[300 Pages Report] Shunt reactor market is likely to grow at double-digit CAGR through 2030. North America is predicted to rule the global market for shunt reactors through 2030.
The global sales for shunt reactors witnessed a minor slowdown in the Covid-19 crisis as all the factories were closed and supply of only basic necessity goods was permitted. Since the lockdown has been lifted up to improve economic conditions, the manufacturing companies are trying hard to gain traction and attract customers globally through innovative launches and technological upliftments in 2021.
Major manufacturing companies including ABB, Siemens, Crompton Greaves, General Electric , Zaporozhtransformator, Toshiba (Japan), Mitsubishi (Japan), and Nissin Electric (Japan).are investing in the establishment of a strong distribution network to remain competitive in the shunt reactor market.
They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for shunt reactors with largest market share.
For instance, Hitachi ABB launched Variable shunt reactors which are economical means to improve voltage stability and power quality under time-varying load conditions. Siemens AG has acquired order from Semco Maritime for supply of key electrical equipment for electrical service platform (ESP) at 1.6-GW Mayflower Wind offshore wind farm project. The contract comprises high-voltage equipment such as integrated conditioning monitoring system, three shunt reactors, and gas-insulated switchgear (GIS).
North America is predicted to rule the global market for shunt reactors through 2030 owing to increasing demands from the automobile industry. Presence of leading manufacturing companies that produce and distribute superior class shunt reactors globally contributes to make China a leading region with the fastest growing CAGR rate. The government initiatives are propelling growth in the Asia Pacific excluding Japan (APEJ) shunt reactor market. Further, the rising innovations are creating immense opportunities for the key players to extend their presence throughout the world.
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Energy security is prerequisite for countries striving to make overall progress. As such, power transmission and distribution (T&D) networks play pivotal role in overall economic development of countries. In an effort to inch towards sustainability goals, governments across the globe are renewing their commitment to establish robust energy infrastructure,
Existing T&D networks utilized in majority of developed regions bank on aging infrastructure and obsolete technologies that struggle to fulfil current and future growing demand. In developed regions such as the US, the UK, and Germany, nearly 7 out of 10 transformers and transmission networks age over 25 years old and reaching their service period.
The twin trends of long-run under-investments in T&D infrastructure and surging need for reliable supply of power have put pressure on grids, making them highly vulnerable. As such, in order to keep grid breakdown or power outages at bay, substantial investment is essential for stepping up aging T&D grids including, shunt reactors. As energy requirements continue to increase, demand for supporting infrastructure is increasing.
Electric utilities will invest around US$ 3.2 Tn globally in new and replacement T&D infrastructure, as per recent surveys. This investment in infrastructure will be paramount, given aging assets, rising electricity demand, and new power generation projects including, periodic renewable resources that are straining the grids. As a result, conspicuous investments in T&D infrastructure are likely to augur well for global shunt reactor market over forecast period.
Principal Consultant
Transmission systems are susceptible to regular or periodic load variations. Conventionally utilized in transmission and distribution systems, fixed shunt reactors continue to generate greater total returns to shareholders (TRS). However, these shunt reactors will fade in coming years due to cost-associated restraints.
On the flip side, variable shunt reactors (VSR) are cost-effective means to enhance power quality and voltage stability under time-varying load conditions. In addition, VSRs enable customers to continually adjust the compensation, as loads differ over time.
VSRs have emerged as lucrative alternative to fixed reactors in situations wherein power quality is paramount. They possess regulation capacity and can connect with other regulating devices including, static var compensators (SVC).
VSRs derived from transformer tap changers possess regulation speed in the order of minutes between extreme positions. As load variations happen gradually – largely in the order of hours or further – the tap changer technology turn out to be the most economical and reliable technology for controllable shunt reactors.
VSRs are highly advanced in stabilizing voltage fluctuations through large transmission networks, as such, their demand is skyrocketing. Three-phase VSRs, in particularly, are seeing huge demand owing to rising need for high-voltage transmission cables and lines. ABB, for instance, has installed three-phase VSR with 120-200Mvar at 420 kV in Italy.
The variable shunt reactor market is experiencing rapid growth compared to its fixed counterpart as VSRs are considered more capable to control voltage amid high-voltage power transmission cables or lines. FMI report finds that the variable shunt reactor market is likely to grow at double-digit CAGR through 2030.
North America is currently at the forefront of global shunt reactor market, primarily driven by well-established transmission and distribution industry. The region has been highly focused on transforming outdated and inadequate power and supply network for effective production of electricity over the past few years.
