PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536689
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536689
Electrical Bushings Market size was valued at USD 2,978.45 million in 2023, expanding at a CAGR of 3.7% from 2024 to 2032.
Electrical bushings are critical components in electrical engineering, particularly in high-voltage applications. They serve as insulators that allow a conductor to pass safely through a grounded conducting barrier, such as a transformer tank or circuit breaker housing. Increasing urbanization and industrialization, especially in emerging economies, drive the electricity demand, leading to the expansion of power infrastructure. The shift towards renewable energy sources like wind and solar power necessitates advanced electrical bushings that can handle different voltage levels and environmental conditions. The implementation of smart grid technologies requires advanced electrical components, including bushings, to ensure efficient power distribution and management. The global supply chain for raw materials and components can be disrupted by geopolitical tensions, trade restrictions, or natural disasters, impacting production and delivery. Furthermore, government initiatives and regulations promoting the modernization of electrical infrastructure and the adoption of renewable energy sources can boost market demand.
Electrical Bushings Market- Market Dynamics
Adoption of renewable energy sources boosts the electrical bushings market demand
The transition to renewable energy sources such as wind, solar, and hydropower requires the development and expansion of new power generation facilities. These facilities often require a range of electrical equipment, including bushings, to ensure reliable and efficient transmission and distribution of electricity. Integrating renewable energy into the existing grid requires substantial upgrades and expansions to accommodate the new sources of power. Electrical bushings are essential components in transformers and switchgear used in these upgraded and new grid infrastructures. Over the next five years, the world is expected to add more renewable capacity than it has since the first commercial renewable energy power plant was constructed more than a century ago. Thanks to supportive policies in more than 130 countries, nearly 3,700 GW of new renewable capacity is expected to come online over the 2023-2028 period.
Electrical Bushings Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 3.7% over the forecast period (2024-2032)
Based on product type segmentation, Oil-Impregnated Paper Bushings (OIP) was predicted to show maximum market share in the year 2023
Based on application segmentation, Transformer Bushings was the leading type in 2023
Based on end user segmentation, Utilities were the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Electrical Bushings Market is segmented based on Product Type, Application, Voltage Rating, Installation, End User, and Region.
The market is divided into five categories based on product type: Oil-Impregnated Paper Bushings (OIP), Resin-Impregnated Paper Bushings (RIP), Resin-Bonded Paper Bushings (RBP), Gas-Insulated Bushings, Other Types (Porcelain, Composite, etc.). Different types of electrical bushings made of insulating materials offer a range of characteristics and performance traits to fulfil a variety of applications and standard requirements. Although porcelain insulating materials are generally chosen because they offer reliable and safe power delivery, the conductors also need mechanical support and electrical insulation. Similarly, oil-impregnated paper electrical bushings are seeing increased market volume due to the greater cost of resin-impregnated papers.
The market is divided into five categories based on application: Utilities, Industrial, Commercial, Residential, and Others (Railways, Marine, etc.). Owing to electrical bushings' role in power distribution and transmission, the utility end-user market has a greater influence on their total demand. Furthermore, transformers are the primary application segment for electrical bushings, surpassing switchgear systems in usage.
Electrical Bushings Market- Geographical Insights
Many countries in the Asia-Pacific region, such as China, India, and Southeast Asian nations, are undergoing rapid urbanization and industrialization. This growth necessitates substantial investments in power infrastructure, including electrical bushings for transmission and distribution networks. For instance, India has set an enhanced target at COP26 of 500 GW of non-fossil fuel-based energy by 2030. This is the world's largest expansion plan in renewable energy. India's installed non-fossil fuel capacity has increased 396% in the last 8.5 years and stands at more than 203.19 GW (including large Hydro and nuclear), about 45.5% of the country's total capacity. Various governments in the region are implementing policies and initiatives to upgrade their power infrastructure. For instance, China's Belt and Road Initiative includes significant investments in energy projects across Asia, boosting the demand for electrical bushings.
Major players in the Electrical Bushings Market include ABB Ltd., General Electric, Siemens AG, Schneider Electric, Eaton Corporation, Meiden Group., etc. Companies are investing significantly in research and development to introduce innovative products with enhanced performance, reliability, and safety features. Companies are forming alliances with other industry players, research institutions, and technology providers to enhance product offerings and market reach. Companies are also providing excellent after-sales support and services to build long-term relationships with customers and enhance brand loyalty.
In November 2023, Hitachi Energy's dry bushing factory in Vadodara received the prestigious Recognition Award for its RIP bushings from Bharat Heavy Electricals Limited (BHEL). The award recognizes Hitachi Energy's commitment to the "Make in India" initiative of the Government of India. Hitachi Energy stood out in the Bushing category, acknowledging the advanced dry bushing factory in Vadodara.
In December 2023, PTR Inc. highlighted the pivotal role of power transformers and the evolving landscape of bushing technology in ensuring a more efficient and reliable electricity grid. Bushings, often perceived as mere porcelain enclosures for conductors, play a crucial role in insulating high-voltage conductors, preventing flashovers, and supporting connections in high-stress environments.
GLOBAL ELECTRICAL BUSHINGS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
ABB Ltd.
General Electric
Siemens AG
Schneider Electric
Hubbell Incorporated
Eaton Corporation
CG Power and Industrial Solutions Limited
HSP Hochspannungsgerate GmbH
Nexans S.A.
Meiden Group
Maschinenfabrik Reinhausen GmbH
MGC Moser-Glaser AG
RHM International
Seves Group
Bharat Heavy Electricals Limited (BHEL)
Others