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According to the latest report by IMARC Group, titled “Busbar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global busbar market reached a value of US$ 17 Billion in 2021. A busbar is a conductive material that is used to collect electric power at one location and distribute it to output circuits. It is available in different sizes and shapes, ranging from solid bars to flat strips to rods for use in a variety of configurations. The size and the cross-sectional area of the busbar determine the maximum amount of current it can carry safely. It is wholly or partly insulated and enclosed in metallic enclosures for protection. It is designed and manufactured in a way so that it can support the electro-mechanical forces imposed by mechanical vibrations during a short circuit.
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.
Global Busbar Market Trends:
Busbars are gaining traction across the globe as they are secure, reliable, environment-friendly, and can be easily and quickly installed with no downtime. They can also replace the cable distribution system, which has its complication for a fire hazard. In addition to this, the installation of busbars is comparatively less expensive than cables as they do not require routine maintenance and involve no outside labor costs. Besides this, with rapid urbanization and industrialization, there has been an increasing requirement for uninterrupted and reliable power supply. The consequent construction of new power generation plants and the renovation of existing infrastructures for meeting the growing demand are positively impacting the sales of busbars. Looking forward, the market value is projected to reach US$ 22.8 Billion by 2027, expanding at a CAGR of 4.9% during 2022-2027.
Market Summary:
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