Government in the US has comprehensively invested in stepping up existing infrastructure, resulting in increasing demand for shunt reactors in the country. That said, the COVID-19 pandemic has put dent on revenue pool of shunt reactor market in North America as shuttered businesses and industrial operations translate into reduced electricity demand.
However, FMI finds that the regional shunt reactor market revenue is poised to spike as gradual easing of restrictions encourage industrials to resume their operations. The Asia Pacific excluding Japan (APEJ) shunt reactor market is experiencing meteoric growth, largely driven by government-backed initiatives to offer power throughout off-grid areas.
While China’s investment in power generation projects is coming to pre-crisis growth levels, investment in power grid projects is declining slower. In addition, electricity consumption in China is slated to surge 7.1% and 6.8% y-o-y during Q3 and Q4 of 2020, respectively, as the COVID-19 pandemic eases.
Daily electricity consumption in India has reduced by 26-27% since the enactment of nationwide lockdown, due to temporary suspension of non-essential manufacturing facilities. While the country is seeing downturn in electricity demand and investments in the sector during 2020-21 amidst the COVID-19-led disruptions, however, recovery is projected from 2021-22, says FMI.
Moving ahead, energy needs are reaching new scales in Europe, especially in the UK which is among primary industrial countries in the region. Recent data suggest that final electricity consumption of the UK industrial sector is anticipated to reach 5, 928 thousand metric tons of oil equivalent by 2035.
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Electricity distribution networks are undergoing step-change transformation, with emergence of smart grid technologies triggering advances towards enhanced services. Power systems incorporate transportation of loads of gigawatts (GW) of power over long distances, as such demand for smart machinery is essential for accurate monitoring and timely fault rectification.
Investments in smart grid technologies are surging majorly in developed regions which are stepping into the new age of load management and power supply. The technology offers opportunity to manufacturers of VSRs, as VSRs in smart grids will ensure proper flow of active power as well as balance reactive power.
As such, players turning to development of VSRs are well-placed for outsized returns in near future.
Although the market report is created as per global trends and industry dynamics, our analysts can also offer reports for specific regions or countries according to your needs.
Apart from the market players covered in the report, we offer insights about other players that are associated with the global compact loaders market.
Yes, we provide market size and growth rate (both in terms of value and volume) of any year within the specified historic and projection timeframe
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Market Overview
4.1. Introduction
4.1.1. Market Definition
4.1.2. Market Taxonomy
4.2. Market Dynamics
4.2.1. Drivers
4.2.2. Restraints
4.3. Value Chain
4.4. Market Forecast
4.4.1. Market Size and Y-o-Y Growth
4.4.2. Absolute $ Opportunity
4.4.3. Market Volume Forecast
4.5. Market Trends
4.6. Regional Pricing Analysis (2014)
4.7. Drivers and Restraints Impact Analysis
5. Global Market Analysis and Forecast, By Product Type
5.1. Introduction
5.2. Global Market Size Forecast By Product Type
5.2.1. Basis Point Share Analysis By Product Type
5.2.2. Y-o-Y Growth Projections By Product Type
5.3. Air-Core Dry Type
