Busbar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Busbar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A1500
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Market Overview:

The global busbar market size reached US$ 17.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.

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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global busbar market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on power rating, conductor, end-user and industry.

Breakup by Power Rating:

  • High 
  • Medium
  • Low
     

Breakup by Conductor:

  • Copper
  • Aluminium
     

Breakup by End-User:

  • Industrial
  • Commercial
  • Residential
  • Utilities
     

Breakup by Industry:

  • Chemicals and Petroleum
  • Metals and Mining 
  • Manufacturing
  • Others
     

Breakup by Region:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America
     

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Siemens AG, ABB Group, Schneider Electric SE, Eaton Corporation, Inc., Legrand Pvt Ltd., General Electric Company, Mersen Corporate Services SAS, Rittal GmbH & Co. KG, CHINT Group Corporation, Power Products Unlimited, LLC, C&S Electric Ltd., Promet AG, ElvalHalcor SA, Littelfuse, Inc., Southwire Company, LLC and Oriental Copper Co. Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Power Rating, Conductor, End-User, Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Siemens AG, ABB Group, Schneider Electric SE, Eaton Corporation, Inc., Legrand Pvt Ltd., General Electric Company, Mersen Corporate Services SAS, Rittal GmbH & Co. KG, CHINT Group Corporation, Power Products Unlimited, LLC, C&S Electric Ltd., Promet AG, ElvalHalcor SA, Littelfuse, Inc., Southwire Company, LLC and Oriental Copper Co. Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global busbar market was valued at US$ 17.9 Billion in 2022.

We expect the global busbar market to exhibit a CAGR of 4.8% during 2023-2028.

The rising demand for uninterrupted and reliable power supply across the residential, commercial, and industrial sectors is primarily driving the global busbar market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary halt in numerous construction activities for new power infrastructures, thereby limiting the demand for busbar.

Based on the power rating, the global busbar market has been segmented into high, medium, and low. Currently, low power rated busbar accounts for the majority of the total market share.

Based on the conductor, the global busbar market can be categorized into copper and aluminum, where copper currently exhibits a clear dominance in the market.

Based on the end-user, the global busbar market has been divided into industrial, commercial, residential, and utilities. Currently, utilities segment holds the majority of the global market share.

Based on the industry, the global busbar market can be bifurcated into chemicals and petroleum, metals and mining, manufacturing, and others. Among these, the chemicals and petroleum sector currently accounts for the largest market share.

On a regional level, the market has been classified into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.

Some of the major players in the global busbar market include Siemens AG, ABB Group, Schneider Electric SE, Eaton Corporation, Inc., Legrand Pvt Ltd., General Electric Company, Mersen Corporate Services SAS, Rittal GmbH & Co. KG, CHINT Group Corporation, Power Products Unlimited, LLC, C&S Electric Ltd., Promet AG, ElvalHalcor SA, Littelfuse, Inc., Southwire Company, LLC, and Oriental Copper Co. Ltd.

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Busbar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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