The primary factors driving the growth of the transformer bushings market are rapid urbanization and industrialization. Furthermore, rising urbanization is fueling need for electricity infrastructure, boosting the transformer bushings market throughout the projection period. Due to the improvement of electrical transmission lines in the majority of countries, the transformer bushings industry is expected to stay lucrative in the near future. The requirement to improve electrical power grid dependability is another factor that drives the worldwide transformer bushings market. Because of the constantly expanding passenger count, significant fleet growth and broadening of the rail network in various regions are predicted to enhance demand for transformer bushings in railway networks.
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Furthermore, the global transformer bushings market is also likely to be driven by investments in the power sector to overcome chronic electricity shortages. The service life of a transformer is more than 40 years. However, the transformer bushings must be replaced at a predetermined interval since malfunctioning transformer bushings might cause the transformer to be damaged. As a result, the global transformer bushings market is projected to be driven by transformer bushing replacement operations. The maturity of the electric power sector in terms of expansion in developed countries is expected to slow market growth for transformer bushings in the coming years. Many transformer bushings producers are focusing on manufacturing components with a long life cycle and improving material quality. Furthermore, the risk of fire connected with some transformer bushing materials could stymie the total market.
- The power sector is likely to continue prosperous in the next years, this is attributed to Chinese government’s increased focus on expanding its existing electricity generation system. The need for high-voltage transformer bushings is expected to skyrocket.
- The expansion of China’s high-speed rail network in order to enhance economic growth is expected to help the transformer bushings market flourish. The need for transformer bushings is expected to rise as a result of the aforementioned issue.
- Countries in Asia-Pacific region have also noticed the rising demand for power, and as a result, they have been investing in more resilient electricity infrastructure in order to boost regional economic growth.
- Additionally, due to a number of government initiatives and schemes aimed at improving power supply in urban and rural regions, the Indian transformer bushing market is expected to see significant demand development. Brazil is the largest energy market in Latin America, and the electric power sector is likely to receive major investments in the next years.
- Transformer bushing demand is expected to rise as the number of renewable energy power plants in Western Europe and North America increases.
- Product launches, acquisitions, and partnerships are among the leading players’ growth tactics, all of which contribute to the global growth of the transformer bushings market. Key players focusing on transformer bushings, on the other hand, use product launch as a growth strategy to expand their market share.
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Key Benefits of the Report
- This study presents the analytical depiction of the transformer bushings industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the transformer bushings market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the transformer bushings market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed transformer bushings market analysis based on competitive intensity and how the competition will take shape in coming years.
COVID-19 Impact analysis
- The transformer bushings market was negatively affected due to the outbreak of COVID-19 pandemic.
- The transformer industries for oil-air transformer bushings, oil-oil transformer bushings and oil-gas transformer bushings were shut down during the COVID-19 pandemic this decreases the demand for transformer bushings.
- The COVID-19 pandemic has caused the imposition of lockdown due to which the production of transformer bushings was halted because of problems such as raw material procurement as the global supply chain was affected.
- The transformer bushings market faced downfall of revenue due to the COVID-19 pandemic owing to decreased demand from end-use industries.
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