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The Global Electrical Bushing Market size is estimated to grow by USD 666.59 million between 2022 and 2027 at a CAGR of 4.46%. The expansion of the Transmission and Distribution (T&D) infrastructure is a significant driver for the electrical bushing market. As the T&D networks expand globally, there is a growing demand for liquid-immersed transformers, which require reliable electrical bushings for efficient operation. This surge in T&D activities fuels the need for high-quality bushings to ensure safe and reliable power transmission, thereby propelling the growth of the electrical bushing market's growth. Furthermore, the report includes historic market data from 2017 to 2021.
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This report provides a detailed analysis of the market by Type (Oil impregnated paper (OIP), Resin impregnated paper (RIP), and Others ), Application (Transformer, Switchgear, and Others ), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
The market share growth of the oil-impregnated paper 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 1.09 billion in 2017 and continued to grow until 2021. 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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APAC is estimated to contribute 31% 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. 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.
The Global Electrical Bushing Market is experiencing substantial growth driven by expanding power interest, particularly in developing economies aiming for sustainable development. As the demand for electricity rises, transmission lines play a pivotal role in ensuring reliable power distribution. Research and innovation in electrical gear, including power transformers and high-voltage flow systems, are enhancing infrastructure safety and reliability. Electrical bushings, with their insulated design and metallic body, play a crucial role in mitigating fire and maintaining ground potential. With a significant market share, electrical bushings contribute to reducing Aggregate Technical and Commercial (AT&C) losses, improving the electrification index, and bolstering overall infrastructure resilience. The diverse range of product types, tailored insulation, and voltage specifications cater to various applications, further enhancing the sector's adaptability and efficiency.
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. 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.
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 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.
Global 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 Global Electrical Bushings market plays a crucial role in facilitating power transmission and distribution networks globally, supporting the efficient operation of transformers in both alternating current (AC) and high voltage direct current (HVDC) applications. With the rise of renewable energy technologies, companies like GE Renewable Energy's Grid Solutions and Schneider Electric are driving innovations in the electrical bushing industry. Major players like Eaton Corporation PLC and Toshiba Energy Systems & Solutions Corporation are also contributing to market growth, catering to the demands of EPC companies and utility giants like the Power Grid Corporation of India Limited (PGCIL) and Gujarat Energy Transmission Corporation Limited (GETCO). Tricolite Electrical Industries Limited and GAMMA Insulator Company are among the key manufacturers meeting the diverse needs of the expanding electrical infrastructure.
The market is a vital component in the realm of electric construction and infrastructure projects, addressing the growing end-user demand for reliable power solutions. As global shipping and power demand surge, the market plays a crucial role in enhancing grid structures, railways, and smart grids. Efficient electrical bushings contribute to minimizing failure risks and optimizing costly assets/equipment. The transformer subsector benefits from advancements, ensuring grid development and upgradation. In the transmission and distribution networks, electrical bushings become indispensable, aligning with major market trends. Urban-type underground substations find enhanced safety and performance through innovative electrical bushing solutions. The Electrical Bushing Market is poised to continue its pivotal role in bolstering electricity generation capacity, ensuring personnel safety, and streamlining replacement times for a resilient and efficient power supply chain.
The market is witnessing expanding power interest driven by the sustainable sector. As demand grows, the need for reliable transmission lines and electrical gear becomes paramount to manage high voltage flow effectively. Bushings, with their metallic body, play a crucial role in maintaining ground potential and preventing hazards like fire and transformer breakdown. They command a significant electrical bushings market share, particularly in regions grappling with Aggregate technical and commercial (AT&C) losses and striving to improve the electrification index. This demand surge is particularly notable in developing economies where infrastructure safety is a top priority, highlighting the critical role of electrical bushings in ensuring reliable power distribution.
The report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest trends and growth opportunities from 2017 to 2027.
Electrical Bushing Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.46% |
Market growth 2023-2027 |
USD 666.59 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.81 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 31% |
Key countries |
US, China, Japan, India, and Germany |
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, Megger Ltd., Nanjing Rainbow Electric Co., Ltd., Nexans SA, Preis GmbH, Radiant Enterprises, Toshiba Corp., Webster Wilkinson Ltd., Weidmann Holding AG, Maschinenfabrik Reinhausen GmbH, and Siemens AG |
Market dynamics |
Parent market analysis,Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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