Busbar Market – Current Trends, Investments and Untapped Profit-Sources Segments Detailed Analysis | Exclusive InsightAce Report
Companies covered in this report are Siemens, ABB, Schneider Electric, Eaton, TE Connectivity, Legrand, General Electric, Rittal GMBH & Co. KG, Mersen, Chint Electrics, Power Products, Promet AG, and C&S Electric Company
Jersey City, NJ, Aug. 24, 2023 (GLOBE NEWSWIRE) —
According to the latest research by InsightAce Analytic, the global Busbar Market is valued at US$ 17.94 Bn in 2022, and it is expected to reach US$ 26.15 Bn by 2031, with a CAGR of 4.42% during a forecast period of 2023-2031.
The demand for reliable and standby power supplies in the commercial and residential sectors is the main factor driving the busbar industry. In addition, a rise in the construction of smart and environmentally friendly communities, expanding solar power capacity, and growing demand for high voltage direct current (HVDC) transmission are anticipated to fuel expansion. The governments of many nations are prioritizing the use of electric vehicles due to their significant contribution to the reduction of pollution through the use of renewable energy sources. To efficiently distribute electric power, busbars are utilized in electric vehicles. The electric vehicle busbar is built and engineered to meet the vehicle’s shock and vibration needs.
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- In September 2022, Aptiv PLC said that it had reached a final agreement to buy an 85% stake in Intercable Automotive Solutions, a subsidiary of Intercable S.r.l., for €595 Bn, pending the usual changes that are made after the deal closes. After the deal was finished, Intercable Automotive ran as a separate business unit within Aptiv’s Signal & Power Solutions section. EPS was expected to go up because of the deal in 2023.
- In Oct 2021, Track Busway for Low Voltage Busbar Solutions was introduced by C&S. The Track Busway was created to provide solutions for power distribution in Data Centers, IT Parks, Process Plants, Manufacturing Industries, etc. C&S Electric was one of the foremost manufacturers of bustrunking in India and supplied busbar solutions worldwide.
List of Prominent Players in the Busbar Market:
- Schneider Electric
- TE Connectivity
- General Electric
- Rittal GMBH & Co. KG
- Chint Electrics
- Power Products
- Promet AG
- C&S Electric Company
Busbar Market Report Scope:
|Market Size Value In 2022||USD 17.94 Bn|
|Revenue Forecast In 2031||USD 26.15 Bn|
|Growth Rate CAGR||CAGR of 4.42 % from 2023 to 2031|
|Quantitative Units||Representation of revenue in US$ Bn and CAGR from 2023 to 2031|
|Historic Year||2019 to 2022|
|Report Coverage||The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends|
|Segments Covered||By Conductor, By Power Rating, By End-User|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Country Scope||U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia|
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Electrical specialists have no additional fees, and busbar installation is less expensive. They are less costly to develop or renovate and don’t need regular maintenance. Busbars are rapidly and effectively placed with little delay. The busbar generally replaces cables and other relevant components to lower installation costs. Additionally, busbars are trustworthy, safe, and eco-friendly, supporting the busbar market’s growth. The worldwide busbar market is anticipated to have significant growth potential as a result of consumer awareness of these characteristics and their varied uses in a variety of end-user industries.
Raw materials like copper and aluminum make up the majority of the cost of the product in the global busbar market. Unpredictability and growing costs of raw materials have become major problems for the busbar manufacturing sector. Supply chains are becoming unstable due to unforeseen challenges, such as rising energy prices and unanticipated changes in the cost of raw materials, making it challenging for manufacturers to maintain a profit. Given the difficulty in obtaining supplies of many raw materials, commodity price volatility may not be a fad. Manufacturers must decide whether to absorb additional costs, find new ways to reduce costs, or pass on price increases to clients who are already reluctant to spend.
In the Asia Pacific, the transmission and distribution of electricity have improved, and there has been a significant increase in industrial activity in nations like China, India, Japan, and others. This has led to an expansion in upgrading the power transmission system and replacing outdated equipment to improve the power supply. Africa and the Middle East, The majority of African nations lack adequate electrical infrastructure.
As a result, nations like Nigeria are putting greater effort into building out the infrastructure needed to provide power. Additionally, the Middle East has seen a rise in investments in constructing power infrastructure to supply electricity due to the reduction of carbon emissions from conventional power plants in Europe. Infrastructure spending to produce electricity from renewable sources has increased.
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Segmentation of Busbar Market-
By Power Rating-
- Low Power (Below 125 A)
- Medium Power (125 A–800 A)
- High Power (Above 800 A)
- Industrial End-Users
- Chemicals & Petroleum
- Metals & Mining
- The US
- The UK
- Rest of Europe
- South Korea
- South East Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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