A shunt reactor is also called as a compact device which is used to absorb the reactive power of the system. However, reactive power is nothing but the contributor which adds load over power transmission systems. The shunt reactors are basically used in cable systems as well as high voltage transmission for the purpose of reactive power compensation. However, these reactors can be connected to the bus-bar substation.
The increasing need for reliable power and system efficiency is growing the demand for shunt reactors across the globe. In addition, the requirement for protection solution for impulsive voltage is driving the shunt reactors demand. The growing demand for power is one of the major factors fueling the demand for solutions, products, and services related to the energy sector across the world. The demand for shunt reactors in the utility and energy will improve substantially over the forecast period. Furthermore, the increasing demand for power generation sources has led to the number of power projects over the globe, and it is expected to boost the growth of global shunt reactor market.
In addition, distribution networks and electric power transmission called the major links between consumers and generating stations. However, distribution and transmission networks are growing with modernization, upgradation, and extension across the globe. This will fuel the increasing demand for shunt reactors as well as making them compatible with energy renewable sources which can generate energy. Increasing aging equipment as well as loads is being replaced to reduce the blackouts risks.
Furthermore, governments are hugely concentrating on several renewable energy projects due to they can offer long-lasting solutions and eco-friendly in nature. In addition, many governments initiating energy efficiency programs across the globe to requirements of energy plants such as solar as well as wind. This is increasing demand for distribution and transmission networks. The market for shunt reactors is witnessing the huge effects of such advancements. Development of smart grid projects and Internet of Things are the major factors which play a significant role in the increasing demand for shunt reactor across the world. However, employment of innovative technologies and platform-based infrastructure is results in the smart grid advancements, particularly in emerged countries.
In terms of geographical area, Asia-Pacific will dominate for one of the largest shunt reactor market, due to the extensive government expenditure in the rapid urbanization as well as the energy sector. A growing number of distribution and transmission projects initiated in this region will boost the shunt reactors demand in this region. In addition, the raised demand for utilities will fuel the need for improved infrastructure which leads to the huge demand for shunt reactors.
In addition, the United States government has highly invested to renew its previous infrastructure which is leading to increasing demand for shunt reactor in the region. On the other hand, huge-scale projects are one of the main trends will boost the shunt reactors market growth in developed regions for the renovation of inadequate as well as outdated power supply network in developed countries.