According to a market research report made available by Persistence Market Research, rapid urbanization and significant growth in industrialization are the leading factors responsible for the growth of transformer bushings market by 2025.
Transformers bushings market is forecast to remain lucrative in the foreseeable future owing to the enhancement of electrical transmission lines in the majority of countries as well as the growing need of power infrastructure due to the spurring urbanization, reports LANEWS.
Another factor driving the global transformer bushings market is the need for enhancing electrical power grid reliability and replacement activities of transformer bushings.
Demand for high voltage transformer bushings is set to foresee significant growth. Expansion of high-speed rail network in China in order to boost the economic growth is anticipated to aid the growth of transformer bushings market.
Furthermore, to strengthen the power supply in urban and importantly in rural areas, Indian transformer bushing market is anticipated to witness healthy demand growth owing to several government policies and schemes.
In Latin America, Brazil is foremost electricity market and in the coming years, electric power sector is expected to receive significant investments between up to 2018.
The growth of renewable energy power plants in Western Europe and North America are likely to trigger the demand for transformer bushings.
Some of the market participants in the global transformer bushings market include ABB Group, TRENCH Group, HSP Hochspannungsgeräte GmbH, H-J International, Megger Group, Nanjing Electric HV Bushing Co., General Electric and Alstom.