Europe Electrical Bushing Market - Growth, Trends, and Forecasts (2023-2028)

Key Highlights

• Over the short term, factors such as growing power demand (particularly after the Russia-Ukraine conflict) in the region and the expansion and upgradation of grid structure are expected to drive the European electrical bushings market.
• On the other hand, electrical bushings are subjected to failure. They can result in the loss of costly assets/equipment with long replacement times resulting in financial losses. Thus, untimely bushing failure can restrain the electrical bushing market.
• Nevertheless, the increasing demand for new transmission and distribution networks due to the growing trend toward renewable power plants creates tremendous opportunities for the electrical bushings market.
• Eastern Europe is expected to dominate the market due to the high demand for electricity transmission networks in the current scenario.

Europe Electrical Bushing Market Trends

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.

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.

Europe Electrical Bushing Market Competitor Analysis

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