According to the latest report by IMARC Group, titled “Busbar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global busbar market size reached US$ 15.1 Billion in 2019. 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.
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$ 20.9 Billion by 2025, expanding at a CAGR of 5.4% during 2019-2024.
- Based on the power rating, the market has been segmented as high, medium and low.
- On the basis of the conductor, the market has been bifurcated into copper and aluminum.
- The market has been categorized based on the end user into industrial, commercial, residential and utilities.
- On the basis of the industry, the market has been divided into chemicals and petroleum, metals and mining, manufacturing and others.
- Region-wise, the market has been segregated into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being Siemens AG, ABB Group, Schneider Electric SE, Eaton Corporation, Inc., Legrand Pvt Ltd., General Electric Company, Mersen Corporate Services SAS, Rittal GmbH & Co. KG, CHINT Group Corporation, Power Products Unlimited, LLC, C&S Electric Ltd., Promet AG, ElvalHalcor SA, Littelfuse, Inc., Southwire Company, LLC and Oriental Copper Co. Ltd.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal