The growth of the shunt reactor market is primarily driven to the growth of the surging demand for energy across the world. A shunt reactor is majorly used for absorbing reactive power in electrical power grid systems to ensure a safe power supply by maintaining optimal levels of voltage transmission. As the need for electric energy continues to increase in both residential and industrial sectors, shunt reactors will find remarkable adoption.
Consumption of primary energy, which stood at 395 exajoules in 2000, rose to 576 exajoules in 2019 and is expected to proliferate in the years to come. The rising energy consumption is directly shaping the growth of the shunt reactor market, driving the demand for the products.
Rising awareness regarding alarming levels of carbon footprint has been a major attribute to the shift in the energy sector towards renewable sources. This is expected to positively influence the growth of the market as manufacturers customize products based on the source.
“Owing to the plummet in the energy consumption in the industrial sector due to Covid-19, manufactures are redirecting their efforts to the residential sector to sail through the pandemic period” opines FMI analyst.