The Asia-Pacific Shunt Reactor market is growing rapidly. The market growth attributes to the rising demand for Asia-Pacific Shunt Reactors due to the growing transmission and distribution industries across the globe. Besides, increasing deployments of high voltage transmission lines and cable systems create substantial market demand. Moreover, increasing demand from high voltage (HV), extra high voltage (EHV) systems, and electrical substations escalate the market growth.
According to Market Research Future (MRFR), the Asia-Pacific Shunt Reactor market is poised to create a valuation of USD 8,204.9 Million by 2032, growing at 5.2% CAGR during the review period (2024-2032). Rising installations of Asia-Pacific Shunt Reactors in onshore substations and offshore wind farm projects worldwide boost the market demand. Also, increasing numbers of contracts covering the supply of Asia-Pacific Shunt Reactors, air-insulated switchgear (AIS), gas-insulated switchgear (GIS) equipment, influence the market growth.
Additionally, improved supply chains of key power equipment, such as transformers, circuit breakers, and hybrid modules, increase market sales. Asia-Pacific Shunt Reactors are used to enhance long AC cable systems' energy efficiency by absorbing the reactive power (charging current) generated within the cable. These reactors can be directly connected to the power circuit/a tertiary winding of a three-winding transformer.
Also, to improve the adjustment of the consumed reactive power, a variable Asia-Pacific Shunt Reactor (VSR) could be an economical solution for some applications. The advent of smart grids would act as an opportunity for the Asia-Pacific Shunt Reactor market. Augmenting demand to improve energy efficiency in smart grids, alongside the increased investment in clean technologies and renewable power generation capacity expansion, fosters market growth.
Conversely, reduced earnings of the global power distribution sector are a key factor projected to impede the market growth. Nevertheless, rising deployments and upgrades of electric grid infrastructure and the increase in the adoption of renewable energy sources would support the market growth throughout the review period.
Market Segmentation
The global Asia-Pacific Shunt Reactor Market is segmented into the following types;
By Product
- Air-core dry Type
- Oil Immersed
By Phase
- Single Phase
- Three Phase
By Rating
- Fixed Asia-Pacific Shunt Reactor
- Variable Asia-Pacific Shunt Reactor
By Application
- Residential
- Industrial
Asia-Pacific Shunt Reactor Market - Regional Analysis
Asia Pacific region dominates the Asia-Pacific Shunt Reactor market. The considerable market share attributes to the increased investments in the smart grid infrastructure development and modernization & upgrades of electrical networks in the region. Besides, the growing dependence on renewable power generation sources and infrastructural activities has been driving the regional market growth.
Moreover, the rising demand for electricity due to the rapid urbanization & industrialization, and ever-increasing population substantiates the Asia-Pacific Shunt Reactor market size. China and India account for a sizable share in the regional market due to investments in developing T&D networks. The APAC Asia-Pacific Shunt Reactor market is projected to retain its dominance throughout the
North America stands second in the Asia-Pacific Shunt Reactor market. The market growth is driven by the increase in smart grid activities and rising investments in renewable sources. Additionally, massive investments in electric utilities and industrial verticals create high growth potential for the regional market. Furthermore, increased power consumption in the region fosters market growth, creating a huge energy demand.
The overall growth across industries in this region, and volatility in global fuel prices create substantial market demand. Also, the spurting increase in population and industrialization accelerate the regional market growth. The North American Asia-Pacific Shunt Reactor market is expected to achieve remarkable growth during the forecast period.
The Europe Asia-Pacific Shunt Reactor market is growing briskly. Factors such as the rapidly growing industries and rising numbers of refineries in the region drive the market demand hugely. Besides, the augmenting demand for energy across the industrial sector in the region acts as a key growth driver. The European market is estimated to create a substantial revenue pocket over the assessment period.
Asia-Pacific Shunt Reactor Market - Competitive Analysis
Highly competitive, the Asia-Pacific Shunt Reactor market appears diversified due to the presence of many well-established players. Matured players adopt strategies such as mergers & acquisitions, expansions, collaborations, and product/technology launch to gain a larger competitive share.
Major Players:
- Nissin Electric Co Ltd
- Abb India Pvt Ltd
- Mitsubishi Corporation
- Fuji Electric
- Hd Hyundai Heavy Industries Co., Ltd.
- Tbea
- Hilkar
- Toshiba Corporation
- Siemens Ag
- Ge Grid Solution
Industry/Innovation/ Related News:
July 24, 2020 ---- The Trench Group (Canada), a leading global manufacturer of high voltage products, announced signing a contract with a German transmission system - Operato, to supply and install the world's highest voltage dry-type Asia-Pacific Shunt Reactor. Multi-national power engineering firm - Trench's technology allows them to produce dry-type Asia-Pacific Shunt Reactors at up to 550 kV voltages, this 420 kV unit will be the highest rated unit sold so far.
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