The electrical bushing market is expected to grow at a CAGR of more than 5% during 2020 - 2025. The growing power demand coupled with the expansion and upgradation of grid structure is expected to drive the electrical bushings market in the forecast period. Applications like railways and smart grids are anticipated to create ample need for electrical bushings and drive the market further. On the other hand, the global pandemic of COVID-19 in 2020 has affected not just the production but also the import and export of electrical bushings, which is expected to restrain the market growth in the forecast period.
- In application segmentation, the transformer sector is expected to dominate the market due to ongoing plans for grid development and upgradation.
- The world is moving towards renewable energy, which requires new transmission and distribution network. With this, ample opportunities can be generated in the future for electrical bushing market players.
- Asia-Pacific is anticipated to dominate the market during the forecast period. The development of railways and the growing need for circuit breakers and switch gears in countries like China and India are expected to drive the market significantly.
Key Market Trends
Transformer Application to Dominate the Market
- Electrical bushings in transformers carry current at high voltage through equipment enclosures and provide an insulating barrier between the live conductor and the metallic (conducting) body of the electrical apparatus.
- In February 2020, American Electric Power’s Indiana Michigan Power announced USD 77 million investment to upgrade the electric transmission network substations and build the new substations.
- According to BP statistics review, 2019, global electricity generation capacity was 26,614 TWh, which is driving the need for transformers and electrical bushings also.
- In 2019, E.ON was planning to commission 2500 digital transformer stations in the service areas of Germany. This, in turn, is expected to drive the demand for electrical bushings in the coming years.
- With growing power demand and projects to upgrade the grid structure, the market of electrical bushings is expected to witness significant growth.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to dominate the market for electrical bushing during the forecast period.
- In 2020, Schneider Electric partnered with Tricolite Electrical Industries Limited for new generation MV switchgears Premset. With this collaboration, the market for switchgears in India will be driving the demand for electrical bushings also.
- According to IRENA, in 2019, Asia has reached more than 1,118 GW renewable energy capacity, which is creating demand for grid development, including transformers, switch gears, and others. This growth is expected to continue in the future also and will drive the need for electrical bushings also.
- The transformer industry in India was growing continuously and reached INR 148 billion in 2018. The continuous growth is also driving the market of electrical bushings in Asia-Pacific.
- Asia-Pacific is leading in renewable energy and has several ongoing smart grid development projects, which are creating significant demand for electrical bushings in the region.
The electrical bushing market is moderately fragmented. Some of the major companies include General Electric Company, GAMMA Insulator Company, ABB Ltd, Siemens AG, and Eaton Corporation PLC.
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