5.3.1. Market Size Forecast and Y-o-Y Growth By Product Type
5.3.2. Absolute $ Opportunity
5.3.3. Market Volume Forecast
5.4. Oil Immersed
5.4.1. Market Size Forecast and Y-o-Y Growth By Product Type
5.4.2. Absolute $ Opportunity
5.4.3. Market Volume Forecast
5.5. Global Market Attractiveness Analysis By Product Type
6. Global Market Analysis and Forecast, By Phase
6.1. Introduction
6.2. Global Market Size Forecast By Phase
6.2.1. Basis Point Share Analysis By Phase
6.2.2. Y-o-Y Growth Projections By Phase
6.3. Single Phase
6.3.1. Market Size Forecast and Y-o-Y Growth By Phase
6.3.2. Absolute $ Opportunity
6.3.3. Market Volume Forecast
6.4. Three Phase
6.4.1. Market Size Forecast and Y-o-Y Growth By Phase
6.4.2. Absolute $ Opportunity
6.4.3. Market Volume Forecast
6.5. Global Market Attractiveness Analysis By Phase
7. Global Market Analysis and Forecast, By Rating
7.1. Introduction
7.2. Global Market Size Forecast By Rating
7.2.1. Basis Point Share Analysis By Rating
7.2.2. Y-o-Y Growth Projections By Rating
7.3. Fixed Shunt Reactor
7.3.1. Market Size Forecast and Y-o-Y Growth By Rating
7.3.2. Absolute $ Opportunity
7.3.3. Market Volume Forecast
7.4. Variable Shunt Reactor
7.4.1. Market Size Forecast and Y-o-Y Growth By Rating
7.4.2. Absolute $ Opportunity
7.4.3. Market Volume Forecast
7.5. Global Market Attractiveness Analysis By Rating
8. Global Market Analysis and Forecast, By Application
8.1. Introduction
8.2. Global Market Size Forecast By Application
8.2.1. Basis Point Share Analysis By Application
8.2.2. Y-o-Y Growth Projections By Application
8.3. Residential
8.3.1. Market Size Forecast and Y-o-Y Growth By Application
8.3.2. Absolute $ Opportunity
8.3.3. Market Volume Forecast
8.4. Industrial
8.4.1. Market Size Forecast and Y-o-Y Growth By Application
8.4.2. Absolute $ Opportunity
8.4.3. Market Volume Forecast
8.5. Global Market Attractiveness Analysis By Application
9. Global Market Analysis and Forecast, By Voltage Range
9.1. Introduction
9.2. Global Market Size Forecast By Voltage Range
9.2.1. Basis Point Share Analysis By Voltage Range
9.2.2. Y-o-Y Growth Projections By Voltage Range
9.3. Less than 200 kV
9.3.1. Market Size Forecast and Y-o-Y Growth By Voltage Range
9.3.2. Absolute $ Opportunity
9.3.3. Market Volume Forecast
9.4. 200-400 kV
9.4.1. Market Size Forecast and Y-o-Y Growth By Voltage Range
9.4.2. Absolute $ Opportunity
9.4.3. Market Volume Forecast
9.5. Greater than 400 kV
9.5.1. Market Size Forecast and Y-o-Y Growth By Voltage Range
9.5.2. Absolute $ Opportunity
9.5.3. Market Volume Forecast
9.6. Global Market Attractiveness Analysis By Voltage Range
10. Global Market Analysis, By Region
10.1. Introduction
10.1.1. Y-o-Y Growth Projections, By Region
10.1.2. Basis Point Share Analysis, By Region
10.2. Market Forecast By Region
10.2.1. North America Market Value Forecast
10.2.2. Latin America Market Value Forecast
10.2.3. Asia Pacific Excl. Japan Market Value Forecast
10.2.4. Western Europe Market Value Forecast
10.2.5. Eastern Europe Market Value Forecast
10.2.6. Middle East & Africa Market Value Forecast
10.2.7. Japan Market Value Forecast
10.3. Regional Attractiveness Analysis
11. North America Market Analysis
11.1. Introduction
11.1.1. Y-o-Y Growth Projections, By Country
11.1.2. Basis Point Share Analysis, By Country
11.1.3. Key Trends
11.2. North America Market Forecast
11.2.1. Market Size and Volume Forecast By Country
11.2.1.1. U.S.
11.2.1.2. Canada
11.2.2. Market Size and Volume Forecast By Product Type
11.2.2.1. Air-core Dry Type
11.2.2.2. Fixed Shunt Reactor
11.2.3. Market Size and Volume Forecast By Phase
11.2.3.1. Single Phase
11.2.3.2. Three Phase
11.2.4. Market Size and Volume Forecast By Rating
