Future Market Insights (FMI) predicted that the value of the electrical bushings market share would be US$ 2.5 billion by 2022. According to a recent market analysis report, from 2023 to 2033, it is predicted to grow at a CAGR of 4%. By the end of 2033, the market is expected to reach US$ 3.9 billion based on this average annual growth rate.
Electrical bushings are crucial to make power distribution safe and effective while shielding people and equipment from electrical dangers. Furthermore, they support the overall performance and stability of the electrical infrastructure by offering dependable electrical connections and insulation.
Global electricity consumption is rising because of the quick urbanization and industrialization of the world, particularly in emerging economies. As a result, new power-producing facilities are being built and existing ones are undergoing expansion, creating a massive demand for electrical bushings.
Key Takeaways from this market:
- In 2022, the United States electrical bushings market was figured out to be worth around US$ 440 million. FMI reveals in its new report that the size of the domestic market could grow by 4% over the forecast years until 2033.
- Within Europe, the sales of electrical bushings in the United Kingdom are anticipated to expand at about 3.8% CAGR from 2023 to 2033. It indicates the absolute dollar growth rate of the regional market could be around US$ 42.6 million over the given time range.
- According to the FMI market report, China is expected to have a market share of US$ 805.6 million by the year 2033. This shows the market’s anticipated growth trajectory in China could be higher at 3.9% over the projection period between 2023 and 2033.
- Besides China, South Korea and Japan are two other significant international markets for electrical bushings based in the Asia Pacific region. Between 2023 and 2033, Japan is anticipated to expand at a CAGR of about 3.9%, whereas South Korea is anticipated to grow at 3.7%.
Competitive Landscape:
ABB, Bharat Heavy Electricals, CG Power and Industrial Solutions, Eaton Corporation, and Elliot Industries are some leading players in the global electrical bushings market. Moreover, government support for the quick industrialization of emerging nations, together with modernization initiatives in electrical infrastructure is fueling the global market competition.
The development of well-known enterprises in the electrical bushing sector is revealed by businesses over transformers and other electrical equipment. Although the specifics are particular to bigger equipment, it is important to note the role that electrical bushings play in all these installations.
Recent Developments:
- The Singapore-based Eastern Green Power Company placed an order for transformers and related equipment with Toshiba Energy Systems & Solutions in October 2021. Both 200 MVA and 75 MVA transformers are part of the order for an underground urban substation that is anticipated to be complete by 2025.
- In June 2019, Megger acquired Power Diagnostix, which is a well-known innovator in the design and production of high-voltage diagnostic tools as well as in the provision of high-voltage installation diagnostic services. With this purchase, Megger broadened its product line in the area of high-voltage diagnostics, further solidifying its position in the electrical equipment market.
