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Busbar Market 2021 | Growth Drivers and Geographic Analysis to 2025

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Key players in the busbar market include Littlefuse, Halcor, Methode Electronics, Schneider Electric.

— Growing emphasis on reducing distribution and transmission losses with mounting demand for reliable and uninterrupted electricity supply has evoked the deployment of efficient electrical components. One of such crucial components is busbar which connects isolating switch with the circuit breaker and helps in transferring load in the event of overloading.

Such high application of busbar trunking is estimated to provide a major impetus to global busbar market over the upcoming years.
Ongoing development of energy infrastructure projects and growing urbanization are some of the key factors impelling the demand for reliable electricity supply. According to International Energy Agency, electricity demand rose by 4% from 2010 to 2018. This is expected to open new growth avenues for busbar business in the future.

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With increasing product demand, key business players are focusing on developing technologically advanced solutions to effectively meet the consumer demand. For instance, in 2019, Siemens AG introduced new functionality for LD, BD2, and LI busbar trunking systems from its portfolio of Sivacon 8PS. According to the company, this powerline technology will enable the busbars to transmit data apart from just current. Apparently, this offering will allow the company to strengthen its portfolio of flexible, transparent, and efficient power distribution in line with digital age. Initiatives like these will propel the busbar market to expand notably.

According to Global Market Insights, Inc., busbar market size is projected to exceed USD 24 billion by 2025, considering the significance of below mentioned trends:

Growing popularity of aluminum busbar
Aluminum busbars find extensive applicability across large-scale power overhead transmission network. This can be attributed to certain benefits offered by them such as light weight, ability to carry heavy load current over longer distances, high mechanical strength, cost effectiveness, etc. Considering these factors, aluminum busbars segment across overall busbar market is estimated to observe an appreciable growth rate of 6% through 2025.

Rising deployment of low power busbar
Ability of low power busbars to efficiently distribute power to light fixture with minimum losses across the establishments has instigated their adoption to a great extent. With growing demand for distribution panels and switchboard across industrial, residential and utility sectors, product installation is also increasing. Development of industrial sector and refurbishment initiatives for aging commercial facilities are providing numerous growth opportunities for the market.

Heightened demand of oxygen free copper busbar
Wide suitability of oxygen free copper busbar in high vacuum devices, as well as plasma deposition processes such as designing of super conductor and semiconductor components is the primary factor driving its demand. In addition, high weldability, improved electrical and thermal conductivity along with low oxygen content makes its adoption preferable.

Increasing industrial application of busbar
Growing efforts to reduce energy consumption along with increasing investments for renovation and replacement of existing supply network is fostering the industrial application of busbars. Their higher efficiency, low space requirement and ease of installation make them highly preferable for industrial usage. For the records, in 2018, industrial application segment across busbar market had secured a sizeable market share of 40%.

Increasing grid modernization projects in the U.S.
Rising investments towards the modernization of existing aging electrical grid infrastructure in the U.S. has led to an increased deployment of busbars for these projects. Besides, the country is observing a significant shift towards the adoption of sustainable technologies in its power distribution systems which is enhancing the industry landscape further. In 2018, busbar market in the U.S. had recorded a valuation of USD 2 billion and is expected to grow substantially over time.

Growing adoption of sustainable solutions in France
Shifting proclivity towards sustainable solutions for carrying higher loads with minimum losses is driving the growth of busbar industry in France. Favorable measures of promoting energy efficient solutions for reducing carbon emissions and a positive outlook for the development of green buildings are fueling the product demand further.

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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Source URL: https://marketersmedia.com/busbar-market-2021-growth-drivers-and-geographic-analysis-to-2025/89038592

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Release ID: 89038592

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