USD 15.74 billion
Report ID: SQMIG20N2027 | Region: Global | Published Date: February, 2024 | Pages: 246 | Tables: 97 | Figures: 76
Busbar Electroplating Market size was valued at USD 15.74 billion in 2021 and is poised to grow from USD 16.6 billion in 2022 to USD 25.3 billion by 2030, growing at a CAGR of 5.4% in the forecast period (2023-2030).
The increasing use of electroplated busbars in power distribution systems is one of the major driving factors for the growth of the global market. A rise in the demand for electricity from the residential, commercial, industrial, etc. sectors is the factor that is expected to create growth opportunities for the global busbar electroplating market. The need for an effective conductor and lower energy loss during transmission has replaced conventional power distribution methods with highly conductive metal busbars. Additionally, an increase in industrial activity led to a rise in the operation of electrical devices. Upgradation of the aging electric transmission system has resulted to an increase in the replacement of several transformers to provide uninterrupted electric supply.
Emerging trends that have a significant impact on the effectiveness of the electric T&D equipment network include increased implementation of smart grid technology, implementation of advanced metering infrastructure, and the transition from conventional to modular switchgear. Smart grid technologies include demand response, electrical supply grids that use connectivity, and renewable energy sources to increase energy efficiency. Global market for smart grid technology is expected to triple in size between 2017 and 2023, reaching approximately US$ 61 billion. These factors are creating a lucrative growth opportunity for the busbar electroplating market.
US Busbar Electroplating Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 15.74 billion
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The Global Busbar Electroplating Market is segmented based on the Substrate, Metal Plating, End-use Application, and region. Based on the Substrate, the Busbar Electroplating Market is segmented into Copper, Aluminum, and Others. Based on the Metal Plating, the Busbar Electroplating Market is segmented into Tin, Zinc, Silver, Nickel, Copper, Gold, Platinum, and Other. Based on the End user application, the Busbar Electroplating Market is segmented into Power Generation, Aerospace & Defense, Data Centers, Industrial & Manufacturing, and Others. Based on Region Busbar Electroplating Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Busbar Electroplating Market Analysis by Substrate
Based on substrate, the global busbar electroplating market is segmented into copper, aluminum, and others. The aluminum substrate accounted for the majority market share and was valued at USD 1,936.23 million in 2021. The demand for aluminum electroplated busbars is attributed to cost savings, requiring less support to secure the busbar and less manpower for installation. Moreover, aluminum is the most recycled industrial metal with 75% of aluminum ever produced still in use today. Aluminum busbar prices significantly lower than copper busbar prices. Its lightweight properties alone can result in significant cost savings in handling costs. Aluminum is also highly recyclable, making it less susceptible to market fluctuations or supply scarcity. Increased power consumption from the commercial and residential sector will accelerate the demand of electroplated busbar during the forecasted period.
Busbar Electroplating Market Analysis by End User Application
Based on End user application, The global busbar electroplating market is segmented into power generation, aerospace & defence, data centers, industrial & manufacturing and others. The market is dominated by power generation and was valued at USD 1898.30 million in 2021. Busbars serve as a interface between the power module and the distribution in most power applications. In Power generation, when a number of generators or feeders operating at the same voltage have to be directly connected electrically, busbars are used as the common electrical component. With the future projections of power generation by 2050, global electricity generation will have increased by 123% to 150%. Global electricity production in 2010 was 21.5 billion MWh, and expected to increase by 150% to 53.6 billion MWh by 2050. The data centers fastest growing end user application among all other application. Busbar systems allows data centers to quickly deploy power requirements for their customers, replacing need to wait for contractors to install the necessary cables and plugs: busbar plays plug and play solutions.
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The Asia Pacific region dominates the global market and is projected to maintain a similar trend over the forecast period. Asia Pacific market is projected to grow at the fastest CAGR of 6.6% over the forecast period. The region was valued at USD 1006.83 million in 2021. Electroplating is a labour-intensive service, which is one of the major factors influencing the cost of electroplating services. Low labour costs and available manpower in countries such as China and India have contributed to the region's growth of the busbar electroplating market throughout the forecasted period. North America stood as the second largest market. The growing demand for sustainable energy systems, rapidly growing data center industry and the increased use of smart grids are driving demand across the region.
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Busbar Electroplating Market Driver
Rising demand for electroplating from aerospace and defense application
Demand of Electroplated Busbar in Data Centers
Busbar Electroplating Market Restraint
Stringent Regulations Against Pollutants from Electroplating Industry
The electroplating industry is a major contributor to pollution of the environment because its processes emit toxic materials, heavy metals, and solid wastes via effluents and air emissions, there are stringent regulation that needs to be followed in Electroplating industry. For instance, The Water (Prevention and Control of Pollution) Act of 1974 and the Hazardous Wastes (Management, Handling, and Transboundary Movement) Rules of 2008 regulate the electroplating industry. The effluent from the electroplating industry must comply with the new standards notified under Section 9 of Schedule 1 of the Environment (Protection) Act of 1986. These factors are expected to create a challenge in the growth of busbar electroplating market.
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The Busbar Electroplating market is highly fragmented and dominated by many small and medium scale players. These players encompass various metal’ electroplating services. Furthermore, B2B E-Commerce platform and Supplier discovery platforms has created more opportunities for small and medium-sized companies. Key players in the busbar electroplating market are adopting strategies like innovation in electroplating technologies, product launches, and mergers & acquisitions, to gain a significant market share. For instance, In March 2022, Valence Surface Technologies LLC (Blairsville, Pennsylvania) announced the acquisition of H&W Global Industries Inc. (Blairsville, Pennsylvania), a provider of surface treatment for highly engineered products in North America's Northeast region. H&W provides surface treatment to a number of the most advanced defense platforms in the US and maintains critical approvals with key A&D primes such as Northrop Grumman.
Busbar Electroplating Market Top Player's Company Profiles
Busbar Electroplating Market Recent Developments
Upgradation Of Traditional Power Distribution Systems
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Busbar Electroplating market analysis, we found that the cost of electroplating services on busbar increases the overall cost of busbar by 12% to 15%. The price of electroplating services on busbar depends on different factors such as, Dimension of the busbar, requirement of cleaning, type of electroplating metals, and the thickness required for electroplating. On a Copper busbar, the service charges may range from 4% to 7% while on an aluminum busbar the service charges are between 20% to 22% of the base price of the busbar. We also found that the tin platting on aluminum busbar is costlier compared to the copper busbar. The aluminum busbar has more impurity compared with the copper busbar. The process of cleaning aluminum busbar makes it costlier, moreover, the required tin platting is more compared to the copper busbar. The cost of electroplating services on an aluminum busbar is approx. US$ 0.75/Kg compare to US$ 0.44/Kg on the copper busbar.
|Market size value in 2021
|USD 15.74 billion
|Market size value in 2030
|USD 25.3 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Busbar Electroplating Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Busbar Electroplating Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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