A shunt reactor absorbs the reactive power and plays a vital role in increasing the energy efficiency of a power transmission system. The shunt reactor are the same as the power transformer but it has only one winding per phase as compared to the power transformer. The shunt reactor market has high growth prospects owing to a growing focus on reducing the loss of power during distribution and transmission. Development of smart grid and power generation technologies propelling market growth. Moreover, the global shunt reactor market has significant growth prospects in emerging economies in such as India, China, and others.According to AMA, the market for Shunt Reactor is expected to register a CAGR of 4.48% during the forecast period to 2024. This growth is primarily driven by Emphasizing On Modernization of Distribution and Transmission Network and Increasing Demand for Electricity.
Globally, a noticeable market trend is evident Increasing Applications in the Different Renewable Energy Systems
. Major Manufacturers, such as General Electric (United States), Siemens (Germany), ABB (Switzerland), Fuji Electric (Japan), Crompton Greaves (India), Zaporozhtransformator (Ukraine), Toshiba (Japan), Mitsubishi Electric (Japan), Nissin Electric (Japan) and TBEA (China) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
- Emphasizing On Modernization of Distribution and Transmission Network
- Increasing Demand for Electricity
- Increasing Applications in the Different Renewable Energy Systems
- Technological Development in Power Generation Technologies
- Availability of Low-Quality Products
- Economic Uncertainty in Some Countries
Increasing Focus on Upgradation of Distribution and Transmission Network and Rising Demand from the Developing Economies
Lack of Awareness in the Emerging Economies
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