11.2.4.1. Fixed Shunt reactor
11.2.4.2. Variable Shunt Reactor
11.2.5. Market Size and Volume Forecast By Application
11.2.5.1. Residential
11.2.5.2. Industrial
11.2.6. Market Size and Volume Forecast By Voltage Range
11.2.6.1. Less than 200 kV
11.2.6.2. 200-400 kV
11.2.6.3. Greater than 400 kV
11.2.7. Market Attractiveness Analysis
11.2.7.1. By Country
11.2.7.2. By Product Type
11.2.7.3. By Phase
11.2.7.4. By Rating
11.2.7.5. By Application
11.2.7.6. By Voltage Range
11.2.8. Drivers & Restraints: Impact Analysis
12. Latin America Market Analysis
12.1. Latin America Market Forecast
12.1.1. Market Size and Volume Forecast By Country
12.1.1.1. Mexico
12.1.1.2. Brazil
12.1.1.3. Rest of LATAM
12.1.2. Market Size and Volume Forecast By Product Type
12.1.2.1. Air-core Dry Type
12.1.2.2. Fixed Shunt Reactor
12.1.3. Market Size and Volume Forecast By Phase
12.1.3.1. Single Phase
12.1.3.2. Three Phase
12.1.4. Market Size and Volume Forecast By Rating
12.1.4.1. Fixed Shunt reactor
12.1.4.2. Variable Shunt Reactor
12.1.5. Market Size and Volume Forecast By Application
12.1.5.1. Residential
12.1.5.2. Industrial
12.1.6. Market Size and Volume Forecast By Voltage Range
12.1.6.1. Less than 200 kV
12.1.6.2. 200-400 kV
12.1.6.3. Greater than 400 kV
12.1.7. Market Attractiveness Analysis
12.1.7.1. By Country
12.1.7.2. By Product Type
12.1.7.3. By Phase
12.1.7.4. By Rating
12.1.7.5. By Application
12.1.7.6. By Voltage Range
12.1.8. Drivers & Restraints: Impact Analysis
13. Eastern Europe Market Analysis
13.1. Eastern Europe Market Forecast
13.1.1. Market Size and Volume Forecast By Country
13.1.1.1. Poland
13.1.1.2. Russia
13.1.1.3. Rest of Eastern Europe
13.1.2. Market Size and Volume Forecast By Product Type
13.1.2.1. Air-core Dry Type
13.1.2.2. Fixed Shunt Reactor
13.1.3. Market Size and Volume Forecast By Phase
13.1.3.1. Single Phase
13.1.3.2. Three Phase
13.1.4. Market Size and Volume Forecast By Rating
13.1.4.1. Fixed Shunt reactor
13.1.4.2. Variable Shunt Reactor
13.1.5. Market Size and Volume Forecast By Application
13.1.5.1. Residential
13.1.5.2. Industrial
13.1.6. Market Size and Volume Forecast By Voltage Range
13.1.6.1. Less than 200 kV
13.1.6.2. 200-400 kV
13.1.6.3. Greater than 400 kV
13.1.7. Market Attractiveness Analysis
13.1.7.1. By Country
13.1.7.2. By Product Type
13.1.7.3. By Phase
13.1.7.4. By Rating
13.1.7.5. By Application
13.1.7.6. By Voltage Range
13.1.8. Drivers & Restraints: Impact Analysis
14. Western Europe Market Analysis
14.1. Western Europe Market Forecast
14.1.1. Market Size and Volume Forecast By Country
14.1.1.1. Germany
14.1.1.2. France
14.1.1.3. U.K.
14.1.1.4. Spain
14.1.1.5. Italy
14.1.1.6. BENELUX
14.1.1.7. Rest of Western Europe
14.1.2. Market Size and Volume Forecast By Product Type
14.1.2.1. Air-core Dry Type
14.1.2.2. Fixed Shunt Reactor
14.1.3. Market Size and Volume Forecast By Phase
14.1.3.1. Single Phase
14.1.3.2. Three Phase
14.1.4. Market Size and Volume Forecast By Rating
14.1.4.1. Fixed Shunt reactor
14.1.4.2. Variable Shunt Reactor
14.1.5. Market Size and Volume Forecast By Application
14.1.5.1. Residential
14.1.5.2. Industrial
14.1.6. Market Size and Volume Forecast By Voltage Range
14.1.6.1. Less than 200 kV
14.1.6.2. 200-400 kV
14.1.6.3. Greater than 400 kV
14.1.7. Market Attractiveness Analysis
14.1.7.1. By Country
14.1.7.2. By Product Type
14.1.7.3. By Phase
14.1.7.4. By Rating
14.1.7.5. By Application
14.1.7.6. By Voltage Range
14.1.8. Drivers & Restraints: Impact Analysis
15. APEJ Market Analysis
15.1. APEJ Market Forecast
15.1.1. Market Size and Volume Forecast By Country
15.1.1.1. China
15.1.1.2. India
15.1.1.3. ASEAN
15.1.1.4. Australia and New Zealand
