Shunt reactors are used to protect transmission lines from high-voltage fluctuations. The shunt reactor consumes the reactive power from electrical or electronic equipment, thus steadying the voltage along the transmission line. The Global Shunt Reactor Market consists of two major end-users segments: electrical utilities and the industrial (NUG) sector.
· The overall Global Shunt Reactor Market is expected to grow at a CAGR of 4.34 percent during the forecast period of 2013-2018.
The high requirement for electricity in developed and developing nations has led to the stable development of the market. These countries are concentrating on the rearrangement of their transmission and distribution infrastructures, hence the demand for shunt reactors is mounting gradually and is likely to follow the trend in the future as well.
“The demand for shunt reactors will exhibit steady growth during the forecast period, especially in the Asia Pacific region and in Europe, the Middle East, and Africa, because of the expansion and renovation projects going on aroundthe globe,” says Faisal Ghaus, Vice President of TechNavio Research.
One of the major trends in the market is the emergence of smart grids. Smart grids are equipped with intellectual applications that help improve energy efficiency. Smart grids help restore power quicker in the case of a disruption, minimize the cost of power for consumers, and promote lower electricity rates due to deteriorated peak requirements. Moreover, smart grids result in consolidation of large-scale renewable energy systems and improved security.
To regulate the market scenario in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.