The new data analyzed by FMI projects that the global sales of electrical bushings might be around USD 2.6 billion in the current year, 2023. The overall market is anticipated to develop at an average annual growth rate of 4% over the forecasted years from 2023 to 2033. Further, the FMI forecasts the global electrical bushings market to grow steadily, reaching a revised value of USD 3.9 billion by 2033.
The electricity demand is expanding exponentially to provide a consistent and dependable power supply around the clock. Electrical bushings are essential for ensuring the steady and uninterrupted flow of power and ultimately guaranteeing the security of people and electrical equipment. Moreover, electrical bushings make current transmission seamless in numerous electrical equipment like transformers, circuit breakers, shunt reactors, and power capacitors.
To fulfill the rising demand for power, governments and utility corporations have increased spending on developing and modernizing electricity distribution networks. So, the sales of electrical bushings these days are fueled by investments made in substations, transformers, and other electrical transmission infrastructures.
The sales of electrical bushings are also driven by the worldwide transition toward cleaner, renewable energy sources like wind and solar power. In light of the growing emphasis on the production of renewable energy, experts believe the sales of electrical bushings could accelerate further. The Unconventional energy infrastructure, such as wind turbines and solar panels, require electrical conduit bushings in higher amounts to reduce the loss during electricity production.
Among the several limitations, fluctuating raw material prices pose a significant challenge for electrical bushings producers that need to be addressed soon. In addition to this, transportation costs and trade restrictions on essential supplies, as well as finished goods, might also exacerbate the market's affordability issues.
| Attributes | Details |
|---|---|
| Global Electrical Bushings Market Valuation in 2022 | USD 2.5 billion |
| Estimated Global Market Share in 2023 | USD 2.6 billion |
| Forecasted Global Market Size by 2033 | USD 3.9 billion |
| Projected Global Market Growth Rate from 2023 to 2033 | 4% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 5.6% CAGR |
Global Electrical Bushings Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)
As per the previous survey reports, the total sales of electrical bushing in 2018 were a little more than USD 2 billion. Though the growth rate was moderate following 2018, it plunged significantly during 2020 and 2021.
In the post-Covid-19 business environment, the electrical bushings manufacturers recovered with increased public spending on infrastructure. Interestingly, the spectacular rise in demand for electrical bushings in 2022 soared the average CAGR during the evaluation period to 5.6%.
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End-user demand is rising fast as electrical bushings are needed for higher voltage power transmission systems in sectors including railroads and industries. The need for electrical bushings also grows with the expansion and growth of infrastructure and urban amenities.
Electrical bushings must adhere to several industry norms that frequently demand the use of particular materials with known mechanical and electrical characteristics. These requirements might result in non-compliance problems and pose a challenge to the emerging trends and regional expansion of the overall market.
| Top Product Type Segment | Oil Impregnated Paper |
|---|---|
| Top Market Segment Historical CAGR from 2018 to 2022 | 5.4% |
| Top Market Segment Forecasted CAGR from 2023 to 2033 | 3.8% |
To meet diverse applications and set standard needs, different types of insulating material electrical bushings offer a range of features and performance traits. While porcelain insulating materials are mostly preferred as it gives, the conductors require mechanical support and electrical insulation, providing secure and dependable power delivery. Likewise, due to the higher cost of resin-impregnated papers, the electrical bushings of oil-impregnated paper are accruing higher sales volume in the market.
| Top Application Segment | Transformer |
|---|---|
| Top Market Segment Historical CAGR from 2018 to 2022 | 5.2% |
| Top Market Segment Forecasted CAGR from 2023 to 2033 | 3.7% |
Due to electrical bushings' involvement in the transmission and distribution of power, the utility end-user segment has a more significant impact on their overall demand. In addition, electrical bushings are more often used in transformers making it the dominant application segment over switchgear systems.
Electrical bushings are also needed by the industrial sector for a variety of machinery requiring electricity at a very high voltage. For particular applications, different voltage ranges are needed, and the selection of voltage levels relies on the supply infrastructure and distribution system requirements.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the United States Market from 2018 to 2022 | 5.5% |
| Forecasted CAGR of the United States Market from 2023 to 2033 | 4% |
| Anticipated Overall Market Value in the United States by 2033 | USD 671 million |
| The United States Market Absolute Dollar Growth Until 2033 | USD 218.1 million |
The overall valuation of the United States electrical bushings market by the end of 2022 was nearly USD 452.9 million. The federal government in the United States has launched projects to update and improve the nation's deteriorating electrical infrastructure. These initiatives are meant to increase the electrical grid's renovation and expansion, thereby creating a huge demand for electrical bushings in the coming days.