15.1.1.5. Rest of APEJ
15.1.2. Market Size and Volume Forecast By Product Type
15.1.2.1. Air-core Dry Type
15.1.2.2. Fixed Shunt Reactor
15.1.3. Market Size and Volume Forecast By Phase
15.1.3.1. Single Phase
15.1.3.2. Three Phase
15.1.4. Market Size and Volume Forecast By Rating
15.1.4.1. Fixed Shunt reactor
15.1.4.2. Variable Shunt Reactor
15.1.5. Market Size and Volume Forecast By Application
15.1.5.1. Residential
15.1.5.2. Industrial
15.1.6. Market Size and Volume Forecast By Voltage Range
15.1.6.1. Less than 200 kV
15.1.6.2. 200-400 kV
15.1.6.3. Greater than 400 kV
15.1.7. Market Attractiveness Analysis
15.1.7.1. By Country
15.1.7.2. By Product Type
15.1.7.3. By Phase
15.1.7.4. By Rating
15.1.7.5. By Application
15.1.7.6. By Voltage Range
15.1.8. Drivers & Restraints: Impact Analysis
16. Japan Market Analysis
16.1. Japan Market Forecast
16.1.1. Market Size and Volume Forecast By Product Type
16.1.1.1. Air-core Dry Type
16.1.1.2. Fixed Shunt Reactor
16.1.2. Market Size and Volume Forecast By Phase
16.1.2.1. Single Phase
16.1.2.2. Three Phase
16.1.3. Market Size and Volume Forecast By Rating
16.1.3.1. Fixed Shunt reactor
16.1.3.2. Variable Shunt Reactor
16.1.4. Market Size and Volume Forecast By Application
16.1.4.1. Residential
16.1.4.2. Industrial
16.1.5. Market Size and Volume Forecast By Voltage Range
16.1.5.1. Less than 200 kV
16.1.5.2. 200-400 kV
16.1.5.3. Greater than 400 kV
16.1.6. Market Attractiveness Analysis
16.1.6.1. By Product Type
16.1.6.2. By Phase
16.1.6.3. By Rating
16.1.6.4. By Application
16.1.6.5. By Voltage Range
16.1.7. Drivers & Restraints: Impact Analysis
17. Middle East and Africa Market Analysis
17.1. Middle East & Africa Market Forecast
17.1.1. Market Size and Volume Forecast By Country
17.1.1.1. GCC
17.1.1.2. Turkey
17.1.1.3. South Africa
17.1.1.4. Rest of MEA
17.1.2. Market Size and Volume Forecast By Product Type
17.1.2.1. Air-core Dry Type
17.1.2.2. Fixed Shunt Reactor
17.1.3. Market Size and Volume Forecast By Phase
17.1.3.1. Single Phase
17.1.3.2. Three Phase
17.1.4. Market Size and Volume Forecast By Rating
17.1.4.1. Fixed Shunt reactor
17.1.4.2. Variable Shunt Reactor
17.1.5. Market Size and Volume Forecast By Application
17.1.5.1. Residential
17.1.5.2. Industrial
17.1.6. Market Size and Volume Forecast By Voltage Range
17.1.6.1. Less than 200 kV
17.1.6.2. 200-400 kV
17.1.6.3. Greater than 400 kV
17.1.7. Market Attractiveness Analysis
17.1.7.1. By Country
17.1.7.2. By Product Type
17.1.7.3. By Phase
17.1.7.4. By Rating
17.1.7.5. By Application
17.1.7.6. By Voltage Range
17.1.8. Drivers & Restraints: Impact Analysis
18. Competitive Landscape
18.1. Competitive Dashboard
18.2. Company Profiles
18.2.1. ABB Ltd.
18.2.1.1. Financials
18.2.1.2. Products/Brand Offerings
18.2.1.3. Company Highlights
18.2.2. Fuji Electric Co., Ltd.
18.2.2.1. Financials
18.2.2.2. Products/Brand Offerings
18.2.2.3. Company Highlights
18.2.3. General Electric (ALSTOM)
18.2.3.1. Financials
18.2.3.2. Products/Brand Offerings
18.2.3.3. Company Highlights
18.2.4. Hyosung Corporation
18.2.4.1. Financials
18.2.4.2. Products/Brand Offerings
18.2.4.3. Company Highlights
18.2.5. Nissin Electric Co., Ltd.
18.2.5.1. Financials
18.2.5.2. Products/Brand Offerings
18.2.5.3. Company Highlights
18.2.6. Zaporozhtransformator PJSC
18.2.6.1. Financials
18.2.6.2. Products/Brand Offerings
18.2.6.3. Company Highlights
18.2.7. Siemens AG
18.2.7.1. Financials
18.2.7.2. Products/Brand Offerings
18.2.7.3. Company Highlights
18.2.8. Toshiba Corporation
18.2.8.1. Financials
18.2.8.2. Products/Brand Offerings
18.2.8.3. Company Highlights
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Shunt Reactor Market
