What's driving the Shunt Reactor Market Growth?
The global shunt reactor market is growing rapidly. The market growth attributes to the rising demand for shunt reactors due to the growing transmission and distribution industries across the globe. Besides, increasing deployments of high voltage transmission lines and cable systems create substantial market demand. Moreover, increasing demand from high voltage (HV), extra high voltage (EHV) systems, and electrical substations escalate the market growth.
According to Market Research Future (MRFR), the global shunt reactor market is poised to create a valuation of USD 3.51 BN by 2025, growing at 4.66% CAGR during the review period (2019-2025). Rising installations of shunt reactors in onshore substations and offshore wind farm projects worldwide boost the market demand. Also, increasing numbers of contracts covering the supply of shunt reactors, air-insulated switchgear (AIS), gas-insulated switchgear (GIS) equipment, influence the market growth.
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Global Shunt Reactor Market - Segments
The report is segmented into four dynamics;
By Type : Oil-immersed and Air-core.
By Application : Variable and Fixed.
By End Use : Electric Utilities and Industrial Verticals.
By Regions : Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Global Shunt Reactor Market - Regional Analysis
Asia Pacific region dominates the global shunt reactor market. The considerable market share attributes to the increased investments in the smart grid infrastructure development and modernization & upgrades of electrical networks in the region. Besides, the growing dependence on renewable power generation sources and infrastructural activities has been driving the regional market growth.
Moreover, the rising demand for electricity due to the rapid urbanization & industrialization, and ever-increasing population substantiates the shunt reactor market size. China and India account for a sizable share in the regional market due to investments in developing T&D networks. The APAC shunt reactor market is projected to retain its dominance throughout the
North America stands second in the global shunt reactor market. The market growth is driven by the increase in smart grid activities and rising investments in renewable sources. Additionally, massive investments in electric utilities and industrial verticals create high growth potential for the regional market. Furthermore, increased power consumption in the region fosters market growth, creating a huge energy demand.
The overall growth across industries in this region, and volatility in global fuel prices create substantial market demand. Also, the spurting increase in population and industrialization accelerate the regional market growth. The North American shunt reactor market is expected to achieve remarkable growth during the forecast period.
The Europe shunt reactor market is growing briskly. Factors such as the rapidly growing industries and rising numbers of refineries in the region drive the market demand hugely. Besides, the augmenting demand for energy across the industrial sector in the region acts as a key growth driver. The European market is estimated to create a substantial revenue pocket over the assessment period.
Shunt Reactor Market - Competitive Analysis
Highly competitive, the global Shunt Reactor market appears diversified due to the presence of many well-established players. Matured players adopt strategies such as mergers & acquisitions, expansions, collaborations, and product/technology launch to gain a larger competitive share.
Players leading the shunt reactor market include The key players operating in the global shunt reactor market are Siemens AG (Germany), Zaporozhtransformator (Ukraine), ABB (Switzerland), Hyundai Heavy Industries (Korea), Crompton Greaves (India), Fuji Electric Co. Ltd (Japan), TBEA (China), Mitsubishi Electric Corporation (Japan), and TRENCH Group (France), Hilkar (Turkey), among others.
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