According to the latest report by IMARC Group, titled "United States Busbar Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the United States busbar market reached a value of US$ 3,501.6 Million in 2021. A busbar refers to a solid metal bar that is generally used to distribute electric power. An essential component that is mainly equipped in electric vehicles (EVs) and power distribution channels, it offers high-voltage connections. Since it distributes electricity with greater flexibility and ease due to its excellent conductivity property, it is widely used as a preferred alternative for conventional distribution methods. Due to its extreme heat endurance and high-temperature resistance properties and superior mechanical strength, there has been a considerable increase in the adoption of busbars in the manufacturing of 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.
United States Busbar Market Trends:
The market in the United States is primarily driven by an enhanced focus on energy efficiency among the masses. This is supported by the increasing initiatives undertaken by the government to promote the uptake of environmentally friendly alternatives. In line with this, the growing manufacturing and selling of electric vehicles (EVs) are creating a positive market outlook. Along with this, the rising investments in numerous infrastructural and smart city development projects are providing a boost to the demand for busbars across the country. Moreover, leading players are heavily spending on the deployment of charging and power distribution technology, which is significantly supporting the product demand. Additionally, the widespread installation of heating, ventilation, and air conditioning (HVAC) systems across various industry sectors is impacting the market growth favorably. Other factors, including the increasing demand for effective power supply networks across rural and geographically extended areas and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market across the United States. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5,237.7 Million by 2027, expanding at a CAGR of 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 region, the market has been divided into Northeast, Midwest, South and West.
- 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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