Electrical Bushings Market: Current Analysis and Forecast (2022-2028)

Report Description

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The global Electrical Bushings Market is expected to grow at a significant rate of 3.5% during the forecast period. 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.

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ABB Group, TRENCH Group (SIEMENS), General Electric, Eaton, Elliot Industries, Gipro GMBH, RHM International, Toshiba, Webster-Wilkinson, and Nexans.

Insights Presented in the Report

“Amongst type, resin-impregnated paper (RIP) category to witness robust CAGR during the forecast period”

Based on the type, the electrical bushings market is bifurcated into resin-impregnated paper (RIP) and oil-impregnated paper (OIP). The resin-impregnated paper (RIP) captured a substantial share of the global electrical bushings market. It is mainly owing to the rising investment in upgrading the existing utility structure such as transformers, reactors, and deployment of smart grids that are escalating the demand for resin-impregnated paper (RIP). As the superiority of resin-impregnated paper (RIP) bushings over oil-impregnated paper (OIP) bushings, RIP Bushings are used for all voltage ratings from 52 kV to 420 kV (400 kV Class) for their annual requirements of RIP Bushings for new Transformers and Reactors.

“Amongst application, transformer category to witness robust CAGR during the forecast period”

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).

Electrical Bushings Market Report Coverage

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“Asia Pacific to hold a significant share in the market”

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 a 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).

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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The global Electrical Bushings market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Electrical Bushings Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Electrical Bushings market were the three major steps undertaken to create and analyze the adoption of Electrical Bushings in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Electrical Bushings market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Electrical Bushings market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Electrical Bushings market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, insulation, application, and Industries. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Electrical Bushings market. Further, we conducted factor analysis using dependent and independent variables such as various types, insulation, application, and Industries. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Electrical Bushings market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Electrical Bushings market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Electrical Bushings market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Electrical Bushings market in terms of the product offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Electrical Bushings market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, insulation, application, and Industries in the global Electrical Bushings market.

The main objective of the Global Electrical Bushings Market Study

The current & future market trends of the global Electrical Bushings market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Electrical Bushings market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, insulation, application, and Industries.
• Define and analysis of the regulatory framework for the Electrical Bushings
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Electrical Bushings market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Electrical Bushings market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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