Jersey City, New Jersey, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Shunt Reactor Market” By Product (Oil-Immersed, Air-Core), By Application (Electric Utilities, Industrial Verticals), and By Geography.
Shunt Reactor Market size was valued at USD 2.82 Billion in 2020 and is projected to reach USD 4.07 Billion by 2028, growing at a CAGR of 4.68% from 2021 to 2028, according to the most recent study from Verified Market Research.
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Browse in-depth TOC on “Shunt Reactor Market”
202 - Pages
126 – Tables
37 – Figures
Report Scope
Global Shunt Reactor Market Overview
The increasing demand for electricity, upgrading of the aging technology in developing countries, and the addition of high voltage transmission lines are the driving factors for the Shunt Reactor Market. The growing focus on grid reliability and energy loss minimization during transmission led to the introduction and development of alternative technologies such as FACTS (Flexible AC Transmission System) and HVDC systems that act as restraints for the Shunt Reactor Market. The existing transmission and distribution networks utilized in most of the developed nations rely on aging infrastructure and outdated technologies that struggle to meet the current and future growing demand.
In the US and European countries such as the UK and Germany, approximately 70% of the transformers and transmission networks are over 25 years old and are reaching the end of their life. The dual trends of long-term under-investment in the T&D infrastructure and increasing demand for the reliable delivery of power have increased pressure on the grid, making it highly vulnerable. Thus, to avoid power outages or grid breakdown, a significant investment is required for upgrading the aging T&D grid including shunt reactors. As the energy requirements increase, the need for supporting infrastructure also increases. In the last five years, Europe and North America have been engaged in modernizing their transmission grids for an efficient supply of electricity.
A considerable investment has also been made by Japan to strengthen and upgrade its power transmission infrastructure networks. Electric utilities would invest USD 3.2 trillion globally in the new and replacement transmission and distribution infrastructure, according to the T&D world magazine. This investment in infrastructure would be necessary due to growing electricity demand, aging assets, and new power generation projects, including intermittent renewable resources that are straining the grid. Thus, investments in the transmission and distribution infrastructure would see significant growth in the Shunt Reactor Market.
Key Developments
- In October 2017, Larsen and Turbo (L&T) formed a partnership with Siemens to supply four shunt reactors to the Oman Electricity Transmission Company. The reactors are located at 400 kV substations in Izki and Ibri to enhance grid reliability across transmission lines joining these urban areas.
- In September 2019, Siemens AG has acquired an order from Semco Maritime for the supply of key electrical devices for the electrical service platform at the 1.6-GW Mayflower Wind offshore wind farm construction process. The agreement contains high-voltage equipment including an integrated conditioning monitoring system, three shunt reactors, and gas-insulated switchgear.
- In June 2020, Siemens announced that it is recommended by Danish customer Semco Maritime to provide the main electrical devices for the electrical service platform for the Mayflower Wind LLC offshore wind project. The 1.6-GW research study is in a central rental agreement area near Massachusetts, USA.
Key Players
The “Global Shunt Reactor Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are
- ABB
- Siemens
- Crompton Greaves
- GE
- Zaporozhtransformator
- Fuji Electric
- Toshiba
- Mitsubishi Electric
- Nissin Electric
- TBEA
- Trench Group
- Hilkar
- Beijing Power Equipment Group
- HYOSUNG
Based on the research, Verified Market Research has segmented the global Shunt Reactor Market into Product, Application, and Geography.
- Shunt Reactor Market, by Product
- Oil-Immersed
- Air-Core
- Shunt Reactor Market, by Application
- Electric Utilities
- Industrial Verticals
- Shunt Reactor Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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World’s Biggest Power Generation Companies turning on the brightness across the globe
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