According to a new report published by UnivDatos Markets Insights, the Electrical Bushings Market was valued at USD 2.5 billion and is expected to grow at a CAGR of 3.5% from 2022-2028. The analysis has been segmented into Type (Resin Impregnated Paper (RIP), Oil Impregnated Paper (OIP); Insulation (Polymeric, Glass, Porcelain); Application (Switchgear, Transformers, Others); Industries (Industries, Utilities, Others); Region/Country.
The Electrical Bushings market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Electrical Bushings market. The Electrical Bushings market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Electrical Bushings market at the global and regional levels.
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Market Overview
The electrical bushing refers to an insulating structure through a conductor or providing a central passage with provision for mounting a barrier, conducting for the purpose of insulating the conductor from the barrier, and conducting current from one side of the barrier to the other. Factors such as growing power demand and the expansion and upgradation of the grid structure are expected to drive the electrical bushings market in the forecast period. Applications like railways and smart grids are expected to create a need for electrical bushings and drive the market further.
Moreover, the growing demand for long-distance transmission networks is in line with rapid infrastructural expansion that requires operational feasibility, quick response, enhanced reliability, and protection of electrical equipment accentuating the market size of electrical bushings. For instance: In February 2020, American Electric Power's Indiana Michigan Power announced a USD 77 million investment to upgrade its electric transmission network substations and build new substations.
ABB Group, TRENCH Group (SIEMENS), General Electric, Eaton, Elliot Industries, Gipro GMBH, RHM International, Toshiba, Webster-Wilkinson, and Nexans.
COVID-19 Impact
The sudden outbreak of coronavirus has caused a health emergency across the globe that has significantly affected various industrial verticals. The pandemic has halted activities in various industries due to the surge in active virus cases that led to the urgent shutdown of ongoing work. Additionally, disruptions in the supply chain and global shipping affected the production and the import and export of the electrical bushings market.
The global Electrical Bushings market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on application, the electrical bushings market is segmented into switchgear, transformer, and others. The transformer segment caters considerable market share. It is mainly owing to its capability to minimize fire hazards and enhance operational life. Additionally, the ability to withstand high voltage mechanical strength coupled with ease of installation and transportation feasibility will propel the product adoption. Additionally, increasing power infrastructure development in countries across the globe will drive the segment's growth during the forecast period. For instance, in July 2021, GE Renewable Energy's Grid Solutions announced that it had received multiple orders to supply 765 kV transformers and reactors in India from Power Grid Corporation of India Limited (PGCIL).
· Based on Industries, the market is segmented into industries, utilities, and others. The utility segment caters to an extensive share of the electrical bushings market. It is mainly due to the soaring investment in TD networks, rising installation of electrical equipment such as transformers, switchgear, and circuit breakers that are driving the demand for transformers. For instance: In 2020, Schneider Electric partnered with Tricolite Electrical Industries Limited for a new generation MV switchgear.
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Electrical Bushings Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the power industry in the region that aims at expanding the power transmission and distribution networks and the inclusion of renewable technologies in its electricity generation mix. Moreover, to strengthen the power supply in urban and rural areas, the Indian transformer bushing market is anticipated to grow at an fueling rate due to support from the government in electric infrastructure. For instance: In December 2021, Transformers and Rectifiers India Limited announced that it had awarded orders of transformers for a total contract value of INR 72 crores to Gujarat Energy Transmission Corporation Limited (GETCO).
The major players targeting the market include
· ABB Group
· TRENCH Group (SIEMENS)
· General Electric
· Eaton
· Elliot Industries
· Gipro GMBH
· RHM International
· Toshiba
· Webster-Wilkinson
· Nexans
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Electrical Bushings market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Electrical Bushings market?
• Which factors are influencing the Electrical Bushings market over the forecast period?
• What are the global challenges, threats, and risks in the Electrical Bushings market?
• Which factors are propelling and restraining the Electrical Bushings market?
• What are the demanding global regions of the Electrical Bushings market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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