New York, United States , Sept. 02, 2024 (GLOBE NEWSWIRE) -- The Global Electrical Bushing Market Size is to Grow from USD 2.69 Billion in 2023 to USD 4.05 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.18% during the projected period.
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Electrical bushings are essential components for high-voltage electrical equipment like power transformers, shunt reactors, circuit breakers, and capacitors. The electrical bushing is used for carrying current at high voltage through equipment enclosures. An electrical bushing is used for bringing a connection from the inside to the outside of the transformer tank, and minimizes energy losses, reducing the risk of electrical arcs. The global electrical bushing market is driven by several factors the rise in renewable energy projects, investments in electrical grid modernization and expansion, rapid urbanization, and industrialization. However, some factors that might restrain the market growth are the high cost of acquisition, the requirement for skilled labor, environmental concerns, and strict regulatory policies.
Browse key industry insights spread across 230 pages with 115 Market data tables and figures & charts from the report on the "Global Electrical Bushing Market Size, Share, and COVID-19 Impact Analysis, By Type (Oil Impregnated Paper, Resin-Impregnated Paper, and Others), By Voltage (MV, HV, EHV), By Insulation (Porcelain, Polymeric, Glass), By Application (Transformer, Switchgear, and Others), By End-User (Utilities, Industries), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The oil-impregnated paper (OIP) segment is anticipated to hold the greatest share of the global electrical bushing market during the projected timeframe.
Based on the type, the global electrical bushing market is divided into oil-impregnated paper (OIP), resin-impregnated paper (RIP), and others. Among these, the oil-impregnated paper (OIP) segment is anticipated to hold the greatest share of the global electrical bushing market during the projected timeframe. This is because OIP bushing offers better electrical performance and high dielectric strength. It also controls leakage current and prevents external flashovers. Also, they are more cost-effective.
The MV segment is anticipated to hold the greatest share of the global electrical bushing market during the projected timeframe.
Based on application, the global electrical bushing market is divided into MV, HV, and EHV. Among these, the MV segment is anticipated to hold the greatest share of the global electrical bushing market during the projected timeframe. This large share is because MV bushings are commonly used in substations, industrial plants, and commercial buildings operating in the range of 1 kV to 36 kV. Also, MV electrical bushings are essential components in transformers, switchgear, and other electrical equipment.
The polymeric segment is anticipated to grow at the fastest pace in the global electrical bushing market during the projected timeframe.
Based on industry, the global electrical bushing market is divided into porcelain, polymeric, and glass. Among these, polymeric is anticipated to grow at the fastest pace in the global electrical bushing market during the projected timeframe. Polymeric bushings offer superior mechanical strength, less weight, and excellent thermal stability, making them efficient in varied weather conditions. They also offer better pollution and contamination resistance.
The transformer segment is anticipated to hold the greatest share of the global electrical bushing market during the projected timeframe.
Based on the source, the global electrical bushing market is divided into transformers, switchgear, and others. Among these, the transformer is anticipated to hold the greatest share of the global electrical bushing market during the projected timeframe. This is mainly because transformers need high-performance electrical bushings for insulation between high-voltage lines and grounded components. Also, the expansion of electrical grids and integration with renewable energy sources boost the segment’s growth.
The utilities segment is anticipated to hold the greatest share of the global electrical bushing market during the projected timeframe.
Based on the end-user, the global electrical bushing market is divided into utilities and industries. Among these, the utilities segment is anticipated to hold the greatest share of the global electrical bushing market during the projected timeframe. This is mainly because utilities require a number of bushings for transformers, switchgear, and capacitors, to ensure reliable and efficient power delivery to residential, commercial, and industrial consumers.
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Asia Pacific is anticipated to hold the largest share of the global electrical bushing market over the forecast period.
Asia Pacific is anticipated to hold the largest share of the global electrical bushing market over the forecast period. This region’s market and is driven by the presence of leading market players, and rapidly developing infrastructure. low cost of labour, and a well-established supply chain network is also fuelling the regional market growth.
Middle East & Africa is expected to grow at the fastest pace in the global electrical bushing market during the forecast period. This is because of the growing investments in new power generation projects, including renewable solar energy, wind energy, tidal power, and hydro-power projects are generating demand for advanced electrical equipment including bushings.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Electrical Bushing Market include Yash Highvoltage Insulators Pvt. Ltd., Siemens Energy, Elliot Industries, RHM International, Webster-Wilkinson, General Electric, Nexans, Eaton, ABB Ltd, Siemens AG, Eaton Corporation plc, GAMMA Insulator Compan, Barberi Rubinetterie Industriali S.r.l., CG Power and Industrial Solutions, GIPRO, Hitachi Energy, Hubbell, Jiangxi Johnson Electric Co., Liyond, Meister International, Polycast, PFISTERER Holding SE, Rajeev Industries, SATRAJ CERAMICS, THORNE & DERRICK INTERNATIONAL, Trench Group, and others.
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Recent Developments
- In December 2023, Yash Highvoltage Ltd. announced the expansion of its product range with the introduction of a new 245kV OIP transformer bushing. This addition enhances their existing offerings, which include various types of transformer bushings, such as RIP and Resin-Impregnated Synthetic (RIS) bushings.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Electrical Bushing Market based on the below-mentioned segments:
Global Electrical Bushing Market, By Type
- Oil Impregnated Paper
- Resin-Impregnated Paper
- Others
Global Electrical Bushing Market, By Voltage
- MV
- HV
- EHV
Global Electrical Bushing Market, By Insulation
- Porcelain
- Polymeric
- Glass
Global Electrical Bushing Market, By Application
- Transformer
- Switchgear
- Others
Global Electrical Bushing Market, By End-User
- Utilities
- Industries
Global Electrical Bushing Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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