Through 2030, the shunt reactor market is anticipated to expand at a double-digit CAGR. Through 2030, North America is anticipated to dominate the global shunt reactor market.
The Covid-19 crisis caused a slight slowdown in the global sales of shunt reactors because all the factories were shut down and only the supply of necessities was allowed. The manufacturing industry is working hard to gain traction and draw customers globally through innovative launches and technological advancements in 2021 since the lockdown has been lifted to improve economic conditions.
The FMI report further opines that market players must innovate shunt reactors to meet the needs for power quality and voltage stability with grid integration of renewable energy sources. Although residential demand has scaled by up till 40% as customers are working from home, the upsurge is nowhere close to reversing the impacts of shutting down businesses, particularly in service sector.
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Shunt Reactor Market Size Study
- Air-core dry type shunt reactors to witness greater traction through 2030
- Adoption of variable shunt reactors (VSR) to accelerate in near future
- High demand for shunt reactors to come from industrial sector over following decade
- Single phase shunt reactors to gain momentum
- Market players to turn to Asia Pacific excluding Japan (APEJ) for potential growth avenues
“The networks for distributing and transmitting electrical energy is confronting new demands owing to changes in load structure and power generation. Both environmental and commercial drivers are contributing to this demand, so does power quality. As complexity of these systems is scaling up, adoption of shunt reactors is surging as they are reliable and cost-effective solution,” says analyst at FMI.
COVID-19 Impact on Shunt Reactor Market
The global demand for shunt reactors has been severely affected as over half of the global population is following stay-at-home orders, resulting in steep collapse in electricity consumption.
The International Energy Agency (IEA) reveals that consumption generally dropped by up till 20% for every month nationwide lockdowns continued. Usage in China – the first country to enact lockdown – fell by 6.5% during Q1 2020.
Countries such as India, the US, France, and the UK witnessed demand fall by at least 15% during lockdowns, while electricity demand in Italy – during peak of COVID-19 outbreak – fell down by about 75% at times.
Realizing depressed electricity demand, priority access to grids, and low operating expenses, several countries are turning to renewables. In the US, natural gas continues to lead the pack, followed by renewable, having outshone the contribution of coal-based power generation projects.
Share of renewables in India continue to rise in power mix, and the gap between coal and renewables has narrowed down during lockdown timeframe. In China, renewables are maintaining greater share in power mix after relaxation of lockdown measures. These trends will create fertile breeding for shunt reactor manufacturers in coming years.
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Shunt Reactor Market – Competitive Intelligence
The global shunt reactor market is highly competitive, as leading players are striving to capture value at stake. Manufacturers are focusing on designing innovative solutions to serve diverse applications. For instance,
- Trench Group develops air-core shunt reactors that stretch from small kVAr units for use cases including, limiting capacitor bank inrush, to large power reactors for myriads of use case including, shunt reactors that are over 100 MVAr per coil.
- Zaporozhtransformator PJSC is developing magnetically controlled shunt reactors (MCSR) in order to implement flexible AC transmission systems (FACTS) projects.
- Siemens AG has developed 100 MVAr variable shunt reactor for HOPS to address the challenges of excess reactive power regulation and high transmission voltages.
To Know More About Shunt Reactor Market:
A new market research report published by Future Market Insights (FMI) on the global shunt reactor market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the shunt reactor market through five different segments – product, phase, rating, application and region. The shunt reactor market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the manufacturing of shunt reactor and product adoption across several end-use industries.