What is the global market size of Busbar Market?

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).

Global Busbar Market Size, Share, Growth Analysis, By Type(Copper, Aluminum), By Power Rating(Low, Medium), By End-user(Industrial, Commercial) - Industry Forecast 2024-2031

Report ID: SQMIG20D2189 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 90 | Figures: 75

Global Busbar Market Insights

Global Busbar Market size was valued at USD 17592.1 million in 2019 and is poised to grow from USD 18330.97 million in 2023 to USD 26545.74 million by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

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 Busbar Market Report Snapshots

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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.

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. 'Schneider Electric SE', 'Eaton Corporation PLC', 'Legrand S.A.', 'Siemens AG', 'ABB Ltd.', 'TE Connectivity Ltd.', 'Mersen S.A.', 'Rittal GmbH & Co. KG', 'Rogers Corporation', 'Methode Electronics, Inc.', 'C&S Electric Ltd.', 'Chint Group', 'Natus GmbH & Co. KG', 'Oriental Copper Co. Ltd.', 'Pentair PLC', 'Universal Electric Corporation', 'Watteredge, LLC', 'Aetna Insulated Wire Co.', 'Gersan Elektrik A.S.'

Busbar installation is less expensive, and there are no additional costs for electrical experts. They don't require routine maintenance and are less expensive to renovate or develop. Busbars are installed quickly and efficiently with minimal latency. The busbar primarily reduces installation costs by substituting cables and other related components. Moreover, busbars are safe, dependable, and environmentally friendly, which contributes to the busbar market's expansion. Awareness of these features with various applications in the multiple end-user industries is expected to create healthy growth opportunities in the global busbar market.

Governments around the world are focusing on the adoption of electric vehicles because they help to reduce pollution by using clean energy sources. Busbars are used to efficiently distribute electric power in electric vehicles. Busbar in electric vehicles is built and designed to meet the vehicle's shock and vibration requirements. Busbar devices are also easy to install, secure, and dependable, which is why they are used in electric vehicles. The growing popularity of electric vehicles is expected to drive up demand for busbar over the forecast period.

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.

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Global Busbar Market Size, Share, Growth Analysis, By Type(Copper, Aluminum), By Power Rating(Low, Medium), By End-user(Industrial, Commercial) - Industry Forecast 2024-2031

Global Busbar Market Insights

Global Busbar Market Report Snapshots

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