DUBAI, U.A.E., Sept. 3, 2020 /PRNewswire/ -- According to a new market study by Future Market Insights (FMI), the global shunt reactor market is forecasted to witness substantial growth in terms of value between 2016 and 2026.
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.
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Shunt Reactor Market - Key Takeaways
Shunt Reactor Market - Key Trends
Shunt Reactor Market - Regional Analysis
Shunt Reactor Market - Competitive Landscape
Some of the major players operating in the market include ABB Ltd., Fuji Electronic Co., Ltd., General Electric, Hyosung Corporation, Nissin Electric Co., Ltd., Zaporozhtransformator PJSC, Siemens AG, and Toshiba Corporation. Market players are focusing on launching innovative products to stay afloat amid competition.
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Shunt Reactor Market - Taxonomy
Get Valuable Insights into the Shunt Reactor Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global shunt reactor market, presenting historical demand data and forecast statistics for the period from 2016-2026. The study divulges compelling insights on the shunt reactor market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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