Shunt Reactor Market and its key Opportunities and Challenges

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Shunt Reactor Market and its key Opportunities and Challenges

Shunt Reactor Market and its key Opportunities and Challenges

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).
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.

The global Shunt Reactor Market was valued at USD 2.46 billion in 2016 and is projected to reach USD 3.19 billion by 2022, at a CAGR of 4.56%, from 2017 to 2022 as per a report by MarketsandMarkets. 

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Why increase in power generation capacity continue to offer more opportunities?

With the increase in world population, the demand for electricity is also increasing. Various developing nations are engaged in expanding their power generation capacity to provide electricity to a wider population. Because of industrialization and urbanization, demand for electricity increases, with increasing number of power plants. As more number of power plants are being constructed to cater the demand, investment toward strengthening the grid along with supporting infrastructures such as transformers and reactors would also grow.

Why low-quality products and development of alternate technologies remain a major challenge?

Established market players are currently facing issues due to the presence of grey market players. Grey market players, primarily from the North Asian regions such as China and Korea, are posing as a threat due to their competence of supplying cheap and low-quality products. These market players overpower the key players in terms of price competitiveness and the local supply network maintained by them, which is difficult for global players to achieve.

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Growing focus toward grid reliability and energy loss minimization during transmission, led to the introduction and development of alternate technologies such as FACTS (Flexible AC Transmission System), HVDC systems, and so on. Conventional methods of grid stabilization (using devices such as capacitors) have their own imbibed limitations in terms of effective performance and speed and are gradually paving the way for more efficient technologies such as FACTS and HVDC systems.

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