The Secret Weapon For 3.19 Billion USD Worth Shunt Reactor Market 2022: Trends and Hidden Insights
The global shunt reactor market is projected to grow at a CAGR of 4.56% from 2017 to 2022. The global shunt reactor market is estimated to reach USD 2.56 Billion, which is projected to reach USD 3.19 Billion by 2022. The market in Asia Pacific is estimated to be the largest for shunt reactors, followed by North America in 2017. This trend is expected to continue till 2022. The growth of the shunt reactor market is driven by increasing demand for electricity, upgradation of the aging technology, and augmentation and modernization of the T&D network.
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The shunt reactor market is dominated by a few major players that have a wide regional presence and are established brand names. Companies such as GE (US), Siemens (Germany), ABB (Switzerland), Crompton Greaves (India), and Fuji Electric (Japan) are the leading players in the shunt reactor market.
Major strategies adopted by the key players in shunt reactor market include contracts & agreements and expansions and investments. Contracts & agreements was the most commonly adopted strategy by these players from 2014 to February 2017. ABB (Switzerland) and Siemens (Germany) are among the leading players in the shunt reactor market.
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ABB is a technology leader which engages in the development and provision of power and automation technologies. The company operates through the following segments: electrification products, discrete automation and motion, process automation, power grids, corporate, and others. The electrification products division provides solutions for low- and medium-voltage switchgear, breakers, switches, control products, wiring accessories, and installation materials. Contracts & agreements is one of the main strategies adopted by the company.
Siemens, the German multinational conglomerate is another leading global player in the shunt reactor market. The company’s focus is on positioning itself as a pioneer along the entire electrification value chain with its respective business units. For this, it has designed a comprehensive strategic framework and plans to follow it in order to improve its business, management, and customer focus in the near future. It has acquired two main companies which can help to strengthen its position in the shunt reactor market.
Asia Pacific is currently the largest market for shunt reactors, followed by North America and Europe. China accounted for a majority share in the Asia Pacific region and is projected to grow at the highest CAGR from 2017 to 2022. In developing countries such as China and India, factors such as strong growth in the demand for electricity fueled by high levels of urbanization, industrialization, infrastructural developments, and subsequent investments in developing T&D networks, would spur the demand for shunt reactors.
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