|The global shunt reactor market was worth US$ 2.7 Billion in 2018. Looking forward, the market is projected to reach a value of US$ 3.6 Billion by 2024, registering a CAGR of around 5% during 2019-2024.
The growing energy demand is one of the key factors driving the market growth. There is an increasing need for efficient power systems to ensure uninterrupted supply of power. The demand for shunt reactor is also driven by the need for reduced losses in power transmissions, modern transmission and distribution (T&D) networks and their extensive utilization in different renewable energy systems. Additionally, growing investments in smart grid technologies are further contributing to the growth of the market.
The application of shunt reactor is also associated with reduced carbon footprint and voltage jumps, thus contributing to their demand. Factors such as favorable government policies promoting the development of high voltage transmission systems and increasing focus on research and development (R&D) activities are further catalyzing the growth of the market.
Read more: Global Shunt Reactor Market Set to Reach $3.6 Billion by 2024