The Europe Shunt Reactor Market is expected to register a CAGR of approximately 8% during the forecast period The need to increase the efficiency of the system and provide reliable power is increasing the demand for a shunt reactor. 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 growing energy demand in the industrial sector is another prominent influencer behind the incorporation of shunt reactors in the region’s power generation facilities. For example, a second 330 kV shunt reactor of the Belarusian nuclear power plant was commission in April 2020; the first 180 MVAr shunt reactor was commissioned in December 2018. The adoption of equipment is for the overhead power lines, with the nominal voltage of 330 kV representing the primary source of reactive power.
– 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, and Hyosung Corporation.
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Key Market Trends
Electric Utilities Expected to Gain Maximum Adoption
– The investments in upgrading Transmission and Distribution infrastructure in Europe are on the rise; for instance, Italian transmission system operator Terna has procured a EUR 490 million as a loan from European Investment Bank (EIB) to modernize its electricity transmission grid in Italy.
– Also, according to the estimation of the members of the Federation of Associations of Energy Utility Companies (ACUE), the Romanian electricity and gas distribution networks need an investment of over EUR 10 billion in the long-term to replace the outdated infrastructure in order meet EU standards for power transmission and distribution.
– The European Project of Common Interest (PCI) aims at optimizing the efficiency of the Croatian and Slovenian electricity transmission grids through the application of advanced technologies. In December 2019, the ELES substation in Divača had been equipped with a variable shunt reactor, in collaboration with Siemens. As per the contract, Siemens supplied and installed a variable shunt reactor (VSR) 0f 150 Mvar.
– The rising demand for power will drive the demand for products, solutions, and services allied to the energy sector in the region. Shunt reactor demand for the energy and utility will grow significantly in the coming years in-mid of growing electricity demand and connectivity projects undertaken by the governments.
United Kingdom Expected to Dominate the Market
– The United Kingdom is one of the primary industrial countries in Europe, which is home to various manufacturing industries whose energy needs are increasing rapidly. According to the UK Department for Business, the final energy consumption of industry in the United Kingdom by 2035 in electricity is expected to reach 5,928 thousand metric tons of oil equivalent, whereas renewables are expected to reach 1,223 thousand metric tons of oil equivalent.
– Moreover, the country is observing significant investments in the expansion and upgradation of its existing transmission and distribution network. For instance, Britain’s energy market regulator Office of Gas and Electricity Markets (Ofgem) has given permission to National Grid to build a power grid upgrade to connect the new Hinkley Point C nuclear power station in Somerset.
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