Polymeric Electrical Bushing Market - By Bushing Type (Oil Impregnated Paper (OIP) {Mineral Based, Silicon Based}, Resin Impregnated Paper (RIP)), By Voltage, By Application, By End Use, 2024 – 2032

Polymeric Electrical Bushing Market Size

Polymeric Electrical Bushing Market size was assessed at USD 1,378 million in 2023 and is envisioned to grow at a CAGR of 7.3% from 2024 to 2032. Over the past decade, the growing forces of globalization and the expanding global population have notably fueled the rise in global electricity demand. With flourishing GDPs in both developed and emerging economies, there has been a concurrent increase in the establishment of new industrial units, alongside a heightened emphasis on ensuring a dependable power supply.
 

 Consequently, nations are prioritizing the enhancement of their current power supply infrastructure by deploying efficient, secure, and sustainable technologies. For instance, in April 2023, Siemens Smart Infrastructure unveils innovative solutions with the debut of SIBushing, a smart cable connection bushing, and SICAM FCM plus, a flexible short-circuit and earth-fault indicator.

Polymeric Electrical Bushing Market Trends

The rapid advancement of digitalization, coupled with widespread adoption of smart artificial intelligence systems worldwide, has profoundly impacted society. In response, significant transformations are needed in the electricity infrastructure to align with global energy policy objectives and address long-term climate change goals.
 

For instance, The updated Renewable Energy Directive of 2023, referred to as RED III, outlines a target for the share of renewable energy sources (RES) within the European Union's energy consumption. This objective aims for 42.5% by 2030, representing an average across the entire EU. Furthermore, a fundamental change in energy policy objectives underpins the transformations within the electricity sector, facilitating the deployment of smart grid technologies. Consequently, this shift will promote the installation of polymeric electrical bushings.
 

Polymeric Electrical Bushing Market Analysis

Based on bushing type, the market is segmented into resin impregnated paper (RIP), oil impregnated paper (OIP), and others. The OIP bushing type is anticipated to exceed over USD 1.45 billion by 2032. As the world increasingly shifts towards renewable energy sources like wind and solar power, there arises a heightened demand for transformers and switchgear. OIP electrical bushings are commonly utilized in such applications owing to their performance and suitability for high-voltage environments. Many nations are actively investing in upgrading and extending their power grids to improve efficiency, reliability, and the smooth integration of renewable energy sources. This surge in activity is driving the demand for OIP electrical bushings.
 

Polymeric electrical bushing market is segmented into medium, high, and extra high, based on voltage. The high voltage segment will grow at a CAGR of over 6.5% by 2032. High-voltage polymeric electrical bushings play a crucial role in ensuring the safe transmission of energy and maintaining a reliable power supply across utility networks. In recent decades, utilities have made substantial investments in the expansion of high-capacity transmission networks to facilitate the transmission of electrical signals over long distances. Consequently, there has been a notable surge in demand for high-capacity transmission components, including HV polymeric electrical bushings.
 

The Asia Pacific polymeric electrical bushing market is forecasted to reach more than USD 750 million by 2032. The Asia-Pacific region is experiencing significant growth in renewable energy sources, such as solar and wind power. Polymeric electrical bushings are being increasingly utilized in renewable energy infrastructure due to their lightweight design, durability, and ability to withstand harsh environmental conditions.
 

The Australian government revealed its Budget for the fiscal year October 2022–23, outlining allocations of funds for a range of initiatives and programs. With growing concerns about energy efficiency and environmental sustainability, there is a growing emphasis on using energy-efficient electrical components. Polymeric electrical bushings offer advantages such as lower energy losses and reduced environmental impact compared to traditional porcelain bushings.
 

Polymeric Electrical Bushing Market Share

ABB holds a significant position in the market, renowned for its extensive expertise in manufacturing various types of electrical bushings. These include both polymeric and porcelain variants, among others. With a rich history in the electrical component sector, the company has successfully provided substation solutions tailored to a wide range of applications.
 

Polymeric Electrical Bushing Market Companies

• ABB
• Barberi Rubinetterie Industriali S.r.l.
• CG Power and Industrial Solutions
• Eaton
• Elliot Industries
• General Electric
• GIPRO
• Hitachi Energy
• Hubbell
• Jiangxi Johnson Electric Co.,Ltd.
• Liyond
• Meister International, LLC
• Maschinenfabrik Reinhausen GmbH
• Nexans
• Poinsa
• Polycast
• PFISTERER Holding SE
• Siemens Energy
   

Polymeric Electrical Bushing Industry News:

• In November 2023, Hitachi Energy's Vadodara transformers bushing factory received the Recognition Award for RIP bushings from Bharat Heavy Electricals Limited (BHEL), a key partner in Hitachi Energy's Insulation and Component Business. Presented by Shri Mahendra Pandey, India's Minister of Heavy Industries, the award recognizes Hitachi Energy's commitment to excellence and innovation, particularly in its contribution to the "Make in India" initiative.
   
• In September 2023, CG Power, a subsidiary of the Murugappa Group, has disclosed its plans to invest in expanding capacity across its units in response to a strong order intake in the second quarter of 2023. The expansion initiative entails augmenting manufacturing capacity for instrument transformers and condenser bushings in Nashik, as well as enhancing capacity for large industrial machines in Mandideep. These expansions will be financed through internal accruals, following a significant doubling of standalone profits in the third quarter of 2023, fueled by double-digit sales growth.
   

Polymeric electrical bushing market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in ‘000 Units and USD Million from 2019 to 2032, for the following segments:

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Market, By Bushing Type (‘000 Units & USD Million)

• Oil Impregnated Paper (OIP)
  • Mineral-Based
  • Silicon-Based
  • Others
• Resin Impregnated Paper (RIP)
• Others

Market, By Voltage (‘000 Units & USD million)

• Medium Voltage
• High Voltage
• Extra High Voltage

Market, By Application (‘000 Units & USD million)

• Transformer
• Switchgear
• Others

Market, By End Use (‘000 Units & USD million)

• Industries
• Utility
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina