The shunt reactor market is expected to grow at a CAGR of 4.56% from 2017 to 2022, to reach a market size of USD 3.19 billion by 2022. The major drivers of the shunt reactor market include increasing demand for electricity, upgradation of the aging technology, and modernization of the T&D network.
Key companies to provide shunt reactors are GE (US), Siemens (Germany), ABB (Switzerland), Fuji Electric (Japan), Mitsubishi Electric (Japan), CG (India), Nissin Electric (Japan), Zaporozhtransformator (Ukraine), TBEA (China), Toshiba (Japan), and Hilkar (Turkey).
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The key players in the shunt reactor market have been indulged in various contracts & agreements to install, construct, develop, or upgrade the shunt reactors. The companies supply shunt reactors to the electric utilities and various industrial verticals. The demand for shunt reactors increase with rise in demand for electricity, which in turn increases the investment in T&D networks, which leads to increase in the shunt reactor market. Thus, contracts & agreements is the major strategy adopted by the companies.
The industrial verticals segment is expected to be the fastest growing segment during the forecast period. The reactive power component enters into the system and reduces the power factor, which is used to measure the efficiency and quality of the power used. Thus, in the industrial vertical segment, the shunt reactors are used to improve the power factor. Growing industrialization in developing countries increases the investment in the T&D infrastructure. The upgradation of the aging technology in various industries leads to rise in investments in the T&D infrastructure which is expected to increase the shunt reactor market during the forecast period. The large investments in the T&D network would create an opportunity for the manufacturers to supply shunt reactors to various private companies.
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The oil-immersed shunt reactor segment is expected to be the fastest growing segment during the forecast period. Oil-immersed shunt reactors are usually utilized for systems with a voltage profile of 72.5 kV and above and are connected directly to the high-voltage busbar/transmission network. Investments in the T&D infrastructure and upgradation of the aging technology are taking place in the developing regions, where the oil-immersed shunt reactors have a high growth. Asia Pacific and North America are estimated to have a decent market growth for oil-immersed shunt reactors.