The global busbar market exhibited moderate growth during 2015-2020. Busbars are strips of conductive materials which are used for collecting and distributing electric power. Since busbars ground and conduct electricity at the same time, they are often coated with materials which provide different conductivity limits and variations. They make the power distribution process easier, flexible and hassle-free. Additionally, they offer cost-efficient and fast installation services with no downtime. They also require few installation materials and employ reusable and re-locatable plug-in outlets. As a result, they are extensively utilized across various verticals including factories, data centers, retail facilities, hospitals, laboratories, universities, metros and railways.
The rising demand for electricity across residential, commercial and industrial sectors is the major factor driving the market growth. Changing lifestyles and increasing average global temperature have resulted in the adoption of heating, ventilation, and air conditioning (HVAC) systems across various industry sectors. This has created an increasing demand for uninterrupted and reliable power supply, thereby boosting the sales of high capacity busbars. Moreover, significant developments have also been witnessed in the power infrastructure sector. New power generation plants are continually being constructed, while the existing infrastructures are being renovated, thereby positively impacting the demand for busbars. In addition to this, governments of several countries are also taking initiatives to improve the existing power infrastructure to enhance electricity production and access. For instance, as per one of the World Bank reports, the Sub-Saharan African governments are engaging in collective investment endeavors for coordinated and long-term electrification plans, which is expected to improve the electricity access in the region. Also, Power Africa, a US government initiative, aims to aid governments of the African countries to improve the electricity status in the region. Furthermore, rising concerns about the risks posed by the increasing usage of non-renewable power sources have led to the growing adoption of energy-eficient products and systems which is further expected to drive the market in the coming years. Looking forward, IMARC Group expects the global busbar market to grow at a CAGR of around 5% during the forecast period (2021-2026).
The report has also analysed the competitive landscape of the market with some of the key players being Siemens, ABB, Schneider Electric, Eaton Corporation, Legrand, General Electric, Mersen, Rittal, Chint Electric, Power Products, C&S Electric, Promet, ElvalHalcor S.A., Littelfuse, Southwire Company, Oriental Copper, etc.
Key Questions Answered in This Report:
According to the estimates by IMARC Group, the global busbar market is expected to grow at a CAGR of around 5% during the forecast period (2021-2026).
The rising demand for uninterrupted and reliable power supply across the residential, commercial, and industrial sectors, represents one of the key drivers for the global busbar market.
The construction of new power generation facilities based on renewable energy sources, such as solar and wind energy, represents one of the key trends in the global busbar market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in the construction of new power infrastructures, thereby hampering the overall demand for busbars.
On the basis of the power rating, the market has been classified into high, medium and low. Amongst these, low power rated busbar accounts for the majority of the market share.
On the basis of the conductor, the market has been categorized into copper and aluminum. At present, copper busbar holds the largest market share.
On the basis of the end user, the market has been bifurcated into industrial, commercial, residential and utilities. At present, utilities account for the majority of the market share.
On the basis of the industry, the market has been bifurcated into chemicals and petroleum, metals and mining, manufacturing, and others. At present, chemicals and petroleum account for the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global busbar market are Siemens, ABB, Schneider Electric, Eaton Corporation, Legrand, General Electric, Mersen, Rittal, Chint Electric, Power Products, C&S Electric, Promet, ElvalHalcor S.A., Littelfuse, Southwire Company, Oriental Copper, etc.
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