Market Size of Europe Shunt Reactors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Shunt Reactors Market Analysis
The Europe Shunt Reactor Market is expected to register a CAGR of approximately 8% during the forecast period (2021 - 2026). 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.
- The continued participation of Siemens in SINCRO.GRID project has enabled the company to supply various shunt reactors to grid development projects in Europe. In Croatia, the company was able to successfully install 100 MVAr variable shunt reactor at the Mraclin substation, under the implementation of the first part of the SINCRO.GRID project.
- Several global companies are reaching out to the regional players for the delivery of shunt reactors, which is expected to expand the regional player's global presence and further strengthen their global presence. For instance, in May 2020, El Sewedy Electric T&D contracted ABB to deliver high-voltage gas-insulated switchgear (GIS) and shunt reactors to ensure reliable power supply as part of the strategic expansion of the Toshka 2 substation.
Europe 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.
The study under consideration offers market developments of shunt reactors based on their types such as oil-immersed reactor and air-core dry reactor; by application electric Utilities and industrial utilities. Geographical developments include government regulations, energy demand, and country-wise driving factors influencing the demand for shunt reactors; countries such as the United Kingdom, Germany, France, Finland, Sweden, and Switzerland, are considered.
| By Type | |
| Oil Immersed Reactor | |
| Air Core Dry Reactor |
| By Application | |
| Electric Utilities | |
| Industrial Utilities |
| Geography | |
| United Kingdom | |
| Germany | |
| France | |
| Rest of the Europe (Finland, Sweden, Switzerland, and Others) |
Europe Shunt Reactors Market Size Summary
The Europe Shunt Reactor Market is experiencing significant growth, driven by the increasing demand for efficient and reliable power systems. This demand is fueled by the need for protection against sudden voltage spikes and the ongoing investments in upgrading transmission and distribution networks across the region. The industrial sector's growing energy needs further contribute to the market's expansion, with shunt reactors being integrated into power generation facilities to enhance reactive power management. Major vendors like Siemens, Fuji Electric, and Hyosung Corporation are actively participating in regional projects, forming alliances with local power suppliers and government bodies to strengthen their market presence. These collaborations are pivotal in supplying shunt reactors for grid development projects, such as the SINCRO.GRID project in Croatia, which underscores the strategic importance of these partnerships in driving market growth.
The market's competitive landscape is characterized by a few key players, including Siemens, Mitsubishi, Fuji Electric, and Hyosung Corporation, who are consolidating their positions through strategic collaborations and global contracts. The rising demand for power, coupled with significant investments in smart grid technologies and infrastructure upgrades, particularly in countries like the United Kingdom and Italy, is expected to further propel the market. Projects such as the synchronization of Lithuania's electricity network with Western Europe and the expansion of the UK's power grid to accommodate new nuclear power stations highlight the region's commitment to enhancing its energy infrastructure. As these developments continue, shunt reactor vendors are increasingly tailoring their offerings to meet the evolving industry requirements, ensuring their solutions align with the region's energy transition goals.
Europe Shunt Reactors Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Increasing Need for Modernization of Transmission and Distribution Networks
-
1.2.2 Increased Industrialisation of the Developing Nations
-
-
1.3 Market Restraints
-
1.3.1 High Initial Investment to Set Up Shunt Reactor
-
-
1.4 Industry Value Chain Analysis
-
1.5 Industry Attractiveness - Porter's Five Forces Analysis
-
1.5.1 Bargaining Power of Suppliers
-
1.5.2 Bargaining Power of Buyers/Consumers
-
1.5.3 Threat of New Entrants
-
1.5.4 Threat of Substitute Products
-
1.5.5 Intensity of Competitive Rivalry
-
-
1.6 Assessment of Impact of Covid-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Oil Immersed Reactor
-
2.1.2 Air Core Dry Reactor
-
-
2.2 By Application
-
2.2.1 Electric Utilities
-
2.2.2 Industrial Utilities
-
-
2.3 Geography
-
2.3.1 United Kingdom
-
2.3.2 Germany
-
2.3.3 France
-
2.3.4 Rest of the Europe (Finland, Sweden, Switzerland, and Others)
-
-
Europe Shunt Reactors Market Size FAQs
What is the current Europe Shunt Reactors Market size?
The Europe Shunt Reactors Market is projected to register a CAGR of 8% during the forecast period (2024-2029)
Who are the key players in Europe Shunt Reactors Market?
Siemens AG, CG Power and Industrial Solutions Limited, Mitsubishi Electric Corporation, Fuji Electric Co. and Hyosung Corporation are the major companies operating in the Europe Shunt Reactors Market.
