The Busbar Market Size is valued at 17.94 Bn in 2022 and is predicted to reach 26.15 Bn by the year 2031 at a 4.42% CAGR during the forecast period for 2023-2031.
Busbar built from highly conductive metals has replaced the traditional ways of power distribution due to the necessity for efficient conductors and lower energy loss during transmission. As a result, it stimulates the market's expansion. The development of the busbar market is also aided by smart and green city principles. Busbar integration, which replaces cables and wired connectivity in current or planned projects for city or town developments, has a favourable impact on the market expansion.
Additionally, the market is growing as a result of a boom in the wind energy generation and distribution sector, which increases demand for busbars utilized at various stages of the power distribution process. The end-users can save money by installing the busbar quickly and easily. Due to the time and labour required by traditional procedures, this works as a market-driving force.
Recent Developments:
- In September 2022, Aptiv PLC said that it had reached a final agreement to buy an 85% stake in Intercable Automotive Solutions, a subsidiary of Intercable S.r.l., for €595 Bn, pending the usual changes that are made after the deal closes. After the deal was finished, Intercable Automotive ran as a separate business unit within Aptiv's Signal & Power Solutions section. EPS was expected to go up because of the deal in 2023.
Competitive Landscape:
Some major key players in the Busbar Market:
- Siemens
- ABB
- Schneider Electric
- Eaton
- TE Connectivity
- Legrand
- General Electric
- Rittal GMBH & Co. KG
- Mersen
- Chint Electrics
- Power Products
- Promet AG
- C&S Electric Company
- Bhagyanagar India Limited
- Busbar Systems Belgium BVBA
- C&S Electric Ltd.
- Eaton Corporation PLC
- Godrej & Boyce Manufacturing Co., Ltd.
- HALCOR S. A.
- Legrand Group
- Littlefuse Inc.
- Mersen Corporate Services SAS
- Methode Electronics, Inc.
- Oriental Copper Co., Ltd.
- Rittal Corporation
- Schneider Electric SA
- Southwire Company LLC
- SA Busbar
Market Segmentation:
The Busbar market is segmented based on Conductor, Power Rating, And End-User. Based on the conductor, the market is segmented into Copper and Aluminum. By power rating, the market is segmented into low (Below 125 A), medium (125 A–800 A), and high power (Above 800 A). By end-user, the market is divided into utilities, commercial, industrial, and residential, in which the industrial division is subdivided into Chemicals & Petroleum, Metals & Mining, Manufacturing, and Others.
Based On The Conductor, The Copper Segment Is Accounted As A Major Contributor To The Busbar Market
Copper dominates the market in terms of revenue due to the very high price of raw materials. Aluminum is expected to grow at a higher CAGR during the forecast period. Aluminum has high conductivity and efficiency. It is 70% lighter than copper, making it preferable by the end users. In addition, the loss of energy during the transmission is also lower in comparison to other materials, which results in increased demand for aluminum.
The Industrial End-User Segment Witnessed Growth At A Rapid Rate
Due to its significant revenue market share, the industrial segment dominated the market. However, because of the concepts of smart and green cities, the commercial category is anticipated to rise at a greater CAGR. Busbars are quickly replacing traditional cables in the commercial sector because they are simple to install and save space. Busbars are being adopted by the commercial sectors, including buildings, corporate offices, department stores, retail malls, offices, and banking.
In The Region, The Asia Pacific Busbar Market Holds A Significant Revenue Share
Due to rising investments in the busbar industry in emerging economies, Asia-Pacific has the largest market share for busbars overall. China dominates the busbar market in the Asia-Pacific region, then India. Due to growing market investments, India is anticipated to have the largest growth in the area. Due to the presence of big corporations, North America is predicted to experience the quickest growth in the busbar industry. The market in North America is dominated by the United States, which is predicted to develop faster than Canada.
Busbar Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 17.94 Bn |
|
Revenue Forecast In 2031 |
USD 26.15 Bn |
|
Growth Rate CAGR |
CAGR of 4.42 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Conductor, By Power Rating, By End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Siemens, ABB, Schneider Electric, Eaton, TE Connectivity, Legrand, General Electric, Rittal GMBH & Co. KG, Mersen, Chint Electrics, Power Products, Promet AG, and C&S Electric Company |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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