전기 부싱 시장 규모는 2024년에 24억 8,000만 달러로 평가되며, 2024-2031년 CAGR 3.36%로 성장하며, 2031년에는 31억 5,000만 달러에 달할 것으로 예측됩니다. 전기 부싱은 중공 절연체로 변압기 케이스 및 회로차단기와 같은 전도성 장벽을 통해 전도체가 전기적으로 접촉하지 않고 안전하게 통과 할 수 있도록하는 중공 절연체입니다. 주요 역할은 활선 도체와 접지된 금속 케이싱 사이에 전기 절연을 제공하여 고전압에서 안전하게 작동 할 수 있도록하는 것입니다. 전기 부싱은 전력 변압기, 회로차단기, 분로 반응기, 커패시터와 같은 전기 장비에서 중요한 역할을 합니다. 안전하고 효율적인 전력 전송을 보장합니다.
전기 부싱 시장을 형성하고 있는 주요 시장 역학
세계 전력 수요 증가와 인프라 확장:
세계 전력 수요 증가는 송배전망의 건설을 촉진하고 전기 부싱 수요를 증가시키고 있습니다. 국제 에너지기구(IEA)에 따르면 세계 전력 수요는 2040년까지 매년 2.1%씩 증가할 것으로 예상되며, IEA의 World Energy Outlook 2021에 따르면 최종 에너지 소비에서 전력이 차지하는 비율은 2020년 20%에서 2040년에는 26%로 증가할 것으로 예상되며, 이는 막대한 인프라 투자가 필요하고 부싱과 같은 전기 부품에 대한 수요를 증가시킬 것으로 예상됩니다.
재생에너지의 채택 증가 :
재생에너지로의 전환은 부싱과 같은 전기 인프라의 신설 및 개선이 필요합니다. 국제재생에너지기구(IRENA)에 따르면 재생에너지가 전 세계 에너지 발전에서 차지하는 비중은 2019년 27%에서 2020년 29%로 증가할 것이며, IRENA의'세계 재생에너지 전망'에 따르면'2050년 에너지 전환'에 따르면 2050년년까지 재생에너지가 전체 발전량의 86%를 차지하게 될 것이라고 합니다. 이 전환에 따라 전력망 인프라와 전기 부품에 대한 막대한 투자가 필요하며, 전기 부싱의 필요성이 높아질 것입니다.
선진국의 전력 인프라 노후화 :
많은 선진국에서 전력 인프라의 노후화로 인해 교체 및 업그레이드가 필요한 상황입니다. 미국 토목학회(American Society of Civil Engineers)의 2021년 인프라 보고서 카드에 따르면 미국 대형 변압기의 평균 사용 연한은 40년이며, 70%는 25년 이상입니다. 이러한 노후화된 인프라는 전력망의 신뢰성을 유지 및 개선하기 위해 전기 부싱과 같은 부품을 교체해야 할 필요성을 상당히 많이 발생시키고 있습니다.
주요 과제
노후화된 인프라:
전 세계의 많은 전기 시스템은 노후화되어 상당한 업데이트와 교체가 필요합니다. 이러한 상황은 유지보수 비용과 다운타임을 증가시켜 혁신적인 전기 부싱 기술에 대한 투자를 저해하는 요인으로 작용합니다. 또한 전력 회사가 장기적인 개선보다 단기적인 유지보수를 우선시할 수 있으므로 기존 시스템을 최신 부싱으로 개조하는 복잡성으로 인해 시장 채택과 확장이 지연되고 있습니다.
불안정한 원자재 가격 :
전기 부싱 시장은 도자기, 수지, 금속 부품 등 생산에 사용되는 원자재 가격 변동에 큰 영향을 받습니다. 가격 변동은 예상치 못한 생산 비용을 발생시켜 생산자가 경쟁력 있는 가격을 유지하기 어렵게 만듭니다. 이러한 불확실성은 신규 진입을 막는 동시에 기존 기업이 독창적인 부싱 솔루션 연구개발에 투자할 수 있는 능력을 제한하고 있습니다.
