USD 17592.1 million
Report ID: SQSG20D2021 | Region: Global | Published Date: August, 2022 | Pages: 157 | Tables: 90 | Figures: 75
Global Busbar Market size was valued at USD 17592.1 million in 2021 and is poised to grow from USD 18330.97 million in 2022 to USD 26545.74 million by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).
Busbars increase capacitance, decrease wiring errors, increase dependability, and lower system costs. Additionally, they raise capacitance while reducing inductance. Busbars device structure also offers special characteristics for mechanical design.
The busbar market is primarily driven by growing demands for consistent and standby power electric supply in the commercial and residential sectors. Moreover, growth is expected to be driven by a surge in the development of smart and green cities, rising solar power capacity, and rising demand for high voltage direct current (HVDC) transmission.
The governments of various countries are focusing on the adoption of electric vehicles as they play an important role in reducing pollution by using clean energy sources. Busbar are used in electric vehicles to efficiently distribute electric power. Busbar in electric vehicles is constructed and designed to cross paths with the vehicle's shock and vibration requirements. Furthermore, busbar devices are simple to install, secure, and dependable, which is the reason they are used in electric vehicles. As a result of the growing popularity of electric vehicles, the demand for busbar is expected to rise over the forecast period.
US Busbar Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 17592.1 million
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The Global Busbar Market is segmented based on the Type, Power Rating, End-user, and region. Based on the Type, the market is segmented into Copper, Aluminum, and Others. Based on the Power Rating, the market is segmented into Low, Medium and High. Based on the End user, the market is segmented into industrial, commercial, and residential. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Busbar Market Analysis by Type
Based on Type, the global busbar market is segmented into copper, aluminum, and others. The copper busbar is dominated the global market in terms of revenue share. The segment was valued at USD 12.49 billion in 2021. While aluminum busbar is the fastest growing segment throughout the forecasted period. Moreover, in terms of volume share, Aluminum busbar dominated the global busbar market due to low cost. When compared to copper busbar, aluminium busbar is up to 70% lighter and much less expensive. In reality, aluminium busbars are 50% more conductive than copper when compared KG for KG. The aluminum busbars have a wide range of applications, including transformers, distribution boards, and electrical panel boards. Aluminum Busbars are made of a lighter material than copper and thus less expensive to mass produce.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The Asia Pacific region is dominating the global busbar market was valued at USD 5.84 billion in 2021. The growing emphasis on energy efficiency and rising energy consumption as a result of urbanization and industrial growth in this region will be the driving forces for the Asia Pacific Busbar market. Due to significant investments in smart cities, green development, high-rise buildings, and transport systems, notably in the region.
The busbar market in the Asia-Pacific region is dominated by China, followed by India. Due to growing market investments, India is anticipated to have the fastest growth in the region. Massive investment by Indian government for distribution of electricity throughout the country will drive the growth of market. For Instance, in 2019, ABB Limited was awarded a contract worth US$ 640 million by Power Grid Corporation of India Limited, the country's national electricity grid operator. According to the contract, ABB will supply an 800 kilovolt (kV) ultra-high-voltage direct current transmission link of more than 1,800 km in order to provide electricity to more than 80 million people.
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Busbar Market Driver
Low Maintenance Cost and Affordability
Growing urbanization and commercialization offers growth of the market.
The development in the major cities of the developing country has paved the way for growth of the market. The major goal of these countries is to install equipment which is energy efficient and energy saver. The busbar plays that role efficiently. Smart equipment such as energy meters, parking meters, and intelligent traffic management systems use laminated busbars as their prime component. Commercial and residential construction, especially high-rise buildings, use busbar as they save space and eliminate the need for complex cabling.
There are variety of measures being adopted by countries and cities to gain the economic stability by increasing the efficiency and optimizing the energy that will lead to brighter and sustainable future
Busbar Market Restraint
Instability Of Raw Material Prices
In the global busbar industry, raw materials such as copper and aluminum account for the majority of the product's cost. The rising costs and unpredictability of raw materials have emerged as a key challenge for the busbar manufacturing industry. Unexpected obstacles, ranging from rising energy costs to unexpected fluctuations in raw material costs, are destabilizing supply chains and making it difficult for manufacturers to stay profitable. Commodity price volatility may not be just a temporary phenomenon, as supplies of many raw materials become more difficult to secure, and it is up to manufacturers to either absorb additional costs, find new ways to mitigate expenses or pass on price increases to customers who are already reticent to spend. Furthermore, the raw material cost is one of the most influential and primary factors that ascertain the pricing of busbar, the high rate of fluctuation in the price of raw material is expected to restrain the busbar market over the forecast year.
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The market is dominated by medium and small players. Big companies are outsourcing the manufacturing of busbar to medium and small companies. Moreover, Key players in the Busbar market are adopting strategies like innovation in busbar, product launches, and mergers & acquisitions, to gain a significant market share. The companies have offered customers a wide range of options to choose from based on their needs, allowing them to evaluate the product offerings through requirements and costs. Additionally, the growth of various B2B E-Commerce platform and Supplier discovery platforms has encouraged customers to connect with the players available in the global market.
Busbar Market Top Player's Company Profiles
Busbar Market Recent Developments
Due To Rising Usage of Electric Vehicle, Demand for Busbars Is Set to Increase
Embracing the idea of a sustainable future is aiding the busbar market .
All the countries around the globe , looking at the current trend, are aspiring for sustainable and green energy . They are trying their best to save and harness the majority of energy and electricity from renewable energy for the future. Busbar specifically copper busbar offer minimal space utilization and highly effective conductivity which goes hand in hand with the concept of sustainable future.
As per changing industry standards across multiple industry verticals, Busbars manufacturers are investing in the research & development of new adhesives with better curing properties .Market players are focused on presenting a new form of data transmission for the BD2, LD, and LI busbar trunking systems.This technology allows busbars not only to transmit current but also data. This has enhanced flexibility, transparency, and efficiency for power distribution in this digital age.
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 market analysis, the growing demand for consistent and standby power electric supply in the commercial and residential sectors is driving the busbar market. Furthermore, growth is expected to be fuelled by an increase in the development of smart and green cities, increased solar power capacity, and increased demand for high voltage direct current (HVDC) transmission. Based on Type, the copper busbar has dominated the market. Based on region, The Asia Pacific region is dominating the global market. The Asia Pacific Busbar market will be driven by the region's increasing emphasis on energy efficiency and rising energy consumption as a result of urbanization and industrial growth. Significant investments have been made in smart cities, green development, high-rise buildings, and transportation systems, particularly in the region.
|Market size value in 2021||USD 17592.1 million|
|Market size value in 2030||USD 18330.97 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||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
KEY COMPANY PROFILES
For the Global Busbar 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 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Busbar Market:
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The most common metals used for manufacturing busbars are copper, aluminum, brass, and other efficient alloys that are capable of offering low energy loss during transmission and high conductivity.
The busbar market can be broadly categorized on the basis of its end-uses into: Industrial, Commercial, Residential, and Utilities.
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Product ID: SQSG20D2021