By Type (Oil Immersed and Air Core), By Product (Fixed and Variable), By End-user (Electric Utility and Renewable Energy) and Regional |
| Growth Drivers | Increasing Number of Modernization Projects to Drive Market Growth |
| Increasing Adoption of Variable Shunt to Bolster Market Growth |
Market Drivers and Restraints:
Increasing Number of Modernization Projects to Drive Market Growth
A rising number of global modernization projects for distribution and transmission equipment is anticipated to drive market growth. With urbanization, the power demand has increased to stabilize systems and regulate voltage. The increasing number of transmission, modernization, and upgrading drives the shunt reactor market growth.
The growing adoption of advanced technologies will likely decrease the demand for distribution and transmission equipment during the forecast period.
COVID-19 Impact:
Closures of Offices and Factories Hampered Market Growth
Due to the outbreak of COVID-19, every industry got impacted severely. The industrial and commercial sectors are the two largest power consumers, and shutting down offices/factories negatively affected the market, as it lowered the demand and consumption of electricity. Reduced cash flow and collection have negatively impacted the transmission and distribution companies.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/shunt-reactor-market-103998
Report Coverage:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Segmentation:
Increasing Urbanization to Drive the Growth of Three Phase Segment
On the basis of phase, the market is divided into single phase and three phase. Among these, the three phase segment is projected to capture the maximum share owing to rising industrialization.
Oil Immersed Reactors to Dominate Market Growth Due to their Compatibility with High-voltage Systems
On the basis of type, the market is divided into air core and oil immersed. The major share of the global market is expected to be held by oil immersed shunt reactors due to their compatibility with high-voltage systems.
Increasing Adoption of Variable Shunt to Bolster Market Growth
On the basis of product, the market is fragmented into variable and fixed. Variable segment is anticipated to hold the major market share owing to high flexibility across voltage fluctuations.
Rapidly Growing Energy Sector to Drive Shunt Reactor Adoption
On the basis of end-user, the market is divided into renewable energy and electric utility. Renewable energy segment is anticipated to record the highest CAGR during 2022-2029, whereas electric utility segment is among the largest consumers of reactors.
Regional Insights:
Asia Pacific to Hold Maximum Market Share during the Forecast Period
Asia Pacific is anticipated to hold the largest share of the market, making it a leading region. This region is the largest consumer and producer of electricity. The area has a huge manufacturing industry. Growing demand and use of electricity generation and investment are the main reasons the market drive the market.
Europe has become the second largest market. Due to the rising grid infrastructure in developed nations, the Europe shunt reactor market share is expected to expand.
The market in North America is anticipated to be driven by increasing power consumption across commercial, residential, and industrial sectors. The generation of power from sources such as wind and solar is increasing in this region; hence, the market is expected to grow during the forecast period.
Quick Buy - Shunt Reactor Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/103998
Competitive Landscape:
Market Players Focus on New Product Launches to Strengthen Market Position
Leading market players are vying to expand market reach by offering solutions tailored to their respective industries. These players strategically collaborate with and take over local competitors to establish a regional foothold. These companies focus on developing innovative products and efficient marketing techniques to gain a wider market share. The expanding volume of international trade is anticipated to bring about profitable opportunities for market players.
A List of Key Manufacturers Operating in the Global Market:
- GE (U.S.)
- Siemens (Germany)
- Toshiba Corporation (Japan)
- CG Power and Industrial Solutions Limited (India)
- Hitachi Energy (Switzerland)
- Hyosung Corporation (Korea)
- ABB (Switzerland)
- Nissin Electric Co Ltd (Japan)
- Fuji Electric Co., Ltd. (Japan)
- GBE SpA (Italy)
Shunt Reactor Market Segmentation:
By Phase:
- Single Phase
- Three Phase
By Type:
- Oil Immersed
- Air Core
By Product:
- Fixed
- Variable
By End-user:
- Electric Utility
- Renewable Energy
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/shunt-reactor-market-103998
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Shunt Reactor Market
5. Global Shunt Reactor Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Phase
5.2.1. Single Phase
5.2.2. Three Phase
5.3. Market Analysis, Insights and Forecast – By Type
5.3.1. Oil-Immersed
5.3.2. Air Core
5.4. Market Analysis, Insights and Forecast – By Product
5.4.1. Fixed Shunt Reactor
5.4.2. Variable Shunt Reactor
5.5. Market Analysis, Insights and Forecast – By End-user
5.5.1. Electric Utility
5.5.2. Renewable Energy
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Latin America
5.6.5. Middle East & Africa
Continued….
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/shunt-reactor-market-103998
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
