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The fast-changing energy environment and a growing number of high voltage transmission lines emphasizing the requirement of voltage regulation equipment. The shunt reactor is the most economical and compact device to regulate the reactive power generating in high power transmission lines and cable systems. In over long transmission lines, reactive power is generated as a result of capacitance between the lines and the earth. Reactive power cannot be used for any application. The shunt reactor absorbs the reactive power, which increases the energy efficiency of the system. Moreover, the shunt reactor enables to adjust the compensation for reactive power as the load varies over time. High voltage transmission lines and renewable energy sources are gaining traction to provide a reliable electricity supply. In both cases, the balancing of reactive power generation is necessary to increase the energy efficiency of the system. Shunt reactors are the most cost-effective way to compensate reactive power in long transmission lines and renewable energy sources, which generate fluctuating active power.
The shunt reactor market is classified into phase, type, application, end-user, and geographies. On the basis of phase, the shunt reactors can be bifurcated into single-phase and three-phase. Based on type, the market is divided into oil-immersed and air-core shunt reactors. The oil-immersed reactor is projected to dominate the market owing to its superior advantages such as high thermal capacity and suitable for both indoor and outdoor services.
The application segment is classified into fixed and variable shunt reactor. The rising installation of high power transmission lines likely to boost the growth of the variable shunt reactor. Based on end-user, the market is segmented into electric utility and industrial utility.
Exponential demand for electricity compelled authorities to expand the grid infrastructure and refurbish the existing facilities to provide an uninterrupted electricity supply. In addition, wind energy and solar energy are growing part of the energy mix across the world to mitigate the carbon emission. Shunt reactors are widely used in transmission and distribution systems as well as renewable energy sources to compensate and regulate reactive power to enhance the energy efficiency, which likely to brighten up the market prospects.
Utility companies are looking to enhance grid reliability through introducing advanced technology such as FACTs and HVDC systems which likely to hinder the growth of the shunt reactor market.
Key Market Driver -
Spurring investment in expansion of grid infrastructure
Key Market Restraint -
Introduction of FACTs (Flexible AC Transmission System) and other alterative
The shunt reactor market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Old power grid infrastructure in the United States needs to be upgraded for reliable electric supply. Also, the growing installation of a smart grid network likely to drive the shunt reactor market in North America. Latin American countries are massively investing in enhancing grid infrastructure to provide electricity for which provide impetus to the market. Europe is experiencing steady growth owing to the adoption of a smart grid and microgrid to enhance the electricity distribution. Asia Pacific is projected to dominate the market owing to government schemes to strengthen the grid infrastructure. India and China are likely to play a crucial role in bolstering the growth of the market. Indian government extensively investing in expanding the national grid to provide electricity supply at a larger scale, which proves to be beneficial for the market. Countries in the Middle East & Africa are emphasizing on improving transmission and distribution of electricity to augment the growth of the market.
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