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The Electrical Bushing Market size is estimated to grow by USD 822.5 million at a CAGR of 5.22% between 2023 and 2028. The market is experiencing significant growth due to the modernization of existing transformers. This trend is driving the demand for electrical bushings as they are essential components in the upgrading process of transformers. Modernization projects aim to increase the efficiency, capacity, and reliability of power transmission systems, and the installation of new electrical bushings is a crucial part of these upgrades. Additionally, the increasing adoption of smart grid technologies and the growing focus on energy conservation are also contributing to the market's expansion. The Market Analysis and Trends Report provides a comprehensive evaluation of the market's growth factors, including the modernization of transformers, and offers valuable insights into the industry's future prospects.
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The market share growth of the oil-impregnated paper (OIP) segment will be significant during the forecast period. OIP bushings are the most popular bushing design in the high-voltage power business. Three out of every four bushings that are installed have an oil-impregnated paper design because of its long-standing technology. Numerous power utilities have consistently shown a strong preference for OIP design because of the manufacturers' numerous incremental modifications.
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The oil-impregnated paper (OIP) segment was valued at USD 1.12 billion in 2018 and continued to grow until 2022. Oil-impregnated paper (OIP) bushings have undergone various modifications making them simpler to handle during installation and maintenance procedures. Additionally, improvements have been made so that these bushings can be changed quickly without impairing the performance of the impacted device. Such factors will facilitate segment growth during the forecast period.
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Europe is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Another significant region contributing to the market growth is APAC. Much of the transmission and distribution (T&D) expansion has been taking place in the region due to rapid urbanization. Countries like China, India, Vietnam, Thailand, and the Philippines have been exhibiting increased demand for electric power every year. This is due to the rise in the urban population and the growing significance of the industrial sector (such as the rise of the manufacturing sector in India). This leads to increased installation and expansion of T&D equipment, such as power and distribution transformers, within the existing grid to expand the network, which will help generate significant demand for electrical bushing transformers. Hence, such factors are driving the market in APAC during the forecast period.
The Market is driven by the increasing power demand and the expansion of the grid structure, particularly in the utility segment. Electrical bushings are essential components in electrical systems, providing insulation for electrical current flow between different parts of transformers, switchgears, and other electrical equipment. Two common types of electrical bushings are oil impregnated paper and resin impregnated paper. Transformers and switchgears are significant end-users of electrical bushings. The railway sector also utilizes electrical bushings due to the high electrical current requirements. With the rise of smart grids and the integration of renewable energy sources into the electrical network, the demand for electrical bushings is expected to increase. Medium voltage electrical bushings are widely used due to their ability to handle high currents and voltages. The use of SF6 gas and hybrid bushings is also increasing due to their advantages in insulation and efficiency. In the renewable sector, resin bonded paper and resin impregnated synthetic bushings are popular choices for their resistance to moisture and high temperatures. The electrical network expenditure is a significant factor driving the electrical bushing market. Commercial establishments, shunt reactors, power capacitors, and other electrical equipment also require electrical bushings for insulation and current flow. The voltage level of electrical systems is also a critical factor, with electrical bushings available for various voltage levels to meet the specific requirements of different applications.
Market growth is primarily fueled by the ongoing modernization of existing transformers, driven by the need to upgrade transmission and distribution (T&D) infrastructure. With the rising power demand, current networks are insufficient, necessitating infrastructure expansion and the replacement of outdated transformers. Countries worldwide are embracing smart grid networks for cost-effective, sustainable, and efficient electricity supply, integrating innovative technologies for monitoring, control, and self-healing capabilities.
Moreover, this adoption allows utility companies to focus on adding power transformers efficiently. Consequently, the demand for transformer oil increases with the growing installation of transformers. This trend propels significant growth in the global market, particularly in electric construction and infrastructure projects. Hence, such factors are driving the market during the forecast period.
