Electrical Bushing Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product Type (Oil Impregnated Paper (OIP), Resin Impregnated Paper (RIP)), By Insulation (Porcelain, Polymeric), By Voltage (Medium Voltage, High Voltage), By Application (Transformer, Switchgear), By End User (Utilities, Industries), By Region, Competition Forecast and Opportunities

Market Overview

The Global Electrical Bushing Market reached a size of USD 1.09 billion in 2022 and is projected to grow to USD 1.95 billion by 2028, with a CAGR of 3.51% through 2028. The demand for electrical bushings in various end-use application sectors, such as transformers, switchgears, and circuit breakers, is a significant factor expected to drive the growth of the global market over the next decade. Additionally, the growing demand for electrical equipment from industries like renewables and railways is another factor that is anticipated to support revenue growth in the global market in the coming years. Moreover, the various advantages offered by these materials, including reduced fire explosion risks, minimized oil leakage risks, absence of oil expansion chambers, and the ability to withstand seismic activity, are additional factors that are expected to propel the adoption of electrical bushings. Consequently, this is estimated to drive the growth of the global market throughout the forecast period. Furthermore, the increasing demand for these bushings from the energy, transport, and telecommunications industries is another factor that is expected to further drive the demand for electrical bushings, thereby contributing to the growth of the global market in the next few years.

Key Market Drivers

With the continuous growth of the global population, the acceleration of urbanization, and the expansion of industrialization, the demand for electricity is on the rise. Electrical bushings serve as crucial components in various electrical equipment and systems, facilitating the safe and efficient transmission and distribution of electricity. To meet the increasing demand for electricity, countries are expanding their power grids by constructing new transmission and distribution infrastructures. Electrical bushings play a vital role in connecting power transformers, switchgear, and other electrical equipment to the grid. As energy consumption increases due to the widespread use of electrical appliances, technological devices, and industrial machinery, electrical bushings find applications in a wide range of areas such as power transformers and circuit breakers. Their purpose is to ensure efficient electricity transfer and safe operation. Furthermore, with the growing emphasis on renewable energy sources like solar and wind power, electrical bushings play a crucial role in connecting renewable energy generators to the power grid. They enable the efficient transfer of electricity from renewable sources to consumers. In high-voltage power transmission systems, electrical bushings are critical components. They provide reliable insulation and current-carrying capabilities, thereby helping to maintain transmission efficiency and reduce energy losses during long-distance power transmission. Additionally, with the increasing adoption of electric vehicles (EVs) and electrified transportation systems, the installation of EV charging infrastructure is necessary. Electrical bushings are utilized in charging stations to establish safe and efficient power connections.

As the world moves towards a more sustainable and low-carbon energy future, the integration of renewable energy sources, such as solar, wind, and hydroelectric power, into the power grid is of utmost importance. Electrical bushings play a critical role in facilitating the efficient and safe connection of renewable energy generation systems to the power grid. They enable the transmission of electricity from these renewable sources to consumers or storage facilities. In High-Voltage Direct Current (HVDC) transmission systems, electrical bushings are utilized to insulate and connect converter stations, transformers, and other components. Specialized electrical bushings are also necessary for offshore wind farms to connect undersea cables from wind turbines to onshore substations, ensuring reliable power transmission. Similarly, solar power plants, including photovoltaic (PV) and concentrated solar power (CSP) facilities, rely on electrical bushings to connect solar panels or solar collectors to inverters and transformers for grid integration.

Electrification initiatives strive to enhance electricity access in underserved areas and optimize the reliability and efficiency of power distribution. As regions and countries prioritize electrification, there arises a growing demand for electrical infrastructure, encompassing transformers, switchgear, and electrical bushings. These initiatives specifically target rural and remote areas grappling with limited electricity access. Electrical bushings, crucial components in power distribution networks, facilitate the connection between transformers, switchgear, and the grid, thereby enabling the delivery of electricity to remote regions. Expanding distribution networks and reaching more consumers form integral parts of electrification initiatives. Such expansion necessitates the installation of electrical substations and associated equipment, including electrical bushings, to establish connectivity within the distribution infrastructure. As part of electrification endeavors, aging and outdated power grids undergo modernization to enhance efficiency and reliability. Modernization efforts frequently entail the replacement or upgrading of electrical equipment, thereby generating demand for new and advanced electrical bushings. In certain cases, electrification initiatives promote the adoption of decentralized energy systems, like renewable energy-based mini-grids, where electrical bushings play a pivotal role in grid integration and power distribution.

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Key Market Challenges

Electrical bushings that utilize mineral oil or oil-impregnated paper as insulation materials have the potential to experience oil leakage or spills, particularly during transportation, installation, or operation. Oil leaks can result in soil and water source contamination, posing environmental risks to ecosystems and human health. In the event of a catastrophic failure or malfunction in electrical bushings, there exists a risk of significant oil spillage, which can have severe environmental consequences, especially in environmentally sensitive areas like natural reserves or in proximity to water bodies. The production and utilization of mineral oil contribute to greenhouse gas emissions, thereby exacerbating climate change. As the world strives to minimize carbon emissions, the environmental impact of oil-based insulation materials warrants examination. Concerns arise regarding the sustainability of material sourcing, such as oil and paper. Unsustainable sourcing practices can lead to deforestation, habitat destruction, and other adverse environmental impacts. Governments and regulatory bodies increasingly prioritize environmental protection and sustainability. Stringent regulations may necessitate manufacturers to adopt greener practices and develop more eco-friendly products. Companies now face greater scrutiny and accountability for their environmental practices and their role in minimizing negative impacts. The reputation of manufacturers may be influenced if they are perceived as failing to take adequate measures in addressing environmental concerns.

