The Asia Pacific excluding Japan (APEJ) shunt reactor market is experiencing meteoric growth, largely driven by government-backed initiatives to offer power throughout off-grid areas. The government initiatives are propelling growth in the Asia Pacific excluding Japan’s (APEJ) shunt reactor market. Further, the rising innovations are creating immense opportunities for the key players to extend their presence throughout the world.
The growth of the global shunt reactor market is linearly associated with energy demand worldwide, states a new study by Future Market Insights (FMI). Consumption of primary energy stood globally at 576 exajoules in 2019, with China, the US, and India leading the way. Alerted by increasing carbon footprint, the industrial sector is rapidly investing in renewables, which made up for around 40% of worldwide growth in primary energy in 2019, finds the study.
The FMI report further opines that market players must innovate shunt reactors to meet the needs for power quality and voltage stability with grid integration of renewable energy sources.
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Shunt Reactor Market Size Study
- Air-core dry-type shunt reactors to witness greater traction through 2030
- Adoption of variable shunt reactors (VSR) to accelerate in the near future
- High demand for shunt reactors came from the industrial sector over the following decade
- Single-phase shunt reactors to gain momentum
- Market players to turn to the Asia Pacific excluding Japan (APEJ) for potential growth avenues
“The networks for distributing and transmitting electrical energy are confronting new demands owing to changes in load structure and power generation. Both environmental and commercial drivers are contributing to this demand, and so does power quality. As the complexity of these systems is scaling up, adoption of shunt reactors is surging as they are reliable and cost-effective solutions,” says an analyst at FMI.
COVID-19 Impact on Shunt Reactor Market
The global demand for shunt reactors has been severely affected as over half of the global population is following stay-at-home orders, resulting in a steep collapse in electricity consumption.
The International Energy Agency (IEA) reveals that consumption generally dropped by up to 20% every month nationwide lockdowns continued. Usage in China – the first country to enact lockdown – fell by 6.5% during Q1 2020.
Countries such as India, the US, France, and the UK witnessed demand fall by at least 15% during lockdowns, while electricity demand in Italy – during the peak of the COVID-19 outbreak – fell by about 75% at times.
Although residential demand has scaled by up to 40% as customers are working from home, the upsurge is nowhere close to reversing the impacts of shutting down businesses, particularly in the service sector.
Realizing depressed electricity demand, priority access to grids, and low operating expenses, several countries are turning to renewables. In the US, natural gas continues to lead the pack, followed by renewable, having outshone the contribution of coal-based power generation projects.
The share of renewables in India continues to rise in the power mix, and the gap between coal and renewables has narrowed down during the lockdown timeframe. In China, renewables are maintaining a greater share in the power mix after the relaxation of lockdown measures. These trends will create fertile breeding for shunt reactor manufacturers in the coming years.
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Shunt Reactor Market – Competitive Intelligence
The global shunt reactor market is highly competitive, as leading players are striving to capture value at stake. Manufacturers are focusing on designing innovative solutions to serve diverse applications. For instance,
- Trench Group develops air-core shunt reactors that stretch from small kVAr units for use cases including, limiting capacitor bank inrush, to large power reactors for myriads of use cases including, shunt reactors that are over 100 MVA per coil.
- Zaporozhtransformator PJSC is developing magnetically controlled shunt reactors (MCSR) to implement flexible AC transmission systems (FACTS) projects.
- Siemens AG has developed 100 MVAr variable shunt reactors for HOPS to address the challenges of excess reactive power regulation and high transmission voltages.
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