Electrical Bushing Market Size was valued at USD 3.1 Billion in 2022. The electrical bushing market industry is projected to grow from USD 3.2 Billion in 2023 to USD 4.22 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.50% during the forecast period (2024 - 2032). The market for electrical bushings is expected to expand during the projected period as a result of market drivers such as rising electrical network expenses and brisk demand from the railway and renewable energy sectors for electrical equipment. In contrast, integrated insulation bushings are anticipated to offer the electrical bushings market and its major competitor's considerable growth potential over the next several years.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The main market trend is an increase in investment in renewable energy sources. To fulfill their carbon emission targets and lessen their reliance on fossil fuels, nations all over the world are increasingly shifting towards renewable energies like wind and solar. The capacity for producing renewable energy is being built and increased as people become more aware of its advantages. Since they have abundant hydrocarbon resources and a wealth of renewable energy resources at their disposal, the GCC countries are also emphasizing alternative energy sources more. The Gulf nations are now among the largest electricity consumers due to their rapid economic development. Many ambitious projects are being proposed with the region's recent increase in electricity demand, environmental concerns, and the hunt for efficient power generation techniques. Therefore, it is anticipated that throughout the forecast period, significant R&D and investment will be made across the industry value chain, fueling the expansion of the Electrical Bushing Market CAGR.
Furthermore, the modernization of existing transformers is a significant factor in the market's growth. Since the current networks cannot supply the needed power, transmission and distribution (T&D) infrastructure must be upgraded. An increasing number of new transformers need to be installed to expand the current infrastructure, and old transformers need to be changed. Smart grid networks, a type of energy network that provides a reasonably priced, environmentally friendly, safe, and reliable electricity supply, are being adopted by several nations on a large scale. A smart grid system can fulfill several functions due to the utilization of cutting-edge goods and services and intelligent metering, monitoring, control, communication, and self-healing technologies. Due to the adoption of smart grid technology, utility firms may now concentrate on putting in more power transformers to effectively transmit electric power. As more transformers are added to the grid, the demand for transformer oil is also rising. As a result, the installation of new transformers will increase throughout forecasting, driving significant growth in the Electrical Bushing Market revenue.
The Electrical Bushing Market segmentation, based on voltage type includes Low Voltage Bushings and High Voltage Bushings. The low voltage bushings segment dominated the market. The main drivers of the low voltage bushings category are the rising demand for power distribution and the rising investments in the infrastructure sector in North America and Asia Pacific. In addition, due to rising investments in high voltage bushings projects, the high voltage bushings category is anticipated to expand at the quickest rate throughout the projection period.
Figure 1: Electrical Bushing Market, by Voltage Type, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Electrical Bushing Market segmentation, based on end-user, includes Utilities, Industries and Others. The utilities category generated the most income due to continued efforts to reduce fire risks and prolong operational life. Utility usage will also be boosted by their capacity to withstand mechanical strength and high voltage in addition to being simple to install and move.
The Electrical Bushing Market segmentation, based on installation type, includes Liquid-insulated Bushing, Oil-impregnated Paper Bushing, Combined Insulation Bushing and Gas-impregnated Bushing. The oil-impregnated paper bushing category generated the most income. In order to make them easier to handle during installation and maintenance processes, oil-impregnated paper (OIP) bushings have undergone a number of modifications. Improvements have also been made to enable speedy replacement of these bushings without compromising the functionality of the damaged device. During the projected term, these variables will support segment growth.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American electrical bushing market will dominate this market because smart grid and smart city systems have been established and automation technologies are being adopted more widely. The US DOE stated in September 2022 that it is looking for feedback on a $10.5 billion program for smart grids and other improvements to strengthen the US electrical infrastructure.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Electrical Bushing Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe electrical bushing market accounts for the second-largest market share due to increased infrastructure and real estate developments, as well as rising energy usage. Wide-ranging applicability across commercial, utility, rail, and metro will further support product adoption. Further, the German electrical bushing market held the largest market share, and the UK electrical bushing market was the fastest growing market in the European region
The Asia-Pacific Electrical bushing Market is expected to grow at the fastest CAGR from 2023 to 2032. With the creation of transportation and force transmission companies as well as the consideration of sustainable advancements in its power age blend, Asia-Pacific has fundamentally cultivated its power sector. The market in Asia Pacific is being driven by factors such as increased power utilization, growing interest in railway technology, a spotlight being cast on sustainable power generation, and modernization and extension of T&D networks. Moreover, China’s electrical bushing market held the largest market share, and the Indian electrical bushing market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the electrical bushing market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, electrical bushing industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global electrical bushing industry to benefit clients and increase the market sector. In recent years, the electrical bushing industry has offered some of the most significant advantages to market. Major players in the electrical bushing market attempting to increase market demand by investing in research and development operations include ABB Group, TRENCH Group (SIEMENS), General Electric, Eaton, Elliot Industries, Gipro GMBH, RHM International, Toshiba, Webster-Wilkinson, Siemens (Germany) and Nexans (France).
