Market Trends of Europe Electrical Bushing Industry
This section covers the major market trends shaping the Europe Electrical Bushing Market according to our research experts:
Transformer Application Expected to Witness Significant Growth
- Electrical bushings in transformers carry current at high voltage through equipment enclosures and provide an insulating barrier between the live conductor and the metallic body of the electrical apparatus. Transformers are applied either in new substations in the electricity transmission system or during the upgradation of existing substations.
- The European region has witnessed consistent growth in the power generated, reaching around 4,032 TWh in 2021. Moreover, the electricity grids are being modernized and upgraded due to power demand fluctuations, electricity trading, and additions of renewable energy. Many countries continuously try to upgrade their electricity grids with new substation projects or other grid modernization techniques.
- As an example, in Belgium, Elia Group SA, the leading European transmission system operator, is currently on a project to develop a new substation in Lillo, Antwerp, Belgium. The Elia Grid Substation is a 380 kV substation expected to be commissioned in 2024. Such projects are anticipated to influence the transformers market with an upscaled demand directly.
- Moreover, after the Ukraine-Russia war, the countries in Eastern Europe are reviving the electricity distribution networks again after a considerable disruption. The ESFC Group, a European investment consulting group, has contemplated financially supporting the modernization of grid substations of Eastern Europe's electricity network with the replacement of existing components like transformers, insulators, cabinets, etc.
- Owing to such developments, the transformer application is expected to have the highest deployment of electrical bushings in the near future.
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Eastern Europe Expected to Witness Significant Growth
- The Eastern Europe region is forecasted to have the highest number of deployments of electrical components in the near future due to a large number of electricity transmission projects planned in the area after the Russia-Ukraine war. The countries where projects are planned or in the development phase are Romania, Poland, the Czech Republic, Hungary, Serbia, and Montenegro.
- In Romania, a number of public and private projects have been planned for electricity transmission to respond to the growing power demand and rehabilitate the disrupted power grid networks. The electricity generated in the country saw growth in recent years (except for the COVID-19 effect), reaching around 59.3 TWh in 2021. The country has planned even more power transmission projects to balance the generation for the coming years.
- For instance, in November 2022, ANRE, Romania's energy regulator, announced new plans to invest around USD 1.4 billion to develop the electric power transmission network in the country between 2022 and 2031. Some 29% of the planned investment will be used to upgrade the existing electric transmission networks, 26% to integrate green energy generation, and 30% to increase the interconnection capacity.
- Other Eastern European countries have also implemented smart grid projects in the region. For instance, some smart grid projects planned in November 2021 include the Carpathian Modernized Energy Network (CARMEN) project between Hungary and Romania, the Gabreta project between the Czech Republic and Germany, and the Green Switch project between Austria, Croatia, and Slovenia.
- Owing to such developments, the eastern Europe region is predicted to have the lion's share in the electrical bushings market.
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