According to IMARC Group's latest research report, titled "Shunt Reactor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on the shunt reactor market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global shunt reactor market size reached US$ 2.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.2 Billion by 2027, exhibiting a growth rate (CAGR) of 3.7% during 2022-2027.
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Shunt Reactor Market Outlook:
A shunt reactor refers to a device that is used to absorb the reactive power in a power supply system. It is a compact instrument that neutralizes power in cable systems and high-voltage transmission lines by transferring energy directly to the power line. A shunt reactor stabilizes the system voltage and consumes excess energy produced by overhead lines under low load conditions. In addition to this, it can also be connected directly to the power line or the tertiary winding of three transformers. A shunt reactor offer several benefits, including minimal fire hazard probabilities and low maintenance as well as operational costs.
The inflating need for energy is among the primary factors driving the shunt reactor market. Furthermore, the rising utilization of this device for reducing the loss in power transmissions and in modern transmission and distribution (T&D) networks is also augmenting the market growth. Apart from this, the increasing investments by leading manufacturers in smart grid technologies are catalyzing the global market. Moreover, the escalating demand for shunt reactors is contributing to reduced carbon footprint and voltage jumps, which is acting as another significant growth-inducing factor. Besides this, the development of efficient power systems to ensure an uninterrupted supply of energy and extensive R&D activities by key market players are further stimulating the market growth. Additionally, the launch of several policies by government bodies across countries to promote the usage of high voltage transmission systems is expected to bolster the shunt reactor market in the coming years.
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