According to a new report by Expert Market Research titled, “Global Busbar Market Size, Share, Report and Forecast 2024-2032″, the global busbar market reached a value of USD 16.62 billion in 2023. Aided by the global shift towards sustainable energy solutions, infrastructure development in emerging economies, and advances in power transmission technology, the market is projected to further grow at a CAGR of 5.30% between 2024 and 2032 to reach a value of USD 22.6 billion by 2032.
Busbars are essentially electrical conductors that facilitate the distribution of electric power with high efficiency and flexibility. Characterised by their rigid or flexible build, busbars have become an integral part of electrical power distribution systems, from small-scale residential circuits to large-scale industrial applications. Their inherent benefits of reduced electrical losses, space-saving designs, and adaptability have garnered increased attention in recent times.
A pronounced global push towards green energy solutions and the concomitant growth in the renewable energy sector has significantly propelled the busbar market demand. As nations transition to solar and wind energy, the integration of efficient power transmission systems like busbars becomes crucial. Their capability to handle higher currents and reduced resistance ensures optimal power flow from renewable sources to end-users.
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Infrastructure development in emerging economies has been another pivotal driver. The burgeoning urban landscapes in regions such as Asia-Pacific and Africa demand advanced and efficient electrical infrastructure, which, in turn, amplifies the busbar market growth.
Moreover, the global fitness wave and increasing cognizance about reducing carbon footprints have driven industries to opt for efficient power distribution systems. In this milieu, busbars, owing to their ability to reduce energy loss, have emerged as a preferred choice for many industries and further adds value to the busbar market size. For instance, in large industrial complexes and data centres where even a small percentage of power loss can translate into significant financial implications, busbars play an indispensable role.
The technological foray into the busbar realm has been significant. With advances in insulating materials and manufacturing processes, the newer generation of busbars boasts of enhanced safety, reduced installation time, and better adaptability. These innovations have rendered busbars more amenable to diverse applications, ranging from electric vehicles (EV) charging stations to advanced manufacturing units.
As per the busbar market analysis, the electric vehicle market, gaining considerable momentum, has indirectly propelled the busbar market. As EV charging infrastructure develops globally, the demand for efficient power transmission solutions, like busbars, to support rapid charging stations has seen an uptick.
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Market Segmentation
The market can be divided based on power rating, conductor, end use, industry, and region.
Market Breakup by Power Rating
• High
• Medium
• Low
Market Breakup by Conductor
• Copper
• Aluminium
Market Breakup by End Use
• Industrial
• Commercial
• Residential
• Utilities
Market Breakup by Industry
• Chemicals and Petroleum
• Metals and Mining
• Manufacturing
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global busbar market. Some of the major players explored in the report by Expert Market Research are as follows:
• Siemens
• ABB
• Schneider Electric
• Eaton Corporation
• Mersen
• Oriental Copper Co., Ltd
• Legrand Electric Ltd
• Southwire Company LLC
• Others
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