LONDON--(BUSINESS WIRE)--The global shunt reactor market is expected to grow at a CAGR of above 7% from 2017-2021, according to a new market research report by Technavio.
Global shunt reactor market segmentation by end-user and geography
Technavio’s report on the global shunt reactor market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by end-user, including power utilities and industrial. As projected in 2016, approximately 65% of the market share originated from the power utilities segment. Industrial development and rapid infrastructure development, globally, have created a huge demand for electricity. To meet the growing demand, countries are increasing their installed power capacities.
Based on geography, the global shunt reactor market has been segmented into APAC, EMEA, and the Americas. As of 2016, approximately 40% of the market share came from APAC. Rapid urbanization, industrialization, and improved living standards has increased the electricity consumption in major countries such as China and India. Many private players, along with the government sector, have entered the power business by operating several utilities in the region. These private players have provided efficiency in production and distribution of electricity. Such expansions of the private sector for power generation have reduced the total price of electricity and intensified the fair market competition in the power sector.
“In APAC, countries such as China, India, Pakistan, Australia, and Thailand require continuous supply of electricity which has become crucial owing to the improvement in economic conditions. Active participation of private players in the power T&D market will encourage augmented investments in the development and restructuring of T&D networks,” says Gaurav Mohindru, a lead analyst at Technavio for engineering tools research.
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Shunt reactor market: competitive vendor landscape
There is a healthy competition among the vendors in the global shunt reactor market. Many vendors are providing similar equipment due to which the competition has increased in the market to provide innovative and better voltage protection solutions. Owing to the high potential in the market, vendors in the western markets are focusing on expanding their market share in the APAC region, through mergers and acquisitions.
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Other topics covered in the report:
Market drivers:
- Renewable power generation capacity expansion
- T&D network: Expansion and renovation
Market challenges:
- Reduced earnings of the global power distribution sector
- Volatile raw material prices
Market trends:
- Emergence of smart grids
- Need for flexible power systems
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