OIP Electrical Bushing Market Size

OIP Electrical Bushing Market Size

OIP Electrical Bushing Market was valued at USD 2.63 billion in 2023 and is estimated to grow at a CAGR of over 6.3% between 2024 and 2032, driven by the increasing investments in infrastructure development, particularly in emerging economies. The burgeoning demands of electricity, propelled by urbanization, industrialization, and the increasing adoption of renewable energy sources, have underscored the necessity for robust transmission and distribution networks to cater to this escalating need.

To get key market trends

  Download Free Sample

Growing environmental concerns and regulatory mandates are prompting utilities to adopt eco-friendly alternatives, including OIP electrical bushings with reduced environmental impact. For instance, in June 2023, as documented in the Statistical Review of World Energy, a collaborative effort between the Energy Institute, British Petroleum (BP), and other partners, global primary energy consumption exceeded 604.04 exajoules (EJ) in 2022. This marked a significant rise from the 566.49 EJ recorded in 2020, representing a growth of over 6.6% over the course of two years. Additionally, manufacturers are increasingly focusing on sustainable practices, such as using biodegradable insulating oils and recyclable materials, to align with sustainability goals and enhance market competitiveness.