HV Bushing Market Size was valued at USD 0.77 Billion in 2023. The HV Bushing market industry is projected to grow from USD 0.79 Billion in 2024 to USD 0.98 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.68% during the forecast period (2024 - 2032). An increase in demand for electrical equipment and rising spending on electrical infrastructure are the key market drivers incorporating the market's growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising need for efficient power transmission and distribution systems drives market CAGR for HV bushing. Manufacturers are focusing on developing bushings with improved electrical performance and reduced losses. Modern designs incorporate optimized insulation materials, enhanced stress distribution, and better cooling mechanisms. These advancements result in lower power dissipation, reduced maintenance requirements, and increased system reliability. Additionally, compact designs are gaining popularity, enabling easier integration into existing infrastructure and minimizing installation space.
The category of materials plays a crucial role in the performance and longevity of HV bushings. Traditional bushings commonly utilize porcelain or epoxy resin as insulation materials. However, there is a growing trend toward adopting advanced materials such as composite polymers, silicone rubber, and nanocomposites. These materials offer numerous advantages, including excellent mechanical strength, improved thermal conductivity, and enhanced resistance to environmental factors such as moisture, pollution, and UV radiation. The use of advanced materials not only enhances the reliability and operational lifespan of HV bushings but also enables the development of compact and lightweight designs.
HV bushings find application in various sectors, including power generation, transmission, distribution, and industrial and renewable energy systems. In recent years, the renewable energy sector has witnessed rapid growth, leading to increased demand for HV bushings to support efficient grid integration of renewable power sources. Wind farms, solar plants, and energy storage systems require reliable HV bushings capable of withstanding high voltages and harsh operating conditions. Additionally, the rise of electric vehicles (EVs) has created a new market segment for HV bushings, as they are used in charging infrastructure and EV powertrain systems. The diversification of applications across different industries is expected to fuel the growth of the HV bushing market.
The advanced designs incorporating optimized insulation materials, improved stress distribution, and compact form factors are becoming increasingly prevalent. Adopting advanced materials like composite polymers and silicone rubber enhances the reliability and operational lifespan of HV bushings. Furthermore, the diversified applications in sectors such as renewable energy and electric vehicles drive market growth. Keeping a check on these trends will enable stakeholders to make informed decisions regarding HV bushing technology, ensuring the reliable and efficient operation of power systems in the future and driving the HV Bushing market revenue.
The HV Bushing market segmentation, based on type, includes a condenser and non-condenser. The condenser segment dominated the market. They are designed to provide electrical insulation and support to the conductor within the bushing. They consist of a condenser core, which is a capacitor-like structure, and layers of insulating materials such as oil-impregnated paper or resin-impregnated paper. Condenser bushings offer excellent electrical performance, low power loss, and high reliability. They are commonly used in high-voltage transformers and capacitors, which help maintain electrical insulation and prevent leakage currents.
The HV Bushing market segmentation, based on voltage rating, includes 15Kv-170Kv, 170kv-245kv, and 245kv & above. The 245kv & above category generated the most income. It represents bushings designed for extra-high voltage and ultra-high voltage applications. These bushings are utilized in ultra-high voltage transmission lines, grid interconnections, and large-scale power transmission projects. The need for efficient long-distance power transmission, renewable energy integration, and cross-border power exchange drive the demand for bushings in this segment.
The HV Bushing market segmentation, based on installation, includes indoor and outdoor. The outdoor segment dominated the market. These bushings are installed on transformers, circuit breakers, and other equipment exposed to the elements. Outdoor bushings are designed to be weatherproof and provide reliable insulation even in extreme weather conditions such as high humidity, temperature variations, and heavy rainfall. They are constructed with robust materials and coatings to resist UV radiation, moisture, and pollution. Outdoor bushings offer enhanced durability, ease of installation, and reduced maintenance requirements.
The HV Bushing market segmentation, based on the end-use industry, includes industrial, utilities, and others. The utilities category dominated the market. These bushings enable the seamless transfer of electricity from power plants to distribution networks, ensuring reliable and efficient energy supply to residential, commercial, and industrial consumers. HV bushings in the utility sector are subjected to rigorous safety and performance standards, considering the high voltages and harsh environmental conditions they encounter. They contribute to grid stability and help utilities effectively manage power transmission.
Figure 1: HV Bushing Market, by Voltage Rating, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American HV Bushing market area will dominate this market due to the well-established electricity infrastructure characterized by a robust transmission and distribution network. The demand for HV bushings in North America is driven by the need to upgrade old infrastructure, improve grid reliability, and integrate renewable energy sources. Increasing investments in smart grid technologies and replacing older bushings with advanced designs contribute to market growth.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Hv Bushing Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's HV Bushing market accounts for the second-largest market share due to highly developed electricity transmission and distribution systems, strongly focusing on renewable energy integration and grid modernization. The increasing adoption of offshore wind farms, interconnectors, and smart grid initiatives drives the demand for HV bushings in Europe. Furthermore, stringent environmental regulations and energy efficiency standards also play a role in market growth. Further, the German HV Bushing market held the largest market share, and the UK HV Bushing market was the rapid-growing market in the European region.
