The Global Shunt Reactor Market is valued at USD 2.15 billion in 2016 and is expected to reach a value of USD 3.44 billion by the end of 2022, growing at a projected CAGR of 8.2% during the forecast period of 2017 – 2022.
Shunt reactor is device used to absorb reactive power travelling in an electrical system. This is done to increase the efficiency of the system. They are used for reactive power compensation in long High Voltage Transmission lines and cable systems. The reactor is directly connected to the power line or to a tertiary winding of a transformer. Variable rating shunt reactors are used in power lines with variable loads. These device protect the system from sudden voltage spikes which can major damage.
The need increase the efficiency of the system and provide reliable power is increasing the global demand for shunt reactor. The need for protection solutions for sudden voltage spikes is also driving the demand for shunt reactors. However uncertain market scenarios in some countries is challenging the growth of this market. Global Shunt Reactor market can be segmented based on type (Oil-Immersed Reactor and Air Core dry reactor),Type of Application(Electrical Utilities, and Industrial Utilities), and by geography (North America, Asia Pacific, Latin America, Europe, and Middle East).