Increasing Energy Requirement Due to Industrialization and Urbanization Ensures Rapid Growth for the Busbar Market
Globally, the busbar market is expected to grow with a CAGR of 7.0% during the forecast period from 2019 to 2027, starting from 2018, with a market value of US$ 18.50 billion. Busbars are metallic strips that are made of copper, aluminum, or brass. These strips can either conduct or ground the electricity.
The Busbar makes the complex power distribution flexible, easier, and less expensive as compared to the traditional way. The increasing demand for electricity in industrial and urban areas is driving the busbar market due to their capability to distribute electricity efficiently and save on the cost of distribution. Moreover, the busbars are also easy to install, and their ability to remove, add or relocate the power easily without causing any downtime during the functioning also drives the market.
Market Synopsis
Busbars with Low Power Busbars in Their Power Rating Segment Continue Dominating the Market
In 2018, the global busbar market was led by the low-power Busbar in its power-rating segment, which contributed to a high percentage of the market share of the total revenue generated globally. The demand for light power busbars is increasing among the commercial and industrial segments due to their capability of offering power to light fixtures. These are primarily used in the switchboard and panels. The low-power Busbar has major applications in residential, utility, and industrial settings, making it the dominant sector.
North America Dominates the Market by Region
The global busbar market is led by North America due to the presence of various key players in the region and the requirement for electricity in the manufacturing industries and for residential and commercial users.
Additionally, bus bars are also becoming common among hospitals, commercial complexes, research centers, and hotels, which drives the demand for bus bars in the region. The bus bar reduces the power loss as compared to the cables, making it a useful product for power distribution. However, the Asia-Pacific region is expected to be the fastest-growing market due to rapid urbanization.
Some of the prominent players operating in the busbar market include Schneider Electric S.E., ABB Ltd., Siemens AG, Legrand S.A., C&S Electric Company, Rittal GMBH & CO.KG., Eaton Corporation plc, CHINT Electric Co.Ltd., Naxos S.R.L., Graziadio & C. S.P.A., Mersen S.A., A.R.J. Group, and Nova Ltd.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The busbar market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global busbar market based on power rating, conductor, end-user, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the size of the busbar market in 2018, and what is the forecast up to 2027?
Which is the largest regional market for low power ratings?
What are the major trends followed in the busbar market across different regions?
Who are the key busbar companies leading the market?
What are the key strategies adopted by the leading bus companies in the market?
Unique data points of this report
Statistics on busbar penetration and spending worldwide
Recent trends across different regions in terms of the adoption of Busbar for various vehicles
Notable developments are going on in the bus bar market.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Question:
The market for Busbar Market is expected to reach USD$ 18.50 Bn in 2027.
The Busbar Market is expected to see significant CAGR growth over the coming years, at 7.0% .
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Siemens AG, Legrand S.A., C&S Electric Company, Rittal GMBH & CO.KG., Eaton Corporation plc, CHINT Electric Co.Ltd. are some of the major players in the global market.
