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Busbar Trunking System Market Size, Share, Application, Industry Segment | Key players are Legrand, General Electric, C&S Electric, Eaton, Godrej & Boyce, ARJ Group, Naxso
Busbar Trunking System Market
The escalating need for uninterrupted power supply and an increasing emphases on reducing T&D losses across utilities will potentially thrive busbar trunking systems market size. Rapid industrialization has led to large scale investments toward infrastructural development and implementation of advanced instrumentation & digital technology over the years.
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The need to boost economy has encouraged governments worldwide to pump in investments to support new industrial projects. According to a report, in 2018, Saudi Arabia proposed plans to allocate around USD 1.1 trillion towards developing infrastructure projects between 2019 to 2038. With increasing digitalization and industrialization across emerging economies, the demand for efficient power distribution infrastructure is expected to escalate over the coming years. On this note, Global Market Insights, Inc., estimates that the busbar trunking system market might register over USD 3 billion by the year 2025.
Elaborating on the key trends that may thrive busbar trunking system market outlook:
1) Burgeoning urbanization across developing economies
The demand for electricity has grown at an exponential rate across emerging economies given to increasing urbanization. There has been a noticeable surge in movement of rural population to urban localities in search for better job opportunities and increased standard of living. This trend along with the need to enhance business reach has fueled the expansion and upgradation of existing industrial facilities across cities, driving the deployment of industrial busbar trunking systems.
Government initiatives to support regional industrial sector and boost economic growth may propel the demand for industrial busbar trunking systems. Stating recent government initiatives, the Indian government has reportedly initiated the ‘Make in India’ campaign to help accelerate manufacturing capabilities and reduce the dependency on foreign products.
2) Upgradation activities across the industrial sector of North America
North America busbar trunking system market is projected to record substantial growth, majorly led by the U.S. In 2018, the U.S. market accounted over USD 250 million. Increasing development and modernization activities conducted across existing grid infrastructure and the need to replace obsolete power cables with more efficient variants will complement business outlook.
3) Implementation of smart grid infrastructure across Europe
Increasing emphasis on developing smart grid infrastructure and measures to optimize energy efficiency is anticipated to stimulate the demand for busbar truking systems across Europe. According to reports, the European Union aims to achieve 20% energy saving by 2020. Meanwhile, key suppliers and manufacturers of busbar trunking systems in the region are launching new products to meet industry demand.
In 2019, German multinational conglomerate, Siemens unveiled its Sivacon 8PS busbar trunking systems to help transfer data from switching and measuring devices installed in the tap-off units directly via busbars. With such developments, it is estimated that the Europe busbar trunking system market may witness growth of over 8% by 2025.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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