Increasing investment in renewable energy sources is the primary trend in the market. Countries worldwide are gradually moving toward renewable energies such as wind and solar to meet their carbon emission goals and reduce dependency on fossil fuels. The growing awareness of the benefits of renewable energy is leading to the construction and expansion of renewable power generation capacity. The GCC countries are also increasing their focus on alternative energy sources as they have rich sources of hydrocarbons and an abundance of renewables endowed upon them.
With rapid economic growth, the Gulf countries are now major consumers of electric power. An increasing number of ambitious projects are being planned across the region with the recent rise in demand for electricity, environmental concerns, and the search for cost-effective power generation methods. Therefore, intensive R&D and investments across the industry value chain are expected to drive the growth of the global market during the forecast period.
New regulations increase the cost of power transformers is the major challenge impeding market growth. Regulations pertaining to energy efficiency in power transformers in Europe and the US have become stringent over the years. In the US, the Department of Energy (DOE) has been regulating the energy efficiency levels of low-voltage dry-type power transformers since 2007. In Europe, the European Commission introduced the Ecodesign Directive for distribution and power transformers in July 2015 which defines a framework for the environmentally friendly design of energy consumption-relevant products.
The enforcement of these regulations increases the cost of power transformers. Therefore, as regulations get upgraded, they put pressure on prices for the manufacturers of power transformers in several countries upward. This will hinder the growth of the global market in terms of revenue generation during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Weidmann Holding AG - The company offers electrical bushing such as prime bushings as its key offerings. Through its unified segment, the company offers products and services through its three business units, electrical technology, fiber technology, and medical technology.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The Market is witnessing significant growth due to the increasing power demand and development of power infrastructure. Electrical bushings are essential components used in transformers, switchgears, circuit breakers, generators, reactors, and other electrical equipment. They provide electrical insulation and facilitate the smooth flow of electrical current. Two major types of electrical bushings are Oil Impregnated Paper (OIP) and Resin Impregnated Paper (RIP). OIP bushings are commonly used in high voltage applications, while RIP bushings are preferred for medium and low voltage applications. The transformer sub-sector dominates the electrical bushing market due to the extensive use of bushings in transformers. The grid structure is another significant end-user of electrical bushings. With the increasing adoption of renewable energy sources and smart grids, the electrical bushing market is expected to grow further. The renewable sector, especially wind and solar, is expected to be a major consumer of electrical bushings in the coming years. Power infrastructure development, especially in emerging economies, is driving the electrical bushing market. However, aging power systems and the need for maintenance and replacement of electrical bushings pose a challenge to the market growth. Moisture ingress, lightning strike, broken connections, electrical flashover, corrosive sulfur, and broken tap connections are some of the common issues faced by electrical bushings, leading to their failure. Grid infrastructure and regulatory reforms are also expected to impact the electrical bushing market. For instance, the increasing focus on grid infrastructure development and the implementation of stricter regulations for electrical safety are expected to boost market growth. The market is also witnessing the emergence of new technologies such as SF6, Hybrid, and Resin bonded paper. These advanced technologies offer better insulation, improved reliability, and longer service life, making them a preferred choice for electrical equipment manufacturers and utilities. In conclusion, the Market is expected to grow significantly due to the increasing power demand, power infrastructure development, and the adoption of renewable energy sources. However, the challenges posed by aging power systems and the need for maintenance and replacement of electrical bushings are expected to limit the market growth. The emergence of new technologies and regulatory reforms are expected to provide opportunities for market growth.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.22% |
Market growth 2024-2028 |
USD 822.5 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.32 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 32% |
Key countries |
US, China, Japan, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., ALMACENES CORONA SAS, Alutronic Kuhlkorper GmbH and Co. KG. , Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., Eaton Corp. Plc, Elliott Industries Inc., General Electric Co., GIPRO GmbH, HSP Hochspannungsgerate GmbH, Maschinenfabrik Reinhausen GmbH, Megger Ltd., Nanjing Rainbow Electric Co., Ltd., Nexans SA, Preis GmbH, Radiant Enterprises, Siemens AG, Toshiba Corp., Webster Wilkinson Ltd., and Weidmann Holding AG |
Market dynamics |
Parent market analysis, market research and growth , Market forecasting , market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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