USD 2.01 billion
Report ID: SQSG55A2003 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 95 | Figures: 76
Global Busbar Trunking System Market size was valued at USD 2.01 billion in 2021 and is poised to grow from USD 2.31 billion in 2022 to USD 3.06 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).
Gasoline has a propensity to evaporate at relatively low temperatures, thus a Busbar Trunking System keeps the fuel in the tank and prevents it from doing so. Evaporation is thought to be responsible for about 20% of vehicle emissions. In order to stop gas in the atmosphere from evaporating, the federal government has implemented regulations
When compared to busbar trunking, traditional cabling and trunking are more expensive and take longer to install. When compared to traditional cabling, Busbar Trunking Systems have a number of benefits. Busbar trunking is lightweight and adaptable. Compared to conventional wiring, it performs better thermally. Busbars are capable of delivering current in the 125A to 7000A range, making them useful for a wide range of applications. Busbars' modular construction makes them ready for the future. Rewiring hence uses less time and energy. Busbar, as opposed to conventional wiring, eliminates the issue of hanging wires and improves the environment's security.
US Busbar Trunking System Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.01 billion
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The Global Busbar Trunking System Market segmentation is based on Material, Power rating, End Use, and Region. Based on the material, the Busbar Trunking System Market is segmented copper, aluminium and other sub- segments. On the basis of Power rating the Busbar Trunking System Market can be further bifurcated into Lighting, Low Voltage, Medium Voltage, High Voltage segments. Based on End Use the Busbar Trunking System Market is segmented into Commercial, Industrial, Transportation, Residential, Renewable Power generation, Process, others. Based on Region the global Busbar Trunking System market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
Busbar Trunking System Market Analysis by Material
Busbar Trunking Systems can be classified into three groups based on the conductor material: alloys, copper, and aluminum. The busbar system market is dominated by copper busbars. Both low current and high current applications can use copper busbars. Applications requiring low current and medium current employ aluminium busbars. Aluminum has an advantage over copper in terms of price.
In order to provide greater performance than aluminium and lower cost than copper, copper-aluminum alloys are employed. According to the specific needs of a given application, several alloys are utilised. Busbar Trunking System sales can be divided into residential, commercial, industrial, transportation, and other end-user categories.
Busbar Trunking System Market Analysis by End Use
The busbar trunking market is dominated by the industrial and transportation sector. For effective and dependable power distribution, all industries, regardless of expertise, use Busbar Trunking Systems. Busbar will play a key role in the upcoming renovation of the deteriorating electrical infrastructure in industrial settings. Busbar is used for electricity distribution in commercial buildings such as shopping malls, data centres, retail stores, and office spaces. Busbars are preferred over regular cabling in high-rise structures used for business or residential purposes.
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According to regional analysis, the North American region is dominating the market. Although during the projection period, Asia-Pacific is anticipated to have the fastest rate of growth. Due to its rapid urbanisation, industrialisation, and population growth, Asia-Pacific is one of the world's areas with the quickest rates of growth. The need for a reliable power supply is therefore great. Many nations are making investments in the transmission and distribution network as well as the renewable energy industry to meet these demands.
The International Energy Agency (IEA) estimated that during the forecast, China, the nation with the most people, would build 40% of the world's wind energy and 36% of all hydroelectricity producing capacity. Over 259,000 MW of new coal plants are already under construction in China, which makes up more than one-third of the world's planned coal plant capacity. Due to characteristics like low maintenance and safety, busbar trunking is anticipated to be the most apparent solution for these developments.
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Busbar Trunking System Market Driver
The growing need for a steady and dependable source of power distribution is the key market factor for the worldwide Busbar Trunking System market. Demand for busbar trunking will increase when existing electrical infrastructure is updated. The market for contemporary electrical equipment like busbars and burial transformers will increase as developing nations electrify themselves more widely. Small-scale businesses and underdeveloped countries now have easy access to affordable busbars constructed of aluminium and aluminum-copper alloys.
As nations are implementing the policies to bring about globalization, the infrastructural needs of the same are more advanced and increased in today’s era. Therefore it is likely to drive the Busbar Trunking System market over the forecast period. The market is anticipated to be driven by other elements including increased power consumption, numerous activities like power transmission, distribution, and lighting, technological advantages of busbar trunking, and a growing emphasis on distributed power generation.
Busbar Trunking System Market Restraint
The fluctuating price of raw materials like copper and aluminium is a significant market limitation for the global Busbar Trunking System market. Because of the mismatch between supply and demand, raw material prices change. The price increase of processed metal goods is also significantly influenced by tariffs and trade restrictions. Also, the industry is likely to be constrained by the high cost of Busbar Trunking Systems, which make them unprofitable for small and medium-sized businesses.
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The Busbar Trunking Systems market is significantly consolidated, as tier-1 players or international players hold prominent shares in the global Busbar Trunking Systems market. Tier-2 and tier-3 players account for significant shares in their local or regional Busbar Trunking Systems markets. In developing locations, organised players are attempting to make their presence known. However, unorganized/tier-2 and tier-3 competitors in the market for Busbar Trunking Systems are concentrating on releasing fresh, unique products.
Busbar Trunking System Market Top Players Company Profiles
Busbar Trunking System Market Recent Development
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 by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by End Use, the industrial segment dominated the global Busbar Trunking System market and is anticipated to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Busbar Trunking System market owing to the region's highly aware and economically stable population, but the Asia-Pacific region is expected to show significant growth over the prediction period.
|Market size value in 2021||USD 2.01 billion|
|Market size value in 2030||USD 2.31 billion|
|Forecast Unit (Value)||USD Billion|
|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 Trunking System 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 Trunking System 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 Trunking System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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