The electrical bushings market is expected to grow from an estimated USD 2.45 Billion in 2018 to USD 2.96 Billion by 2023, at a CAGR of 3.86%, from 2018 to 2023. This growth is primarily due to the rising investments in electrical infrastructure and growing demand for electrical equipment from end-users such as railways and the renewable sector.
The report "Electrical Bushings Market by Type (Oil Impregnated Paper, Resin Impregnated Paper), Insulation (Porcelain, Polymeric, Glass), Voltage (MV, HV, EHV), Application (Transformer, Switchgear), End-User (Utilities, Industries), & Region-Global Forecast to 2023",
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The utilities segment is expected to hold the largest share of the electrical bushings market, by end-user, during the forecast period.
The utilities segment led the electrical bushings market in 2017.
Electrical equipment such as transformers, switchgears, and circuit breakers are an important part of the T&D infrastructure and bushings are used to connect this equipment to HVDC lines. Asia Pacific requires huge investments in the infrastructure sector including energy, transport, telecommunications, and water.
According to the Asian Development Bank, an investment of USD 8.22 trillion is required for infrastructure development in the region from 2010 to 2020. With increasing investments in power infrastructure, the market for bushings is likely to grow, leading to the utilities segment being the largest and fastest-growing end-user segment of the electrical bushings market.
The transformer segment is expected to hold the largest share of the electrical bushings market, by application, during the forecast period.
The transformer segment led the electrical bushings market in 2017 and is projected to have the largest market share during the forecast period. In transformers, bushings offer various advantages such as fire hazard reduction and eliminating the need for oil supervision.
Moreover, to withstand any transformer voltage, bushings are the only electrical equipment used for providing external input and output connections. All these factors have resulted in the largest share of the transformer segment.
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The resin impregnated paper segment of the electrical bushings market, by type, is expected to grow at the highest CAGR during the forecast period.
The resin impregnated paper (RIP) bushings segment is projected to grow at the highest CAGR from 2018 to 2023. The key advantages of RIP bushings include reduced risk for oil leakage, reduced chances of fire explosion, the capability to withstand seismic activity, and no requirement for oil expansion chambers.
Moreover, RIP bushings are lightweight and compact in size resulting in easy transportation and easy handling during installation.
Asia Pacific: The leading market for electrical bushings.
In this report, the electrical bushings market has been analyzed with respect to 5 regions, namely, Asia Pacific, Europe, North America, the Middle East & Africa, and South America. The market in Asia Pacific led the global electrical bushings market in 2017.
It is the most populated region in the world and consequently witnesses a high demand for electricity. Increasing grid investments especially in developing economies such as China and India and plans for electrification in countries such as Vietnam, Indonesia, and the Philippines are expected to drive the electrical bushings market in Asia Pacific.
China accounted for the largest share of the electrical bushings market in Asia Pacific in 2017. The National Energy Administration of China estimates a cumulative investment of USD 280 billion is required to increase the length of the transmission lines in the ultra-high voltage (more than 800 kV) network, under its 2015–2020 Power Grid Construction and Reform Plan.
This eventually increases the demand for power equipment such as transformers, generators, and circuit breakers, thereby creating business opportunities for the electrical bushings market in Asia Pacific.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the electrical bushings market. The key players include ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), and Nexans (France).
The leading players are adopting various strategies to increase their market shares.
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