The global transformer bushings market is expected to witness strong growth during the forecast period between 2021 and 2031.
Bushing is a device in a transformer that permits an electrical conductor to navigate carefully through a conducting barrier.
Generally produced using porcelain, any transformer bushing comprises a conductor that is made of aluminum or copper and is insulated on the outside. These products have proven beneficial in offering efficient insulation between the line conductor and the earth.
Manufacturers are constantly focusing on producing transformer bushings that are reliable, cost-effective, and durable in a bid to prevent loss and failure.
Transformer bushings are available for both AC and DC transformers and some of the commonly-used bushings include oil-air transformer bushings, oil-gas transformer bushings, and oil-oil transformer bushings.
Rising need to improve electrical power grid reliability globally is the key growth driver for the transformer bushings market.
Increasing investments in the production of gas substations and insulated transformers in leading economies globally are expected to fuel the growth in the overall transformer bushings market, in the coming years.
Rapid urbanization activities, particularly in developing economies such as India could propel the transformer bushing demand and contribute to the growth of the overall market, in the years ahead.
Government initiatives and measures such as funding for leading market players for R&D undertakings could help in the growth of the transformer bushings market, too.
Other factors such as increasing industrialization in various economies globally could also bolster the overall transformer bushings market, in future.
Buildings application segment could make the largest contribution to the overall transformer bushings market because of increased transformer deployment at buildings, leading to increased demand for transformer bushings.
The global transformer bushings market is extremely competitive, with the presence of several well-established players. Many of these players have become successful owing to years of delivering consistent results and are expected to account for a large share in the overall transformer bushings market, in future.
Prominent transformer bushings market players could engage in growth strategies such as novel product launches in a bid to gain a competitive edge over other players.
Collaboration with smaller transformer bushings market players could help well-established players expand their market presence and increase their revenue shares.
R&D undertakings in a bid to produce improved quality of products could be a key growth strategy for leading transformer bushings market players, in the coming years.
Some of the prominent players in the global transformer bushings market include ABB, Siemens AG, General Electric, Alstom, and Megger Group Limited.
The global transformer bushings market is divided into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
North America is expected to be the dominant region in the global transformer bushings market because of increased product deployment at gas insulated substations in countries such as US and Canada.
Asia Pacific is anticipated to offer lucrative growth opportunities for the overall transformer bushings market owing to increased investments to develop high-quality substation infrastructure in countries such as India and Thailand.
Leading market players could look to establish R&D centers in countries such as India, owing to ease of availability of key resources such as land and labor.
Europe is expected to witness strong growth in the overall transformer bushings market because of increased adoption of renewable energy sources such as solar and wind energy in countries such as Italy and UK.
Other regions of the world such as Latin America and Middle East and Africa are anticipated to witness sluggish growth in the global transformer bushings market, in future.