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Asia-Pacific Shunt Reactors Market Size (2024 - 2029)

The Asia-Pacific shunt reactors market is experiencing growth driven by the increasing demand for efficient and reliable power systems. This demand is fueled by the need for protection against voltage spikes and the investment in upgrading transmission and distribution networks to meet the rising electricity demand from domestic and business sectors. The industrial sector's growing energy needs further contribute to the market's expansion, as shunt reactors are incorporated into power generation facilities. Additionally, the push for renewable energy sources and the integration of IoT technologies into national power grids are enhancing the market's scope. Consequently, both governments and private entities are expected to engage in projects to modernize their power infrastructure, thereby influencing the market size positively.

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Market Size of Asia-Pacific Shunt Reactors Industry

5.4
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 5.40 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

APAC Shunt Reactors Market Analysis

Asia-Pacific Shunt Reactors Market is expected to reach a CAGR of 5.4% during the forecast period 2021 - 2026. Due to the need to increase the efficiency of the system and provide reliable power, the demand for a shunt reactor is increasing. The need for protection solutions for sudden voltage spikes and investments into upgrading existing transmission and distribution networks is also augmenting the demand for shunt reactors. The investments in upgrading the transmission and distribution infrastructure in the Asia-Pacific region are increasing due to continued growth in the electricity demand from both domestic and business sources in the region. For instance, according to the South Asia Regional Initiative for Energy Integration (SARI/EI) program, the March 2020 report states that the South Asian power grid requires an investment of INR 45,000 by 2030, as cross-border electricity trade is projected to increase in the region. According to China's state grid company, the line can transmit up to 12 gigawatts, which is enough to power 50 million Chinese households.

  • The rising demand for power will drive the demand for products, solutions, and services allied to the energy sector in the region. The shunt reactor demand for the energy and utility will grow significantly in the coming years amidst the growing electricity demand and connectivity projects undertaken by the governments.
  • The growing energy demand in the industrial sector is another prominent influencer behind the incorporation of shunt reactors in power generation facilities in the region. According to International Energy Agency's (IEA) 2019 report, the demand from the Asian gas industry is expected to rise by more than 10% over the next five years, reaching up to 4.3 trillion cubic meters in 2024.
  • Moreover, China's largest utility state grid, which provides 90% of China's Electricity, is planning to integrate IoT technologies with national power grids. It has outlined 57 construction tasks and 25 demonstration projects to advance the plan, which is expected to be finished by 2024.
  • The region is home to some of the major vendors that form alliances and partnerships with the local power suppliers, industrial projects, and government bodies. Some of the key players include Siemens, Fuji Electronic, ABB Ltd, and Hyosung Corporation.
  • Also, the growing demand for renewable sources of power generation has led to the various power projects across the region, providing a boost to the shunt reactors market. For instance, Japan invested USD 2.75 billion to power the Fukushima region with 100% renewable energy by 2040.
  • Owing to such developments, governments and private firms operating in the region are expected to undertake various projects to update their existing power distribution and transmission infrastructure.

APAC Shunt Reactors Industry Segmentation

A shunt reactor is a compact device that basically absorbs reactive power, boosting the energy efficiency of the system. Reactive power is the contributor to added load across power transmission systems. Shunt reactors are commonly used for reactive power compensation in long high-voltage transmission lines and in cable systems. Shunt reactors are normally connected to substation bus-bar, often directly to the overhead transmission lines.

Type
Oil Immersed Reactor
Air Core Dry Reactor
Application
Electric Utilities
Industrial Utilities
Country
China
India
Japan
Rest of Asia-Pacific (South Korea, Australia, Singapore, Thailand, and Other Countries)
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Asia-Pacific Shunt Reactors Market Size Summary

The Asia-Pacific shunt reactors market is experiencing growth driven by the increasing demand for efficient and reliable power systems. This demand is fueled by the need for protection against voltage spikes and the ongoing investments in upgrading transmission and distribution networks across the region. The rise in electricity demand from both residential and industrial sectors, coupled with government initiatives to enhance connectivity projects, is propelling the market forward. The integration of IoT technologies and smart grid projects, particularly in advanced countries, is also contributing to the market's expansion. Major players in the region, such as Siemens, Fuji Electric, ABB Ltd, and Hyosung Corporation, are forming strategic alliances with local power suppliers and government bodies to strengthen their market presence.

The market is moderately competitive, with a few major players dominating the landscape. These companies are focusing on expanding their customer base and enhancing profitability through strategic collaborations and technological advancements. Meanwhile, smaller firms are gaining traction by innovating and entering new markets. The growing emphasis on renewable energy sources and grid modernization to accommodate rapid technological changes is further boosting the demand for shunt reactors. Countries like India are witnessing significant investments in their power infrastructure, driving the market's growth. Despite challenges posed by the COVID-19 pandemic, the long-term outlook for the Asia-Pacific shunt reactors market remains positive, supported by ongoing developments and investments in the region's energy sector.

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Asia-Pacific Shunt Reactors Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Introduction to Market Drivers and Restraints

    3. 1.3 Market Drivers

      1. 1.3.1 Increasing Need for Modernization of Transmission and Distribution Networks

      2. 1.3.2 Increased Industrialization of the Developing Nations

    4. 1.4 Market Restraints

      1. 1.4.1 High Initial Investment to Set Up Shunt Reactor

    5. 1.5 Industry Value Chain Analysis

    6. 1.6 Assessment of Impact of COVID-19 on the Industry

    7. 1.7 Industry Attractiveness - Porter's Five Force Analysis

      1. 1.7.1 Threat of New Entrants

      2. 1.7.2 Bargaining Power of Buyers/Consumers

      3. 1.7.3 Bargaining Power of Suppliers

      4. 1.7.4 Threat of Substitute Products

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Oil Immersed Reactor

      2. 2.1.2 Air Core Dry Reactor

    2. 2.2 Application

      1. 2.2.1 Electric Utilities

      2. 2.2.2 Industrial Utilities

    3. 2.3 Country

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 Japan

      4. 2.3.4 Rest of Asia-Pacific (South Korea, Australia, Singapore, Thailand, and Other Countries)

Asia-Pacific Shunt Reactors Market Size FAQs

The Asia-Pacific Shunt Reactors Market is projected to register a CAGR of 5.40% during the forecast period (2024-2029)

Siemens AG, CG Power and Industrial Solutions Limited, Mitsubishi Electric Corporation, Fuji Electric Co. and TBEA Co. Ltd are the major companies operating in the Asia-Pacific Shunt Reactors Market.

Asia-Pacific Shunt Reactors Report Snapshots

Asia-Pacific Shunt Reactors Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)