The Global Electrical Bushings Market is estimated to be USD 2.45 Billion in 2018 and is projected to reach USD 2.96 Billion by 2023, growing at a CAGR of 3.86%, from 2018 to 2023. Rising electrical network expenditure and an increasing demand for electrical equipment from end-users such as railways and the renewable sector are the major drivers of the market.
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The report segments the electrical bushings market, by type, into oil impregnated paper, resin impregnated paper, and others. The others segment includes resin bonded paper, resin impregnated synthetic, SF6, and hybrid. The oil impregnated paper segment dominated the market in 2017 due to increased electrical performance, low cost, and high dielectric strength. The resin-impregnated paper segment is projected to grow at the fastest rate during the forecast period due to their capability to withstand seismic activity, high mechanical strength, no risk of fire explosion, light weight, easy transportation and installation, and less installation time.
The medium voltage segment of the electrical bushings market, by voltage, 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.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the Top Players In The Electrical Bushings Market. The key players include ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), and Nexans (France). The leading players are adopting various strategies to increase their market shares.
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Factors such as aging power systems, failure of condenser cores due to unsealed designs, moisture ingress, lightning strike, broken connection between ground sleeve and flange, electrical flashover, short-circuited capacitance-graded layer, corrosive sulfur, and a broken tap connection are main causes of electrical bushing failure. Electrical bushing failure can result in the loss of costly assets/equipment with long replacement time and can cause issues related to the safety of personnel. Thus, untimely bushing failure can act as a restraint for the Electrical Bushings Market.