Shunt Reactor Market Trends and Dynamics, Drivers, Competitive landscape and Future Opportunities
According to IMARC Group, the global shunt reactor market was worth US$ 2.7 Billion in 2018. The market to reach a value of US$ 3.6 Billion by 2024, registering a CAGR of around 5% during 2019-2024. A shunt reactor is a compact device that absorbs reactive power to increase the energy efficiency of a power supply system. It is usually connected to a substation busbar, often directly to the overhead transmission lines. Shunt reactors are commonly used to compensate power in high-voltage transmission lines and cable systems by transmitting energy directly to the power lines. It also consumes excess reactive energy generated by overhead lines under low load conditions and helps in improving the stability and efficiency of energy transmissions. Shunt reactors find extensive application across various industries due to their low maintenance requirements and operational costs, and minimal fire hazard probabilities. The increasing need for efficient power systems that en...