The busbars market is experiencing notable progress, having achieved a valuation of US$ 18,169.6 million in 2022—a slight uptick from its 2021 figure of US$ 17,592.1 million. However, the real surge is anticipated in the coming years, with a projected Compound Annual Growth Rate (CAGR) of 4.2% forecasted from 2022 to 2032. By 2032, the market is anticipated to achieve a substantial valuation of US$ 27,333.7 million, highlighting its pivotal role in the domain of power distribution.
Central to this robust growth are the unassuming yet crucial components known as busbars. These metallic bars or strips quietly serve as the backbone of power distribution systems, ensuring the seamless and efficient transmission of electricity from its source to its intended destination. Mainly composed of copper, with aluminum and brass variants also available, busbars play a pivotal role in upholding the reliability and safety of electricity transmission.
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Driving Busbars Market Growth: New Plant Launches and Enhanced Electrical Distribution Efficiency
Busbars play a pivotal role in streamlining electricity distribution, offering superior flexibility and minimized wiring errors compared to traditional installation methods. Primarily crafted from copper or aluminum metallic strips, these components simultaneously conduct electricity and provide grounding functions.
Key Insights:
- The global busbars market exhibited gradual growth with a 0.8% CAGR from 2017 to 2021, as per Future Market Insights.
- The market is set for substantial acceleration, projected to experience a noteworthy 4.2% CAGR between 2022 and 2032.
- Driving forces behind this surge include global industrialization, urbanization, growing emphasis on the cost and operational advantages of busbars, and heightened awareness of energy efficiency.
- Commercial busbar applications are poised to contribute significantly to sales growth in the coming years.
- The industrial sector currently consumes over 50% of the world’s energy, with this consumption predicted to rise further from 2022 to 2032.
- The surge in industrialization presents promising opportunities for global busbar market players.
- Rapidly-growing economies like China and India are expected to emerge as lucrative markets for busbar manufacturers.
Recent Strategies and Investments:
Manufacturers have demonstrated a strategic focus on mergers and acquisitions to bolster market position and product portfolios. Considerable investments are channeled into expanding manufacturing capabilities in diverse regional markets to capitalize on growth potential. Acquisition and investment strategies are aligned with objectives such as broadening product lines, advancing technology, establishing a geographical foothold, and entering emerging markets to strengthen market presence. Simultaneously, players are dedicating attention to innovative product development.
Notable Example:
In March 2020, ABB Ltd.’s electrification business division acquired a significant stake in Shanghai Charge Dot New Energy Technology Co., Ltd., exemplifying the trend of strategic acquisitions within the industry.
A list of Key Players Covered in the Busbars Market are:
- Schneider Electric SE
- Eaton Corporation Plc.
- Siemens AG
- ABB
- Methode Electronics
- Nacobre
- IUSA Group
- Rittal GmbH & Co. KG
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Key Segments Covered in Busbars Industry Analysis:
Busbars Market by Conductor Type:
- Copper Busbars
- Aluminium Busbars
Busbars Market by Power Rating:
- Low Rating Busbars
- Medium Rating Busbars
- High rating Busbars
Busbars Market by End User:
- Busbars for Residential Use
- Busbars for Commercial Use
- Hotels
- Hospitals
- Academics
- Busbars for Industrial Use
- Chemical
- F&B
- Metal & Mining
- Others
Busbars Market by Region:
- North America Busbars Market
- Latin America Busbars Market
- Europe Busbars Market
- East Asia Busbars Market
- South Asia & Pacific Busbars Market
- Middle East & Africa (MEA) Busbars Market
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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