Electrical Bushing Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electrical Bushing Market Analysis
The electrical bushing market is expected to record a CAGR of more than 5.6% during the forecast period 2022-2027. The outbreak of COVID-19 in Q1 2020 negatively impacted the electric bushings market. Lockdown restrictions imposed by governments worldwide affected end-user demand, and electric construction and infrastructure projects were halted during Q1 of 2020. Additionally, disruptions in the supply chain and global shipping affected the production and the import and export of the electrical bushings market. Factors such as growing power demand and the expansion and upgradation of grid structure are expected to drive the electrical bushings market in the forecast period. Applications like railways and smart grids are anticipated to create a need for electrical bushings and drive the market further. However, electrical bushings are subjected to failure and can result in the loss of costly assets/equipment with long replacement times and cause issues related to personnel safety. Thus, untimely bushing failure can act as a restraint for the electrical bushing market.
The transformer sub-sector is expected to dominate the market due to ongoing plans for grid development and upgradation.
The world is moving toward renewable energy, which requires new transmission and distribution networks. With this, ample opportunities would be generated in the future for electrical bushing market players.
Asia-Pacific is expected to dominate the market during the forecast period. The development of railways and the growing need for circuit breakers and switch gears in countries like China and India are expected to drive the market significantly.
Electrical Bushing Market Trends
This section covers the major market trends shaping the Electrical Bushing Market according to our research experts:
Transformer Application to Dominate the Market
Electrical bushings in transformers carry current at high voltage through equipment enclosures and provide an insulating barrier between the live conductor and the electrical apparatus's metallic (conducting) body.
In February 2020, American Electric Power's Indiana Michigan Power announced a USD 77 million investment to upgrade its electric transmission network substations and build new substations.
According to BP Statistical Review of World Energy 2021, global electricity generation capacity in 2020 was 26,823.2 TWh (Terawatt hours), up from 24,270.5 TWh in 2015. In line with electricity generation capacity, the demand for transformers and electrical bushings has grown significantly in the past.
Additionally, increasing power infrastructure development in countries worldwide will drive the segment's growth during the forecast period. For instance, in July 2021, GE Renewable Energy's Grid Solutions announced that it had received multiple orders to supply 765 kV transformers and reactors in India from Power Grid Corporation of India Limited (PGCIL). As part of the order, GE is expected to provide 13 units of 765 kV transformers and 32 units of 765 kV reactors.
With increasing power demand and projects to upgrade the grid structure, the electrical bushings market is expected to witness significant growth.
Asia-Pacific to Dominate the Market
Asia-Pacific has significantly developed its power industry with the expansion of power transmission and distribution networks and the inclusion of renewable technologies in its electricity generation mix.
According to BP Statistical Review of World Energy 2021, in 2020, the Asia-Pacific region reached 1,322 Terawatt-hours of renewable power generation capacity, creating demand for grid development, including transformers, switch gears, and others. This growth is expected to continue in the future and will drive the need for electrical bushings.
The transformer capacity growth in India has been continuous. As of June 2021, India's total alternating current (AC) transformer capacity (at 220 kV and above) stood at 1,006,360 MVA (Mega Volt Ampere), and the high voltage direct current (HVDC) transformer capacity stood at 30,500 MW. The growth in transformer capacity is expected to drive the electrical bushings market in India.
In 2020, Schneider Electric partnered with Tricolite Electrical Industries Limited for a new generation MV switchgear. Such a collaboration would drive the demand for electrical bushings in countries like India.
Asia-Pacific is also leading in renewable energy and has several ongoing smart grid development projects, creating significant demand for electrical bushings in the region.
Electrical Bushing Industry Overview
The electrical bushing market is moderately fragmented. Some of the major companies include General Electric Company, GAMMA Insulator Company, ABB Ltd, Siemens AG, and Eaton Corporation PLC, among others.
Electrical Bushing Market Leaders
-
ABB Ltd
-
General Electric Company
-
Siemens AG
-
Eaton Corporation plc
-
GAMMA Insulator Company
*Disclaimer: Major Players sorted in no particular order
Electrical Bushing Market News
In December 2021, Transformers and Rectifiers India Limited announced that it had awarded orders of transformers for a total contract value of INR 72 crores to Gujarat Energy Transmission Corporation Limited (GETCO).
In October 2021, Toshiba Energy Systems & Solutions Corporation announced that it had received an order for transformers and associated equipment for the urban-type underground substation owned by Eastern Green Power Pte Ltd, one of Singapore's EPC companies. Toshiba ESS will supply three 200 MVA transformers and four 75MVA transformers for the first 230-kV class urban-type underground substation located in Southeast Asia, which will start operations after 2025.
Electrical Bushing Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of Study
- 1.2 Market Definiton
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
-
4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
-
4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 Type
- 5.1.1 Oil Impregnated Paper
- 5.1.2 Resin Impregnated Paper
- 5.1.3 Other Types
-
5.2 Application
- 5.2.1 Transformers
- 5.2.2 Switchgears
- 5.2.3 Other Applications
-
5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 South America
- 5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
-
6.3 Company Profiles
- 6.3.1 General Electric Company
- 6.3.2 ABB Ltd
- 6.3.3 Siemens AG
- 6.3.4 Eaton Corporation PLC
- 6.3.5 Bharat Heavy Electricals Limited
- 6.3.6 Nexans SA
- 6.3.7 GAMMA Insulator Company
- 6.3.8 CG Power and Industrial Solutions Limited
- 6.3.9 Nexans SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityElectrical Bushing Industry Segmentation
The electrical bushing market report includes:
| Type | Oil Impregnated Paper |
| Resin Impregnated Paper | |
| Other Types | |
| Application | Transformers |
| Switchgears | |
| Other Applications | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Electrical Bushing Market Research FAQs
What is the current Electrical Bushing Market size?
The Electrical Bushing Market is projected to register a CAGR of greater than 5.60% during the forecast period (2024-2029)
Who are the key players in Electrical Bushing Market?
ABB Ltd, General Electric Company , Siemens AG , Eaton Corporation plc and GAMMA Insulator Company are the major companies operating in the Electrical Bushing Market.
Which is the fastest growing region in Electrical Bushing Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electrical Bushing Market?
In 2024, the Asia-Pacific accounts for the largest market share in Electrical Bushing Market.
What years does this Electrical Bushing Market cover?
The report covers the Electrical Bushing Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Electrical Bushing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Electrical Bushing Industry Report
Statistics for the 2024 Electrical Bushing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electrical Bushing analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