Key Market Trends

Both industrial automation and smart grid technologies rely on efficient and reliable electrical equipment, such as electrical bushings, to optimize energy management, enhance safety, and improve overall system performance. Industrial automation involves the utilization of electric motors for various applications. Electrical bushings play a critical role in motor control systems by enabling the secure and efficient connection of motors to the power supply. The primary objective of industrial automation is to optimize energy usage and minimize wastage. Advanced electrical bushings with high voltage ratings and low losses support energy-efficient motor control and power distribution. Safety holds paramount importance in industrial settings, where electrical bushings provide reliable insulation and protection to prevent electrical accidents and equipment damage. Real-time data is crucial for process monitoring and control in industrial automation. Electrical bushings equipped with integrated sensors can provide current and temperature measurements for predictive maintenance and system optimization. Smart grids utilize advanced technologies to modernize power distribution and enable bidirectional communication between utilities and consumers. Electrical bushings are indispensable components in smart grid substations, facilitating the connection of transformers and switchgear. With a core focus on maintaining grid stability and reliability, smart grids benefit from electrical bushings that ensure proper insulation and minimize electrical losses, thus contributing to overall grid stability.

Segmental Insights

Transformers segment is expected to dominate the market during the forecast period. Transformers play a vital role in electrical power systems, with electrical bushings serving as integral components. These bushings provide a secure and dependable interface for connecting high-voltage transformer components to external electrical equipment like power lines and switchgear. They are essential in power transformers, distribution transformers, and other types, ensuring proper insulation and protection while allowing the passage of electrical conductors through the transformer's tank. The aging power infrastructure in many regions necessitates the replacement and modernization of transformers and associated components, including electrical bushings. Furthermore, the growth of industries and manufacturing sectors worldwide drives the demand for electrical transformers and, consequently, electrical bushings. Rapid urbanization and infrastructure development also present opportunities for transformers with advanced electrical bushings in new construction and grid expansion projects. Moreover, the emergence of smart grids necessitates transformers equipped with state-of-the-art electrical bushings to facilitate real-time monitoring, data exchange, and efficient power distribution.

Oil-Impregnated Paper (OIP) segment is expected to dominate the market during the forecast period. Oil-impregnated paper (OIP) is a traditional insulation material widely utilized in electrical bushings, particularly in high-voltage applications. OIP-based electrical bushings have a long-standing history and continue to enjoy extensive usage in power transformers and other high-voltage equipment. Oil-impregnated paper offers exceptional insulation and dielectric properties, rendering it a preferred choice for high-voltage applications. It establishes a reliable and robust insulation barrier between the internal conductor and the external environment. OIP-based electrical bushings exhibit prolonged service life and demonstrate remarkable reliability even in harsh operating conditions, contributing to their widespread adoption in power infrastructure. Furthermore, oil-impregnated paper represents a cost-effective insulation material compared to some of the newer advanced insulation technologies, making it highly favored for various high-voltage applications, particularly in developing economies. OIP-based electrical bushings are well-suited for diverse high-voltage applications, encompassing power transformers, gas-insulated switchgear (GIS), and circuit breakers.

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Asia-Pacific is expected to dominate the market during the forecast period. The Asia-Pacific region is currently experiencing a significant surge in industrialization and urbanization, which is fueling the demand for electrical infrastructure, particularly electrical bushings. The expansion and modernization of power distribution networks have become imperative due to the growth of industries and urban centers. As the population continues to grow and living standards improve, there is a substantial rise in energy consumption in the Asia-Pacific region. This, in turn, necessitates the establishment of reliable power distribution and grid infrastructure, thereby creating lucrative opportunities for electrical bushings. Moreover, many countries in the Asia-Pacific are making substantial investments in renewable energy sources, such as solar and wind power. The integration of renewable energy into the power grid requires the use of electrical bushings to connect renewable energy generators to the grid. Additionally, several countries in the region are undertaking electrification initiatives aimed at expanding electricity access to rural and remote areas. These initiatives entail the installation of electrical infrastructure, including electrical bushings, to extend the power grid. Furthermore, the Asia-Pacific region has emerged as a major market for electric vehicles (EVs). The increasing adoption of EVs is driving the demand for EV charging infrastructure, wherein electrical bushings play a crucial role in connecting charging stations to the grid.

• In December 2021, Transformers and Rectifiers India Limited announced the awarding of transformer orders, with a total contract value of INR 72 crores, to Gujarat Energy Transmission Corporation Limited (GETCO).
• In October 2021, Toshiba Energy Systems & Solutions Corporation revealed the receipt of an order for transformers and associated equipment for an urban-type underground substation owned by Eastern Green Power Pte Ltd, a prominent EPC company in Singapore. Toshiba ESS will supply three 200 MVA transformers and four 75MVA transformers for the first 230-kV class urban-type underground substation in Southeast Asia, scheduled to commence operations post-2025.

• ABB Ltd.
• Siemens AG
• General Electric Company
• CG Power and Industrial Solutions Limited
• Hubbell Incorporated
• Eaton Corporation PLC
• Mitsubishi Electric Corporation
• Nexans S.A.TE Connectivity Ltd.
• Bharat Heavy Electricals Limited
• GIPRO GmbH