- The transformer segment is expected to be the fastest-growing segment of electrical bushing.
- The utilities segment is expected to be largest end user of electrical bushing.
- Asia Pacific will be the leading market for electrical bushings.
The electrical bushings market is expected to grow from an estimated $2.45 billion in 2018 to $2.96 billion by 2023, at a CAGR of 3.86%, from 2018 to 2023. Increasing power demand, investments in the renewable sector and expansion of transmission lines are the major factors driving the electrical bushing market globally.
The transformer segment is expected to be the fastest-growing segment of electrical bushing
The electrical bushing market has been segmented into transformer, switchgear, and others. The others segment includes circuit breakers, generators, reactors, and wall applications. The transformer segment held the largest market share in 2017 and is expected to be the fastest-growing market from 2018 to 2023. Increasing investments in T&D networks and rising installation of electrical equipment such as transformers, switchgears, and circuit breakers are the major factors driving the transformer segment during the forecast period.
The utilities is expected to be largest end user of electrical bushing
The electrical bushing market has been segmented based on end-user into utilities, industries, and others. The others segment includes railways and metro, renewables, and the commercial sector. The utilities segment led the electrical bushings market in 2017. Electrical equipment such as transformers, switchgears, and circuit breakers are an important part of the transmission and distribution infrastructure and bushings are used to connect this equipment to HVDC lines.
Asia Pacific requires huge investments in the infrastructure sector including energy, transport, telecommunications, and water. According to the Asian Development Bank, an investment of $8.22 trillion is required for infrastructure development in the region from 2010 to 2020. With increasing investments in power infrastructure, the market for bushings is likely to grow, leading to the utilities segment being the largest and fastest-growing end-user segment of the electrical bushings market.
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Asia Pacific: The leading market for electrical bushings.
The market in Asia Pacific led the global electrical bushings market in 2017. It is the most populated region in the world and consequently witnesses a high demand for electricity. Increasing grid investments especially in developing economies such as China and India and plans for electrification in countries such as Vietnam, Indonesia, and the Philippines are expected to drive the electrical bushings market in Asia Pacific.
China accounted for the largest share of the electrical bushings market in Asia Pacific in 2017. The National Energy Administration of China estimates a cumulative investment of $280 billion is required to increase the length of the transmission lines in the ultra-high voltage (more than 800 kV) network, under its 2015–2020 Power Grid Construction and Reform Plan. This eventually increases the demand for power equipment such as transformers, generators, and circuit breakers, thereby creating business opportunities for the electrical bushings market in Asia Pacific.
The medium voltage segment of the electrical bushing market accounted for the largest market size in 2017. The growing demand for power distribution and increasing investments in the infrastructure sector in Asia Pacific and North America are the key factors driving the medium voltage segment. The extra-high voltage segment is expected to grow at the fastest rate during the forecast period due to rising investments in extra-high and ultra-high voltage projects.
Some of the leading players in the electrical bushings market include ABB (Switzerland), GE (US), Siemens (Germany), Eaton (Ireland), and Nexans (France).