(MENAFN- America News Hour) The report predicts the global Shunt Reactor Market to grow at a healthy CAGR over the forecast period from 2023-2033.
“The shunt reactor market is projected to grow at a CAGR of 4.56% from 2023 to 2033”
The shunt reactor market is estimated to reach USD 2.56 billion in 2023 and is projected to reach USD 3.19 billion by 2033, at a CAGR of 4.56% from 2023 to 2033. The increasing demand for electricity, upgrading of the aging technology in developing countries, and the addition of high voltage transmission lines are the driving factors for the shunt reactor market . Developing nations are currently increasing their power generation capacity to satisfy the growing energy demands. Industrialization and urbanization are being majorly seen in the Asia Pacific region, which houses two of the fastest growing economies in the world, India, and China. The growing focus toward grid reliability and energy loss minimization during transmission led to the introduction and development of alternative technologies such as FACTS (Flexible AC Transmission System) and HVDC systems act as restraints for the shunt reactor market.
“The oil-immersed type segment is expected to grow at the highest CAGR from 2023 to 2033”
Oil-immersed reactors are expected to be the largest market during the forecast period. The increase in the demand for electricity and rising investments in the T&D infrastructure leads to the addition of high voltage transmission lines to meet the demand for electricity. Thus, with an increase in the T&D infrastructure, the demand for oil-immersed reactors is expected to increase.
“The electric utilities end-user segment is expected to be the largest market during the forecast period”
The electric utilities end-users segment is projected to have the largest market during the forecast period. The demand for electricity is increasing as various developing nations are engaged in expanding their power generation capacity to provide electricity. The process of industrialization demands the ever-growing need for electricity. The countries are going to renewable energy sources such as building power plants to cater to the demand for electricity. This would also lead to rising investments toward strengthening the grid along with supporting infrastructures such as transformers and reactors. As the demand for electricity rises, the electric utilities would require more reactors.
“Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033”
The Asia Pacific region is currently the largest market for shunt reactors, followed by North America and Europe. China accounted for a majority share in the Asia Pacific in 2014 and is projected to grow at the highest CAGR from 2023 to 2033. The increasing demand for shunt reactors in the Asia Pacific is due to the growing investments in utilities, which would result in improved grid reliability. The addition of a high voltage transmission network and rising investments in renewable sources are likely to attribute the growth of the shunt reactor market in the Asia Pacific region.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
By Company Type: Tier 1- 40%, Tier 2- 35%, Tier 3- 25% By Designation: C-Level- 75%, Manager Level- 25% By Region: North America-15%, Europe-25%, Asia Pacific- 40%, Middle East and Africa-15%, South America-5%
Note:
The tier of the companies has been defined based on their total revenue, as of 2016: Tier 1 = USD 5 billion, Tier 2 = USD 0.5 billion to USD 5 billion, and Tier 3 =
Source: Industry Experts and MarketsandMarkets Analysis
Leading players in this industry have been profiled with their recent developments and other strategic activities. These include GE (US), Siemens (Germany), ABB (Switzerland), and Crompton Greaves (India).
Research Coverage:
From an insight perspective, this research report has focused on various levels of analysis, namely, industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the shunt reactor market, high-growth regions, and market drivers, restraints, and opportunities.
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The report provides insights into the following pointers:
Market Penetration: Comprehensive information on products and integrated solutions and services offered by the top players in the global shunt reactor market Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the shunt reactor market Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the markets for shunt reactors across regions Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global shunt reactor market
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