HV Bushing Market Projected to Grow at a 3.02% CAGR by 2030 – Report by Market Research Future (MRFR)
HV Bushing Market Growth Boost by Growing Demand for Electrical Equipment and Need for Reliable Electric Supply
New York, US, March 21, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “HV Bushing Market Information by Type, Installation and End-Use, and Region – Forecast till 2030″, In 2019, the HV bushing market was worth USD 680.12 million. The market will achieve a 3.02% CAGR from 2022 to 2030, touching USD 900.12 Million in 2025.
HV Bushing Market Overview
High voltage or HV bushing can minimize the electrical resistance between two locations. It can even lower current by regulating surges and oscillations in the power supply. The market is primarily driven by rising utility demand. The utility industry has a strong demand for devices that insulate and protect electrical wiring networks. This increases the demand for an efficient device with low-loss properties. Also, increased electricity consumption owing to fast urbanization causes global power outages. This element provides the market with more chances for operational efficiency and reduced downtime time.
High voltage bushing is in demand in a variety of industrial sectors, including mining, oil and gas, renewable energy generation, and so on. It is also employed in rural areas where electricity is not available due to the greater investment requirements of long-distance lines. Solar power, as a substitute or alternative energy source, will be an effective solution for producing reliable electrical circuits that meet high safety criteria. These growth factors will cause the market to develop a solid competitive foundation.
Market Competitive Landscape:
The affluent companies in the HV bushing market include
- General Electric (US)
- Siemens (Germany)
- ELANTAS GmbH (Germany)
- Crompton Greaves (India)
- Webster-Wilkinson Ltd. (UK)
- Warco, Inc. (US)
- ABB Ltd. (Switzerland)
- Hubbell Incorporated (US)
- Meister International LLC (US)
- The H-J Family Of Companies (US)
- Among others.
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With the presence of both global and local firms, the global market is oligopolistic by definition. The majority of the players invest heavily in the research and development of a wide range of high-performance and high-quality goods that strengthen the structure and make it last for an extended period of time. Businesses are constructing manufacturing operations in other countries, notably in Asia, to capitalize on the rising development potential.
HV Bushing Market USP Covered:
The surge in energy consumption, combined with increased concern for safe transmission and distribution of electricity, as well as increased grid infrastructure, will drive the Global HV Bushing Market size throughout the forecast period. The unique feature of HV bushings to resist the electrical field strength produced in the insulator would make them useful for a variety of applications. The Global HV Bushing Market is being driven by the increasing need for dependable electric supply, as well as subsequent investment in transmission and distribution networks, grid expansion, and the development of safe electrical infrastructure.
Bushings are widely used as a safety device in many industrial and commercial sectors all over the world. A bushing is often a hollow ceramic tube through which a conductor passes. From the inside, a bushing offers solid support to the wires.
|Market Size by 2030||2030: USD Significant Value|
|CAGR during 2022-2030||3.02% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities|| Increasing need for reliable electric supply
Subsequent investment in transmission and distribution (T&D) network
|Key Market Drivers|| Growing demand for electrical equipment
Increasing spending on electrical infrastructure
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Circuit breakers, alternators, motors, and capacitors all use bushings. Furthermore, HV Bushings are filled with insulating media such as oil, resin impregnated paper, and oil impregnated paper to give better dielectric strength, making them permeable for installation in a variety of utilities and the industrial sector. The ongoing demand for energy, as well as the global expansion of grid infrastructure, will aid in the growth of the Global HV Bushing Market over the forecast period.
HV bushings are prone to failure, which can result in the loss of valuable assets/equipment with lengthy replacement timelines, as well as difficulties with worker safety. As a result, untimely bushing failure can be a constraint for the HV bushing industry.
HV Bushing Market COVID 19 Analysis
COVID-19 has had a global impact on people’s health. The aftermath has a massive social and economic impact on people all around the world. Individuals are going through mental trauma as major governments implement new frameworks and industries embrace innovative kinds of expansion to stay relevant.
Increasing cases have increased emotional and financial problems around the world, particularly among the elderly. Furthermore, the younger generation is experiencing challenges as a result of job loss and is turning to family care to cope. The focus is mostly on COVID-19 treatment and vaccine research, diverting attention away from other markets. This has had an impact on the HV bushing business.
HV Bushing Market Segmentation
The global market is classified into two types: condenser and non-condenser. During the projected period, the condenser sector is expected to dominate the global market. This is due to the fact that condenser HV bushings are designed for high-voltage applications. Condenser bushings are utilized in high-voltage applications like as 132kV, 220kV, 400kV, and 800kV.
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By Voltage Rating
The global HV Bushing market has been divided into three sections based on voltage rating: 15kV-170kV, 170kV-245kV, and 245kV and above. Because HV bushings with voltage ratings of 245kV and above are used to link overhead lines to transformers, this segment is likely to dominate the global market. Furthermore, these bushings are protected by an aluminum shroud, which prevents excessive electrical stress in the oil at the lower-end cap and terminal connections.
The global market has been divided into two segments based on installation: indoor and outdoor. The outdoor segment is expected to increase at a faster rate during the projected period. Throughout the forecast period, the worldwide HV bushing market is expected to develop at a CAGR of 3.02%.
The global market has been divided into three categories based on end-use: industrial, utilities, and others. The utility category is expected to increase at a faster rate throughout the projected period because of the centralized T&D network operated by utilities.
HV Bushing Market Regional Insights
With the expansion of power transmission and distribution networks and the incorporation of renewable technologies into its energy generation mix, Asia-Pacific has greatly developed its power industry.
According to the BP Statistical Review of World Energy 2021, the Asia-Pacific region attained 1,322 Terawatt-hours of renewable power generation capacity in 2020, creating demand for grid construction components such as transformers and switch gears. This trend is projected to continue, fueling the demand for electrical bushings.
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India’s transformer capacity has been steadily increasing. As of June 2021, India’s total alternating current (AC) transformer capacity (at 220 kV and higher) was 1,006,360 MVA, while its high voltage direct current (HVDC) transformer capacity was 30,500 MW.
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