주요 동향
친환경 소재 채택:
전기 부싱 생산에 있으며, 친환경 소재의 사용이 점점 더 보편화되고 있습니다. 제조업체들은 지속가능한 생산 절차와 환경에 미치는 영향이 적은 재료에 점점 더 중점을 두고 있습니다. 이 변속기는 규제 표준을 충족시킬뿐만 아니라 환경 친화적인 전력 전송 기술에 대한 소비자 증가하는 수요를 충족시킬뿐만 아니라 세계 환경 목표에 부합합니다.
스마트 그리드 기술 통합 :
전기 부싱 시장은 스마트 그리드 기술을 도입하는 방향으로 크게 변화하고 있습니다. 이러한 기술 혁신은 모니터링과 진단을 개선하고 전력 시스템의 신뢰성과 효율성을 향상시킵니다. 센서가 장착된 스마트 부싱은 작동 상태에 대한 실시간 데이터를 제공하여 예측 정비를 가능하게하여 고장 가능성을 낮추고 궁극적으로 전기 네트워크의 전반적인 성능을 최적화합니다.
재생에너지 사용 확대:
전 세계에서 재생 에너지에 대한 관심이 높아지면서 재생에너지 시스템에서 전기 부싱에 대한 수요도 증가하고 있습니다. 이러한 추세는 효율적인 에너지 전송을 위해 신뢰할 수 있는 전기 부품을 필요로 하는 풍력 및 태양광발전 시설 증가로 인해 더욱 가속화되고 있습니다. 다양한 용도에서 전기 부싱을 사용하면 더 깨끗한 대체 에너지로의 전환을 돕고 전력 인프라의 신뢰성을 높일 수 있습니다.
Electrical Bushings Market size was valued at USD 2.48 Billion in 2024 and is projected to reach USD 3.15 Billion by 2031, growing at a CAGR of 3.36% from 2024 to 2031. An electrical bushing is a hollow insulator that allows an electrical conductor to safely pass past a conducting barrier, such as a transformer's casing or a circuit breaker, without making electrical contact. Its principal role is to provide electrical insulation between the live conductor and the grounded metallic casing, allowing for safe operation at high voltages. Electrical bushings play a crucial role in electrical equipment such as power transformers, circuit breakers, shunt reactors, and capacitors. They ensure safe and efficient power transfer.
The key market dynamics that are shaping the electrical bushings market include:
Increasing Global Electricity Demand and Infrastructure Expansion:
The increasing global demand for electricity is pushing the construction of power transmission and distribution networks, which raises the demand for electrical bushings. According to the International Energy Agency (IEA), worldwide electricity demand is expected to increase by 2.1% each year until 2040. According to the IEA's World Energy Outlook 2021, the share of electricity in final energy consumption is predicted to rise from 20% in 2020 to 26% in 2040, necessitating significant infrastructure expenditures and increasing demand for electrical components such as bushings.
Rising Adoption of Renewable Energy Sources:
The transition to renewable energy sources necessitates the installation of new and improved electrical infrastructure, such as bushings. According to the International Renewable Energy Agency (IRENA), renewables accounted for 29% of worldwide energy generation in 2020, up from 27% in 2019. According to IRENA's "Global Renewables Outlook: Energy Transformation 2050," renewable energy might account for 86% of total electricity output by 2050. This transition necessitates significant investments in grid infrastructure and electrical components, which increases the need for electrical bushings.
Aging Power Infrastructure in Developed Countries:
Many developed nations are experiencing the challenge of outdated electricity infrastructure that requires replacement and upgrading. According to the American Society of Civil Engineers' 2021 Infrastructure Report Card, the average age of big power transformers in the United States is 40 years, with 70% being 25 years or older. This aging infrastructure generates a considerable need for replacement components, such as electrical bushings, to maintain and increase grid reliability.
