In today’s scenario the energy efficiency has become the prime concern of every industry including power transmission. To meet such objective, devices like shunt reactors are used to increase the energy efficiency of the systems. The growing power transmission infrastructure is increasing the demand for shunt reactors globally. A shunt reactor found their application in medium and high-voltage networks in order to improve efficiency and stability of the power transmission system. A shunt reactor is a compact device which is used to limit the reactive power and overvolatges and increases the energy efficiency in overhead lines. Shunt reactors are mostly connected to tertiary windings of transformers and to the power system at junctures. Both the transformer and shunt reactor appears similar in construction and contain the same components like tank, insulation, windings, core, bushings etc.
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Shunt Reactor Market: Drivers & Restraints
Growing power distribution infrastructure development in developing economies of Asia Pacific region such as China and India are projected to create increasing demand for shunt reactor during the forecast period 2015-2015. Also refurbishing of ageing and outdated infrastructure in developed economies is expected to drive the growth of global shunt reactor market. Increasing investment in renewable energy sources in Europe is also projected to be potential driver towards the growth of the global shunt reactor market. Conversely the cost related concerns can act as a restraining factor for the global shunt reactor market during the forecast period.
Shunt Reactor Market: Segmentation
The global shunt reactor market is segmented on the basis of the type, application and region. On the basis of type the global shunt reactor market is segmented into
On the basis of product type, the global shunt reactor market is segmented into,
- Oil-immersed type
- Air-core dry type
The oil-immersed type shunt reactor segment accounted for the largest share in the global shunt market and it is projected to maintain the dominance with over 60% throughout the forecast period.
On the basis of application, the global shunt reactor market is further segmented into
- Electrical utilities
- Industrial verticals
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Shunt Reactor Market: Region-wise Outlook
The global shunt reactor market is projected to grow at a CAGR of 7% to 9% over the forecast period 2015 to 2025. Growing demand for energy utilization, industrial infrastructure are some of the contributor towards the highest growth rate of the Asia-Pacific shunt reactor market. North America shunt reactor market holds the second largest share in the global shunt reactor market followed by Europe (Eastern and Western Europe) and Middle East and Africa respectively.
Shunt Reactor Market: Key Players
Some of the key market participants in the global shunt reactor market are ABB Ltd., Crompton Greaves Ltd., Alstom Group and Zaporozhtransformat or, among others.