Electrical Bushings Market Size is expected to reach USD 3.22 billion by 2031, growing at a CAGR of 3.18%: Straits Research

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The key global electrical bushings market players are ABB Ltd., Alutronic Kuhlkorper GmbH and Co. KG., ALMACENES CORONA SAS, Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd, Siemens, Eaton Corp. Plc, General Electric Co., Elliott Industries Inc., GIPRO GmbH, HSP Hochspannungsgerate GmbH, Megger Ltd., Nanjing Rainbow Electric Co., Ltd., Nexans SA, Radiant Enterprises, and others.

New York, United States, April 23, 2024 (GLOBE NEWSWIRE) — The term “electric bushing” denotes a hollow electrical insulator utilized to prevent electrical contact with a conducting barrier, such as the walls, casing of a transformer, or circuit breaker, while permitting the secure passage of an electrical conductor. While porcelain is frequently used to fabricate bushings, alternative insulating materials may also be implemented. They perform various vital functions in electrical systems, including insulation, support, and sealing. They are critical components in a wide range of electrical apparatus, ensuring power systems’ reliable and secure operation.

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Adoption of Renewable Energy Sources Drives the Global Market

The International Renewable Energy Agency (IRENA) reported that the global renewable energy capacity increased by 10.3% in 2020, culminating in a cumulative output of 2,799 gigawatts (GW). Moreover, as stated by the International Energy Agency (IEA), renewable energy sources are anticipated to account for approximately 95% of worldwide power capacity growth by 2026. The incorporation of renewable energy sources into existing power infrastructures requires the adjustment of generation sources to be fluctuating and geographically dispersed, which poses challenges to power reliability and quality. Power networks must be connected to renewable energy sources via electrical bushings. These devices provide insulation and protection against surges, harmonics, and overvoltages.

Development of Smart Grids Creates Tremendous Opportunities

Smart grids are advanced power infrastructures that employ information and communication technology (ICT) for monitoring, controlling, and improving electricity supply, demand, and flow. Smart grids offer numerous benefits, including improved efficiency, dependability, security, and sustainability. In addition, the integration of EVs, renewable energy sources, energy storage devices, and demand response programs is facilitated by smart grids. The advent of smart grids creates opportunities for the electrical bushings market, as it requires advanced electrical bushings that can withstand complex and dynamic power conditions. Smart grid operation and performance can be enhanced by coupling electrical bushings with online monitoring, self-healing, and fault detection capabilities.

Regional Analysis

Asia-Pacific is the most significant global electrical bushings market shareholder and is expected to expand substantially during the forecast period. The Asia-Pacific region is presently undergoing the most rapid expansion of the electrical bushings market due to its accelerated industrialization, urbanization, and electrification. The Asia Pacific region is expected to devote USD 3.3 trillion to electricity generation over the next decade, with a substantial emphasis on renewable energy sources. The most recent analysis by Wood Mackenzie projects that solar and wind energy would account for 49% of the total investment capital, with energy storage receiving the remaining 12%.

In addition, it is anticipated that the region’s capacity will increase by 1,840 GW over the next five years, surpassing the world’s combined growth. Increasing power demand is being met through investments from India and China in a hybrid system utilizing renewable energy sources and coal. It is expected that this will necessitate the expansion of the electricity grid, which will involve the installation of switch gears, transformers, and other pertinent components. The expected growth is anticipated to continue for the foreseeable future, creating demand for electrical bushings.

Key Highlights

  • The global electrical bushings market size was valued at USD 2.43 billion in 2022. It is estimated to reach USD 3.22 billion by 2031, growing at a CAGR of 3.18% during the forecast period (2023–2031).
  • Based on type, the global electrical bushings market is segmented into oil-impregnated paper (OIP), resin-impregnated paper (RIP), and others. The oil-impregnated paper (OIP) segment dominates the global market.
  • Based on insulation, the global electrical bushings market is divided into porcelain, polymeric, and glass.
  • Based on voltage, the global electrical bushings market is bifurcated into medium voltage, high voltage, and extra high voltage. 
  • Based on application, the global electrical bushings market is divided into transformers, switchgear, and others. The transformer segment is the largest shareholder in the global market.
  • Based on the end-user, the global electrical bushings market is segmented into utilities, industries, and others. The utilities segment dominates the global market.
  • Asia-Pacific is the most significant global electrical bushings market shareholder and is expected to expand substantially during the forecast period.

Market News

  • In June 2023, Hitachi Energy presented innovative solutions at CWIEME Berlin 2023 by introducing new products. The company showcased its most recent advancements in transformer insulation and components during a product launch and interactive sessions with industry professionals regarding EasyDry®, a new dry-type, paperless bushing added to its portfolio.
  • In December 2023, Bechtel Energy Inc. was awarded ABB the contract to provide integrated automation, electrical, and digital solutions for Phase 1 of the NextDecade Corporation-designed Rio Grande LNG facility (RGLNG Phase 1) in Brownsville, Texas.

Global Electrical Bushings Market: Segmentation

By Type

  • Oil Impregnated Paper (OIP)
  • Resin Impregnated Paper (RIP)
  • Others

By Insulation

  • Porcelain
  • Polymeric
  • Glass

By Voltage

  • Medium Voltage
  • High Voltage
  • Extra High Voltage

By Applications

  • Transformer
  • Switchgear
  • Others

By End-User

  • Utilities
  • Industries
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/electrical-bushings-market/segmentation

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