According to Goldstein Research, “Rapid urbanization in developing countries and rising demand to set up new renewable power generating plants are the major factors driving the growth of shunt reactor market across the globe.” The shunt reactor market is majorly swiftly growing in Asia and South America owing to large-scale power plant projects and escalating electricity consumption in these regions.
Global Shunt Reactor Market Outlook 2024
The global shunt reactor market is segmented based on product type, by voltage rating, by insulation type, by application and by end users. Insulation segment is further bifurcated into oil and dry-cleaned. The oil-cooled power transformers accounted for the largest market size, for around 70% market revenue share as this type of power transformers are considered as a safer option while handling high voltage fluctuation in power transmission network.
The global shunt reactor market valued USD 2.3 billion in 2016 owing to rising expenditure over power and utility sector by the governments. Further, the market is anticipated to expand at a CAGR of 4.2% to reach USD 8.4 billion over the forecast period i.e. 2016-2024
Asia-Pacific is the largest region for power transformer market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific power transformer market valued USD 0.640 billion in 2016 and is estimated to expand at a CAGR of 9.1% over the forecast period. China is expected to dominate the shunt reactor market followed by India due to large electricity production in these countries and huge expenditures over electric power transmission projects. Rising per capita electricity consumption and rapid urbanization is accelerating Asia-Pacific shunt reactor market.
Rising Expenditure over Energy & Utility Sector: Major Impel
As a result of rising power consumption and out-dated infrastructure governments and utilities are making significant investments to replace and expand transmission and distribution infrastructure across the globe over the next decade. For instance, in 2017 BHEL an Indian power equipment manufacturer in association with ABB bagged the USD 209 million, project for setting up 800KV transmission network in India. For the project the power equipment manufacturers will significantly contribute by supplying power transformers, shunt reactors and instrument transformers.
Global Shunt Reactor Market Outlook
contains a detailed overview of the global shunt reactor market in terms of market segmentation by product type, by voltage rating, by insulation type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Shunt Reactor Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as ABB, Alstom, Siemens, General Electric (GE), Schneider Electric, ASEA Brown Boveri Group, Crompton Greaves Ltd., Hyundai Heavy Industries Co. etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global shunt reactor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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