What is the Global market size of the Busbar Electroplating Market?

Global 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).

Busbar Electroplating Market Size

Busbar Electroplating Market Insights

Global Busbar Electroplating Market size was valued at USD 15.8 billion in 2023 and is poised to grow from USD 16.64 billion in 2024 to USD 25.15 billion by 2032, growing at a CAGR of 5.3% during the forecast period (2025-2032).

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.

FAQs

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. 'Mersen S.A. ', 'Schneider Electric SE ', 'ABB Ltd. ', 'Eaton Corporation plc ', 'Siemens AG ', 'Rittal GmbH & Co. KG ', 'General Electric Company ', 'Pentair plc ', 'Luvata Oy ', 'Methode Electronics, Inc. ', 'Rogers Corporation ', 'Hubbell Incorporated ', 'Nexans S.A. ', 'Watteredge LLC ', 'Copperweld Bimetallics LLC'

The aerospace and defense industries' increasing demand for electroplated busbar for improved conductivity is expected to drive electroplating market growth. It is the best option for the aerospace and defense industries, which require less space-consuming but high-current-flowing-capacity substances. They have a higher conductivity than ordinary cables and wires while taking up less space. Over the forecast year, these factors are expected to drive the market.

Upgradation Of Traditional Power Distribution Systems: A rise in the demand for electricity from the residential, commercial, industrial, etc. sectors is the factor that is expected to create lucrative 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.

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.