Industrial Electrical Bushing Market Size - By Bushing Type (Oil Impregnated Paper (OIP), Resin Impregnated Paper (RIP)), By Insulation (Porcelain, Polymeric, Glass), By Voltage (Medium Voltage, High Voltage, Extra High Voltage), By Application & Forecast, 2024 - 2032
Report ID: GMI9456
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Published Date: May 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 21
Tables & Figures: 15
Countries covered: 20
Pages: 350
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Industrial Electrical Bushing Market
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Industrial Electrical Bushing Market Size
Industrial Electrical Bushing Market Size in 2023 was valued at USD 1.2 billion and is anticipated to grow at a CAGR of 7.3% from 2024 and 2032, owing to the increasing demand for electricity worldwide, fuelled by industrialization and urbanization. This rising demand is propelling the need for efficient electrical infrastructure, where bushings play a critical role.
Many companies in this industry are establishing a crucial partnerships and collaborations to as a part of business expansion strategy. It will further increase the demand for electrical bushings in industrial applications. Additionally, the growing adoption of renewable energy sources such as wind and solar power necessitates the expansion of electrical grids, further driving demand for bushings in transmission and distribution systems.
The emerging economies are taking continuous efforts to increase the power generation. For instance, according to the BP Statistical Review of World Energy 2021, sustainable power generation in the Asia-Pacific region reached 1,322 Terawatt-hours in 2022. This surge in power production is expected to continue, fuelling demand for infrastructure upgrades like transformers, switching equipment, and other components. As this trend persists, the need for electrical bushings is will also increase. Moreover, technological advancements in bushing materials and designs are enhancing their performance and reliability, leading to wider applications across various industries.
Industrial Electrical Bushing Market Trends
The latest trends in the industrial electrical bushing industry reflect a shift towards sustainability and innovation. There's a growing emphasis on eco-friendly materials and manufacturing processes to reduce environmental impact. Manufacturers are increasingly exploring alternatives to traditional insulating materials, such as using bio-based or recycled materials, aligning with global sustainability goals.
There's a significant focus on smart and IoT-enabled bushing solutions, equipped with sensors and monitoring capabilities, allowing for real-time data collection on factors like temperature, vibration, and insulation condition. This trend towards smart bushings enables predictive maintenance, minimizing downtime and optimizing operational efficiency for industrial facilities. Additionally, the integration of digital technologies facilitates remote monitoring and control, enhancing overall reliability and safety in electrical systems. As industries continue to prioritize efficiency and sustainability, these trends are expected to drive further innovation and growth in the market.
Industrial Electrical Bushing Market Analysis
Based on bushing type, the market is categorized into oil impregnated paper (OIP), resin impregnated paper (RIP), and others. The OIP segment is anticipated to exceed USD 1.3 billion by 2032 due to their long-standing reliability and widespread adoption in high-voltage applications. Additionally, they will gain traction due to their advantages such as reduced maintenance and compact design, particularly suitable for medium-voltage applications. Innovations in insulation materials, manufacturing processes, and design configurations are increasing their appeal to end-users.
Based on insulation, the industrial electrical bushing market is categorized into porcelain, polymeric, and glass. The polymeric segment will grow with CAGR of more than 7.5% by 2032 on account of its excellent electrical properties and durability. It is witnessing a surge in demand due to its lighter weight, resistance to environmental factors, and flexibility in design, making it suitable for a wide range of voltage levels and applications. Furthermore, the growing adoption of renewable energy sources and the expansion of electrical grids are also driving the demand for both polymeric as well as glass insulation types.
Asia Pacific region is projected to surpass USD 700 million by 2032 due to several factors. China, a manufacturing powerhouse, will see significant demand due to its booming infrastructure and industrial sectors. India's growing economy and urbanization will drive up its need for reliable electrical equipment. Japan, a leader in technological advancements, will contribute with its high-quality bushing production. Australia's focus on renewable energy will increase demand for specialized bushings, while South Korea's electronics industry will require a steady supply.
The U.S. remains a significant player in the industrial electrical bushing industry. Stringent safety regulations and a focus on grid modernization will ensure continued demand for bushings that meet high quality standards. Additionally, the presence of major bushing manufacturers in the U.S. contributes to its long-term importance in this market.
Industrial Electrical Bushing Market Share
Companies like General Electric, Eaton, and ABB lead the market due to a of factors including brand legacy, diverse product lines, and global reach. Their long histories establish trust and reliability. They offer a wide range of bushings catering to various applications. Their extensive networks ensure efficient distribution and support, making them one-stop shops for electrical needs.
Industrial Electrical Bushing Market Companies
Industrial Electrical Bushing Industry News
Industrial electrical bushing market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2019 to 2032, for the following segments:
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Market, By Bushing Type, 2021 – 2032 (‘000 Units, USD Million)
Market, By Insulation, 2021 – 2032 (‘000 Units, USD Million)
Market, By Voltage, 2021 – 2032 (‘000 Units, USD Million)
Market, By Application, 2021 – 2032 (‘000 Units, USD Million)
The above information has been provided for the following countries across the regions: