Report ID: SQMIG20E2064
Report ID:
SQMIG20E2064 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
59 |
Figures:
76
Shunt Reactor Market Drivers
Integration of Renewable Energy Sources:
Fast-growing renewable energy sources should be integrated into the grid with efficiency. The shunt reactor compensates for the reactive power and stabilizes voltage, thereby permitting the heightened penetration of renewable energy sources into a grid and sustaining the rise of clean energy generation.
Growing Demand for Electricity and its Usage:
The growing global population and industrialization create burgeoning demands for electricity; in such a scenario, modernization and optimization of the power grid infrastructure become imperative. In view of this projection tce go overshoot their generation by two times until 2050, Smart Grids feature as solutions of great neediness for the efficient and sustainable distribution of electricity. This sea change towards the adoption of smart grids thus not only cements grid resilience but paves the long way towards an environment-friendly energy ecosystem in times to come.
Shunt Reactor Market Restraints
Development of Alternative Technologies:
The emergence of alternative technologies, such as Flexible AC Transmission Systems (FACTS) and High-Voltage Direct Current (HVDC) systems, presents a challenge to the shunt reactor market. These technologies offer advanced voltage control and reactive power compensation capabilities, potentially replacing or reducing the demand for traditional shunt reactors.
Growing Adoption of DERS will Limit the Market Growth:
The growing adoption of Distributed Energy Resources (DERs) such as rooftop solar panels and microgrids poses a significant challenge for the global shunt reactor market. These decentralized energy solutions generate electricity closer to the point of consumption, thereby reducing the need for extensive transmission and distribution infrastructure, including shunt reactors. The increasing penetration of DERs is reshaping the dynamics of the global energy landscape.
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Report ID: SQMIG20E2064