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 |
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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.
