As per the latest report by IMARC Group, titled “Shunt Reactor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global shunt reactor market size reached US$ 2.9 Billion in 2019. A shunt reactor is an electronic device that absorbs excess reactive power that is generated by overhead lines under low-load conditions. This assists in stabilizing the voltage and increasing the overall efficiency of the power supply system. A shunt reactor can be directly connected to the power line or a tertiary winding of a three-winding transformer. It is often switched in and out on an everyday basis, keeping into consideration the load situation in the system. As it requires low maintenance and operating costs, it is widely utilized in different sectors.
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Global Shunt Reactor Market Trends:
The market is currently experiencing stable growth on account of the continually escalating demand for energy across the globe. This can be accredited to rapid urbanization, the growing global population and boosting sales of consumer electronics. Besides this, the increasing need for efficient power systems to ensure an uninterrupted supply of power is strengthening the shunt reactor market growth. Moreover, as the utilization of shunt reactors is associated with reduced carbon footprint and voltage jumps, their demand is rising worldwide. Furthermore, governing agencies in numerous countries are financing the upgradation, as well as setting up of new transmission and distribution networks. They are also investing in smart grid technologies, which is further contributing to the growth of the market. Apart from this, leading players operating in the industry are increasing their investments in research and development (R&D) activities to develop high voltage transmission systems, which is anticipated to fuel the market growth in the upcoming years. Looking forward, the market value is projected to reach US$ 3.8 Billion by 2025, expanding at a CAGR of 4.7% during the forecast period (2020-2025).
Market Summary:
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