China creating great business opportunities for the bushings market
According to the recent study by Markets and Markets on the global electrical bushings market, China with its estimated cumulative investment of $280 billion on the expansion of its ultra-high voltage grid between 2015 and 2020 is creating great business opportunities for the global bushings market.
According to the report, the global electrical bushings market was valued at $2.37 billion in 2017 and is projected to reach $2.96 billion by 2023, growing at a CAGR of 3.86% during the forecast period.
Increasing power demand, investments in the renewable sector and expansion of transmission lines are the major factors driving the electrical bushings market globally.
The utilities segment led the electrical bushings market in 2017. By application, the transformer segment led the market in 2017 and is projected to have the largest market share during the forecast
The resin impregnated paper (RIP) bushings segment is projected to grow at the highest CAGR from 2018 to 2023.
By region, the market in Asia Pacific led the global electrical bushings market in 2017, while China accounted for the largest share of the electrical bushings market in Asia Pacific in 2017.
According to the report, the National Energy Administration of China estimated a cumulative investment of $280 billion is required to increase the length of the transmission lines in the UHV (more than 800 kV) network under its 2015-2020 Power Grid Construction and Reform Plan. This increases the demand for power equipment such as transformers, generators, and circuit breakers, thereby creating business opportunities for the electrical bushings market in Asia Pacific.
The report includes profiles of some of the top players in the electrical bushings market, including ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), and Nexans (France).
Source: Markets and Markets