The demand for electrical bushings in the area is expanding as a result of similar steps being taken in Canada. To sum up, the whole of North America is anticipated to present very lucrative opportunities for both regional as well as global electrical bushings suppliers.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the United Kingdom Market from 2018 to 2022 | 5.3% |
| Forecasted CAGR of the United Kingdom Market from 2023 to 2033 | 3.8% |
| Anticipated Overall Market Value in the United Kingdom by 2033 | USD 138.2 million |
| Projected Growth of the Market Until 2033 in Absolute Dollar | USD 42.6 million |
European nations are putting a lot of effort into updating their electrical infrastructure these days, and distribution system upgrades are now underway. FMI anticipates that these initiatives may increase demand for electrical bushings throughout Europe, favoring the industries in Germany and the United Kingdom.
The net worth of the total electrical bushings sold in the United Kingdom was figured out to be around USD 85.6 million in 2022. Due to recent initiatives to increase access to clean energy sources, there has been an increasing need for electrical bushings in the recent past.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the China Market from 2018 to 2022 | 5.4% |
| Forecasted CAGR of the China Market from 2023 to 2033 | 3.9% |
| Anticipated Overall Market Value in China by 2033 | USD 805.6 million |
| China Market Absolute Dollar Growth Until 2033 | USD 257.9 million |
By virtue of a strong manufacturing industry base, China is the leading producer and supplier of electrical bushings in the Asia Pacific region. The advent of power production initiatives has also raised the demand for electrical bushings to support the development of renewable energy sources.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the Japan Market from 2018 to 2022 | 5.4% |
| Forecasted CAGR of the Japan Market from 2023 to 2033 | 3.9% |
| Anticipated Overall Market Value in Japan by 2033 | USD 643.7 million |
| Japan Market Absolute Dollar Growth Until 2033 | USD 205 million |
The sales of electrical bushing in Asia Pacific are growing these days as a result of the electrification of rural regions in emerging nations. Countries like Australia, India, and Southeast Asian countries, in particular, are witnessing a heightened demand for electrical bushings with remote area electrification programs.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the South Korea Market from 2018 to 2022 | 4.6% |
| Forecasted CAGR of the South Korea Market from 2023 to 2033 | 3.7% |
| Anticipated Overall Market Value in South Korea by 2033 | USD 204.4 million |
| South Korea Market Absolute Dollar Growth Until 2033 | USD 62.7 million |
Recent improvements to enhance the effectiveness and adaptability of transformer installations are also likely to fuel the emerging trends in the electrical bushings industry. For instance, the On-demand Mobile Resilience Transformer, also known as the GSU Resilience Transformer, was unveiled by Siemens in February 2019. The GSU Resilience Transformer, introduced by Siemens, is a reflection of the industry's focus on improving the resilience and effectiveness of power systems.
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To provide dependable and effective power transmission, electrical bushing manufacturers are focusing on modern design, and better construction is essential. Market players can also scale up their businesses by using the right insulating techniques and materials to preserve the integrity of electrical systems.
Dimensional stability is necessary for electrical bushings, so many electrical bushings manufacturers are experimenting with novel materials to keep up their competitive edge. The Discovery of new materials with greater stability and reduced susceptibility to dimensional changes could bring in opportunities for industry players to scale their businesses.
| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million or billion for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; The Middle East & Africa; East Asia; South Asia and Oceania |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, The United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | By Product Type, By Application, By End Use, and By Region |
| Key Companies Profiled | ABB Ltd.; Bharat Heavy Electricals Ltd.; CG Power and Industrial Solutions Ltd.; Eaton Corporation PLC; Elliot Industries, Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market in 2023 is valued at USD 2.6 billion.
By 2033, the market will expand at a 4% CAGR.
By 2033, the market will reach USD 3.9 billion.
From 2018 to 2022, the market expanded at a 5.6% CAGR.
ABB Ltd., Bharat Heavy Electricals Ltd., Elliot Industries, Inc. are the key market players.
| Estimated Size, 2024 | USD 11,376.6 million |
|---|---|
| Projected Size, 2034 | USD 22,534.0 million |
| Value-based CAGR (2024 to 2034) | 7.1% |
| Market Estimated Size (2022E) | USD 4.1 billion |
|---|---|
| Projected Market Valuation (2032E) | USD 6.5 billion |
| Value-based CAGR (2022 to 2032) | 4.8% |
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