The latest report by IMARC Group, titled “Asia Pacific Busbar Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the Asia Pacific busbar market size reached US$ 7,279.2 Million by 2021. Busbar refers to an electrical conductor that collects the power supply from the incoming feeder and distributes it to the output feeder. It contains the electric power in one place, and is usually found inside panelboards, switchgear, and busway enclosures for local high current power distribution. The most commonly used metals used in the production of busbars include aluminum, brass, copper, and other efficient alloys capable of offering low energy loss during high conductivity and transmission. In recent years, busbars have gained traction due to the rising usage of electricity across residential, commercial, and industrial sectors in the Asia Pacific region.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These will be integrated into the market.
Asia Pacific Busbar Market Trends:
One of the primary factors driving the market is the escalating demand for uninterrupted and reliable power supply. Additionally, the widespread adoption of renewable energy sources for power generation is creating a positive market outlook. Other than this, the requirement for an effective conductor and lower energy loss during transmission has replaced traditional power distribution methods with highly conductive metal busbars. Besides this, busbars offer safety, reliability, require low installation cost, and employ reusable and re-locatable plug-in outlets. These advantages offered by them are also catalyzing the market growth. In line with this, the utilization of busbars in hospitals, data centers, apartments, laboratories, retail facilities, metros, institutions, railways, and technology stings are propelling the market growth. Furthermore, extensive investments by governments of various nations in grid expansion, modernization, and smart cities are driving the market growth. Along with this, they are also focusing on implementing energy-saving programs to enhance energy efficiency across commercial facilities, thus strengthening the market growth. Other growth-inducing factors include rapid urbanization and industrialization, and increasing demand for an efficient distribution network. Looking forward, IMARC Group expects the market value to reach US$ 11,134.7 Million by 2027, expanding at a CAGR of 7.4% in the forecast period (2022-2027).
- Based on the power rating, the market has been divided into high, medium, and low.
- On the basis of the conductor, the market has been bifurcated into copper and aluminum.
- Based on the end-user, the market has been segmented into industrial, commercial, residential, and utilities.
- On the basis of the industry, the market has been categorized into chemicals and petroleum, metals and mining, manufacturing, and others.
- Region-wise, the market has been classified into China, Japan, India, Indonesia, South Korea, Australia, and others.
- The competitive landscape of the market has also been analyzed, along with the profiles of the key players operating in the industry.
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