Press release
Busbar Market To Be Driven By The Rising Investments Towards Developing Efficient Power Supply Networks In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): USD 15 Billion
Forecast CAGR (2023-2028): 5.25%
Forecast Market Size (2026): USD 20.4 Billion
The global busbar market is being driven by rising investments in developing efficient power supply networks across residential, commercial, and industrial establishments. Its adoption is being preferred over other options because of its ability to supply high voltage power in building structures without requiring additional space.
Increased investments in the refurbishment and replacement of ageing transmission networks and increasing adoption of smart grid technology are adding to the market size. Less heat dissipation, versatility of tap-off sites, bulk power transmission over long distances, minor fire threats, and reduced wire hassle are some of the main features that will affect product acceptance positively over the forecast period.
Busbar Industry Definition and Major Segments
A busbar (also bus bar) is a metallic strip or bar used in electric power distribution that is usually located within switchgear, panel boards, and busway enclosures for local high current power distribution. They are often used to connect high-voltage equipment at electrical switchyards and low-voltage equipment in battery banks.
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Based on power rating, the market can be divided into:
High
Medium
Low
On the basis of conductor, the industry is bifurcated into:
Copper
Aluminium
The industry can be categorised on the basis of end-use into:
Industrial
Commercial
Residential
Utilities
On the basis of industry, the industry is divided into
Chemicals and Petroleum
Metals and Mining
Manufacturing
Others
Regionally, the market is segmented into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Busbar Market Trends
The busbar market will grow faster as high-voltage transmission networks become more widely used to meet rising electricity demand. Rising investments in energy infrastructure projects to support electricity generation units would also help the market expand. For example, the European Union announced in January 2019 that it will invest USD 896.1 million in energy infrastructure projects, with USD 564.5 million going to smart grid and electricity.
Key Market Players
The major players in the market are Siemens, ABB, Schneider Electric, Eaton Corporation, Mersen, Oriental Copper Co. Ltd., Legrand Electric Ltd., and Southwire Company LLC, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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