Eaton Corporation Plc (Eaton) is a firm that manages power. It creates, develops, and sells energy-saving products, technology, and services to assist customers in managing aerospace, electrical, hydraulic, and mechanical power more reliably, efficiently, safely, and sustainably. Customers in the utility, industrial, information technology, governmental, residential, institutional, machine tools, marine, material handling, agriculture, renewable energy, oil and gas, commercial, construction, utility, mining, forestry, molding, primary metals, automotive, power generation, and aerospace sectors are served by the company.
Nexans SA (Nexans) offers cable and connectivity solutions for offshore wind farms. The business provides cabling solutions, including copper and fiber optic wires. It benefits network operators, infrastructure and equipment manufacturers, as well as builders, installers and distributors in land and sea transportation, data center, commercial and residential construction, oil and gas, mining and renewable industries. Nexans is a signatory to the Europacable Industry Charter and a member of the European Association of Wire & Cable Manufacturers (Europacable).
May 2022: The first of its type in India, Hitachi's new transformer component production facility in Vadodara, Gujarat, will create resin-impregnated paper brushings.
December 2021:ABB DOGDE Mechanical Power Transmission, the largest sale that was made publicly known.ABB has acquired 40 companies, seven of which were acquired in the previous five years. Private equity firms made 12 purchases in total. Additionally, eight assets were sold. Baldor Electric was the largest acquisition made by ABB to date, and it cost $4.2 billion.
December 2021:According to an announcement, Gujarat Energy Transmission Corporation Limited (GETCO) received orders for transformers from Transformers and Rectifiers India Limited. The contract value for the entire order was INR 72 crores.
October 2021:East Green Power Pte Ltd, one of Singapore's EPC firms, owns the urban-type underground substation for which Toshiba Energy Systems & Solutions Corporation ordered transformers and related equipment. The first 230 kV class urban-type underground substation in Southeast Asia, which will begin operations around 2025, will get three 200 MVA transformers and four 75 MVA transformers from Toshiba ESS.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.1 Billion |
| Market Size 2023 | USD 3.2 Billion |
| Market Size 2032 | USD 4.22 Billion |
| Compound Annual Growth Rate (CAGR) | 3.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Voltage Type, End-User, Insulation Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ABB Group, TRENCH Group (SIEMENS), General Electric, Eaton, Elliot Industries, Gipro GMBH, RHM International, Toshiba, Webster-Wilkinson, Siemens (Germany) and Nexans (France) |
| Key Market Opportunities | New product launches and R&D amongst major key players |
| Key Market Dynamics | Many countries are now investing in grid expansion projects in order to increase the distribution capacity  Technological developments in the transmission sector |
Electrical bushing Market Highlights:
Frequently Asked Questions (FAQ) :
The Electrical Bushing Market size was valued at USD 3.1 Billion in 2022.
The global market is projected to grow at a CAGR of 3.50% during the forecast period, 2024-2032.
North America had the largest share in the global market.
The key players in the market are ABB Group, TRENCH Group (SIEMENS), General Electric, Eaton, Elliot Industries, Gipro GMBH, RHM International, Toshiba, Webster-Wilkinson, Siemens (Germany) and Nexans (France).
The low voltage bushings category dominated the market in 2022.
The utilities category had the largest share in the global market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