The Asia-Pacific HV Bushing Market is expected to grow at the fastest CAGR from 2023 to 2032. It is due to rapid economic growth, urbanization, and industrialization, leading to a substantial increase in electricity consumption. The need for expanding electricity infrastructure, upgrading transmission and distribution networks, and integrating renewable energy sources are driving the demand for HV bushings. Additionally, government initiatives to improve access to electricity in rural areas and the rising investments in power generation projects contribute to market growth. Moreover, China’s HV Bushing market held the largest market share, and the Indian HV Bushing market was the rapid-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the HV Bushing market grow even more. Market participants are also undertaking several strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The HV Bushing industry must offer cost-effective items to spread and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the HV Bushing industry to benefit clients and increase the market sector. The HV Bushing industry has offered some of the most significant medical advantages in recent years. Major players in the HV Bushing market, including General Electric (US), Siemens (Germany), ELANTAS GmbH (Germany), Crompton Greaves (India), Webster-Wilkinson Ltd. (UK), Warco Inc. (US), ABB Ltd. (Switzerland), Hubbell Incorporated (US), Meister International LLC (US), The H-J Family of Companies (US), and others, are attempting to increase market demand by investing in research and development operations.
Namihei Odaira’s Hitachi, Ltd., founded in 1910, located in Marunouchi, Chiyoda-ku, Tokyo, Japan, is a Japanese international company and is the parent company of Hitachi Group. It is listed on Tokyo Stock Exchange and Nagoya Stock Exchange. Its products include electronics, artificial intelligence, power plants, robotics, defense technology, information system, heavy equipment, supercomputers, semiconductors, industrial machinery, and many more. In May 2022, Hitachi's new transformer component manufacturing facility in Vadodara, Gujarat, will be the first in India to produce resin-impregnated paper brushings.
Radiant Enterprises Private Limited, founded in 1999, is a technology provider in Kolkata, West Bengal, India. The industry includes cars, banking, finance, power, oil & gas, solar energy, wind energy, durables, electronics, jewelry, electric vehicles, construction, engineering, metals &mining, packaging, retail, advertising, education, entertainment, media, railways, airlines and many more. In April 2022, Radiant Enterprises manufactured electrical insulation products for the railway sector, like insulators and bushings up to 72kV for the surging of arresters and disconnections.
June 2023- At CWIEME Berlin 2023, Hitachi Energy showcased groundbreaking new technology through the presentation of various products. The company unveiled its latest developments in transformer insulation and components with the aim of expanding its product offering. This included a launch event as well as interactive sessions about EasyDry®, a newly developed paperless dry-type bushing.
December 2023- Bechtel Energy Inc. was awarded by ABB a contract to provide integrated automation, electrical and digital solutions for Phase 1 of the Rio Grande LNG facility (RGLNG Phase 1) in Brownsville, Texas, designed by NextDecade Corporation.
Hitachi’s new factory producing transformer components will be located in Vadodara city of Gujarat state of India and will become first one in the country to manufacture resin-impregnated paper brushings for HV transformers from the year of May 2022 onwards.
In December 2021, it sold ABB DOGDE Mechanical Power Transmission, which was its greatest publicly reported sale.ABB has purchased 40 businesses, including seven in the last five years. Private equity firms made a total of 12 purchases. It has also sold eight assets. ABB’s biggest acquisition thus far occurred when it acquired Baldor Electric for $4.2 billion in cash back in October 2010.
In December 2021, Transformers and Rectifiers India Limited announced that it had awarded orders of transformers for a total contract value of INR72 crores to Gujarat Energy Transmission Corporation Limited (GETCO).
In October 2021, Toshiba Energy Systems & Solutions Corporation announced that it had received an order for transformers and associated equipment for Eastern Green Power Pte Ltd.'s urban-type underground substation, one among Singapore's EPC companies. Toshiba ESS will supply three units of 200 MVA capacity transformers and four units of 75MVA capacity ones for the first-ever underground substation of the 230-kV class urban type to be built anywhere in Southeast Asia after 2025.
For example, GE Renewable Energy’s Grid Solutions announced in July 2021 that it had won several orders for the supply of 765 kV transformers and reactors in India from Power Grid Corporation of India Limited (PGCIL). Hence, as part of this order, GE is expected to provide thirteen units of 765 kV transformers and thirty-two units of 765 kV reactors.
Schneider Electric formed a partnership with Tricolite Electrical Industries Limited which led to the development and launch of new generation MV switchgear in 2020. Such an association would also augment the need for electrical bushings, especially within countries such as India.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.77 Billion |
| Market Size 2024 | USD 0.79 Billion |
| Market Size 2032 | USD 0.98 Billion |
| Compound Annual Growth Rate (CAGR) | 2.68% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Voltage Rating, Installation, End-Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | General Electric (US), Siemens (Germany), ELANTAS GmbH (Germany), Crompton Greaves (India), Webster-Wilkinson Ltd. (UK), Warco Inc. (US), ABB Ltd. (Switzerland), Hubbell Incorporated (US), Meister International LLC (US), The H-J Family of Companies (US). |
| Key Market Opportunities | Increase in need for reliable electric supply. |
| Key Market Dynamics | Increase in demand for electrical equipment. Growing spending on electrical infrastructure. |
HV Bushing Market Highlights:
Frequently Asked Questions (FAQ) :
The HV Bushing market size was valued at USD 0.77 Billion in 2023.
The market is projected to grow at a CAGR of 2.68% during the forecast period, 2024-2032.
North America had the largest share of the market.
The key players in the market are General Electric (US), Siemens (Germany), ELANTAS GmbH (Germany), Crompton Greaves (India), Webster-Wilkinson Ltd. (UK), Warco Inc. (US), ABB Ltd. (Switzerland), Hubbell Incorporated (US), Meister International LLC (US), The H-J Family of Companies (US).
The condenser type category dominated the market in 2022.
The 245Kv & above had the largest share in the market.
The outdoor had the largest share in the market,
Utilities had the largest share of the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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