Siemens (Germany) and ABB (Switzerland) are the Major Players in the Shunt Reactor Market
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.
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.
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. For instance, in September 2016, ABB received an order to supply Gas-Insulated Switchgear (GIS) and shunt reactors to Red Eléctrica de España, (REE). The project includes design, supply, and commission of three shunt reactors of 6 MVAr (megavolt amperes reactive) 72 kV and one 9 MVAr 132 kV to be installed in the same indoor substations located in Lanzarote and Fuerteventura.
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. It has also been indulged in numerous contracts, which can help the company to improve its bottom line. In October 2017, Larsen and Toubro (L&T) signed a contract with Siemens to supply four shunt reactors to the Oman Electricity Transmission Company. The reactors would range 400 kV substations in Izki and Ibri to improve the grid stability across the transmission lines between these cities.
Related Reports:
Shunt Reactor Market by Type (Oil-Immersed and Air-Core), Application (Variable Reactors and Fixed Reactors), End-User (Electrical Utilities and Industrial Verticals), and Region (North America, Europe, Asia Pacific, and South America) - Global Forecast to 2022
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