Key Challenges:
Aging Infrastructure:
Many electrical systems around the world are ancient and need considerable updates or replacements. This condition results in higher maintenance costs and downtime, discouraging investment in innovative electrical bushing technologies. Furthermore, the complexity of retrofitting existing systems with contemporary bushings delays market adoption and expansion, since utilities may prioritize short-term maintenance over long-term improvements.
Volatile Raw Material Prices:
The electrical bushings market is heavily influenced by fluctuations in the prices of raw materials used in production, including porcelain, resin, and metal components. Volatile prices create unexpected manufacturing costs, making it difficult for producers to maintain competitive pricing. This uncertainty deters new entrants while limiting incumbent companies' capacity to spend in R&D for creative bushing solutions.
Key Trends:
Adoption of Environmentally Friendly Materials:
The use of environmentally friendly materials in the production of electrical bushings is becoming increasingly popular. Manufacturers are increasingly focused on sustainable production procedures and materials that have less environmental impact. This transition not only meets regulatory standards but also addresses increased consumer demand for greener power transmission technologies, which aligns with global environmental goals.
Integration of Smart Grid Technologies:
The electrical bushings market is experiencing a considerable shift toward the incorporation of smart grid technology. These innovations offer improved monitoring and diagnostics, hence increasing the dependability and efficiency of power systems. Smart bushings with sensors can offer real-time data on operational conditions, allowing for predictive maintenance and lowering the chance of failures, ultimately optimizing the overall performance of electrical networks.
Expansion in Renewable Energy Applications:
The global focus on renewable energy sources is increasing, as is the demand for electrical bushings in renewable energy systems. This trend is fueled by the growing number of wind and solar power facilities, which require dependable electrical components for efficient energy transmission. The use of electrical bushings in various applications aids in the shift to cleaner energy alternatives and increases the reliability of power infrastructure.
Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.
Here is a more detailed regional analysis of the electrical bushings market:
Asia Pacific:
According to Verified Market Research, the Asia Pacific region is estimated to dominate in electrical bushings market during the forecast period. The Asia Pacific region is rapidly industrializing and urbanizing, resulting in major increases in electricity demand and infrastructure development. According to the Asian Development Bank (ADB), Asia's urban population is projected to increase from 1.84 billion in 2017 to 3.3 billion by 2050. The ADB also predicts that energy demand in the Asia-Pacific region will rise by almost 60% between 2010 and 2035. This surge in energy demand needs considerable power infrastructure expansion, which increases the demand for electrical components such as bushings.
Furthermore, the Asia Pacific region is leading the global investment in renewable energy, necessitating significant modifications to existing power grids as well as the installation of new transmission and distribution networks. According to the International Renewable Energy Agency (IRENA), Asia accounted for 64% of global new renewable energy capacity additions in 2020. In 2020, China alone added 136 GW of renewable capacity, accounting for more than half of the global total. The increasing expansion of renewable energy infrastructure is driving up demand for electrical bushings in the region.
Europe:
Europe region is estimated to exhibit significant growth during the forecast period. Much of Europe's electricity infrastructure is old and needs to be replaced or modernized. According to ENTSO-E, approximately 25% of the European high-voltage transmission system is more than 40 years old. In their "Ten-Year Network Development Plan 2020," ENTSO-E predicts that €93 billion in investments in the European power grid are required by 2030 to facilitate the energy transition. This aged infrastructure generates a substantial need for replacement parts, especially electrical bushings.
Furthermore, the rapid expansion of electric cars (EVs) in Europe is pushing the demand for improved power distribution networks and charging facilities. According to the European Automobile Manufacturers Association (ACEA), electric car registrations in the EU climbed by 110% between 2019 and 2020, totaling more than 1 million units. The European Commission hopes to see at least 30 million zero-emission automobiles on European roads by 2030. This growth needs major modifications to the power infrastructure and distribution systems, which raises the demand for electrical bushings and other components.
