According to the latest report by IMARC Group, titled "Europe Busbar Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Europe Busbar market reached a value of US$ 3,599.6 Million in 2021. A busbar refers to a solid metal bar that is generally used to distribute electric power. It is an important component that is mainly equipped in electric vehicles (EVs) to enable high-voltage connections. In comparison to traditional methods, it distributes electricity with greater flexibility and ease due to its good conductivity property. Additionally, it is widely utilized for maintaining significant current levels between functions within the electric assembly. Due to its high temperature and extreme heat endurance and superior mechanical strength capacity, there has been a considerable increase in the adoption of busbars in switchgear, busway enclosure and panel boards.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Europe Busbar Market Trends:
The market in Europe is primarily driven by an enhanced focus on sustainable development among the masses. Since busbars are re-locatable and reusable in nature and require fewer installation materials and plug-in outlets, this is providing a boost to the market growth. Along with this, the rising investments by private and public agencies in the development of smart and green cities across the region are creating a positive market outlook. Moreover, continual technological advancements in busbars to maximize design flexibility while delivering excellent electrical interface characteristics are augmenting the growth of the market. Apart from this, the increasing adoption of busbars in three-phase power distribution systems across large environments, such as factories, data centers, retail facilities, laboratories, information technology (IT) settings and universities, are acting as other growth-inducing factors. Other factors, including the rising investments by leading players for establishing effective power supply networks and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market across Europe. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5,294.2 Million by 2027, growing at a CAGR of 6.7% during 2022-2027.
- On the basis of power rating, the market has been bifurcated into high, medium and low.
- Based on the conductor, the market has been segmented into copper and aluminium.
- On the basis of the end-user, the market has been segregated into industrial, commercial, residential and utilities.
- Based on the industry, the market has been categorized into chemicals and petroleum, metals and mining, manufacturing and others.
- On the basis of the country, the market has been divided into Germany, France, United Kingdom, Italy, Spain and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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