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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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