North America:
North America is estimated to exhibit substantial growth within the electrical bushings market during the forecast period. North America, particularly the United States, is facing issues from outdated electricity infrastructure, necessitating replacements and upgrades. According to the U.S. Department of Energy's Grid Modernization Multi-Year Program Plan, over 70% of power transformers are over 25 years old, and 60% of circuit breakers are older than 30 years. The American Society of Civil Engineers' 2021 Infrastructure Report Card forecasts that upgrading the United States' electric system will cost $208 billion by 2029. The aging infrastructure and modernization activities are pushing up demand for electrical components, particularly bushings.
Furthermore, North America's electricity demand is increasing, owing to the electrification of many industries. The National Renewable Energy Laboratory (NREL) projects that US electricity consumption would rise by up to 38% by 2050 compared to 2018 levels, owing primarily to electrification in transportation, buildings, and industry. According to the Edison Electric Institute, annual electric car sales in the United States are predicted to approach 3.5 million units by 2030, up from approximately 330,000 in 2019. The increased need for power and the trend toward electrification are pushing investments in grid infrastructure, particularly electrical bushings.
The Electrical Bushings Market is segmented based on Type, Insulation, Voltage, Application, End-User, and Geography.
Based on Type, the market is segmented into Oil Impregnated Paper, Resin Impregnated Paper, and Others. The oil impregnated paper segment is estimated to dominate the electrical bushings market due to its great electrical performance, low cost, and high dielectric strength. This type of bushing is commonly utilized in transformer and switchgear applications that require high reliability and efficiency. Oil-impregnated paper bushings' popularity is due to their established manufacturing processes and proven track record of meeting the needs of modern electrical infrastructure reliably and affordably.
Based on Insulation, the Electrical Bushings Market is segmented into Porcelain, Polymeric, and Glass. The porcelain segment is estimated to dominate the market over the forecast period due to porcelain's outstanding dielectric strength, mechanical endurance, and resilience to environmental conditions, which make it the best material for high-voltage applications. Porcelain bushings are commonly used in transformers and substations, where dependable insulation is essential for safety and performance. As infrastructure investments increase, demand for porcelain-insulated bushings is likely to stay high, maintaining the segment's market leadership.
Based on Voltage, the market is divided into Medium, High, and Extra-high. The high-voltage segment is estimated to dominate the global market due to the growing need for high-voltage applications in power transmission and distribution systems, particularly transformers and switchgear. As worldwide energy consumption and infrastructure investments rise, high-voltage bushings become increasingly important in guaranteeing an efficient and dependable power supply, making them a crucial component of modern electrical networks.
Based on Application, the market is segmented into Transformer, Switchgear, and Others. The transformer segment is estimated to lead this segment in the forecast period due to the crucial function transformers play in power transmission, where bushings are required for securely transporting high-voltage electricity while providing electrical insulation. Increased investments in transmission and distribution (T&D) networks, together with the rising need for dependable electrical infrastructure, are likely to drive the transformer segment's growth in the coming years.
Based on End-User, the market is segmented into Utilities, Industries, and Others. The utility segment is estimated to hold the majority share in the forecast period in the electrical bushings market due to utilities' vital role in power generation and distribution, which necessitates a large number of transformers and related equipment. As utilities invest in updating and extending their power grid infrastructure to meet increased electricity demand, the need for electrical bushings increases. This trend is projected to continue, reinforcing the utilities segment's market leadership.
Based on Geography, the Electrical Bushings Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is estimated to hold the largest share of the electrical bushings market due to increased industrialization, rising electricity demand, and considerable expenditures in renewable energy and infrastructural development. The region's increased emphasis on updating transmission and distribution networks drives up demand for electrical bushings, making it a key region for market growth and innovation in the next years.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.