IMARC Group, a leading market research company, has recently released a report titled “Busbar Market: global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Busbar market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Busbar Market?
The global busbar market size reached US$ 17.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.
What is Busbar?
A busbar is a metallic strip or bar, commonly made of copper, aluminum, or brass, that conducts electricity within a switchboard, distribution board, or other electrical apparatus. Its main purpose is to distribute electric power with high efficiency while minimizing the loss of electrical energy. Busbars are essential components in electrical power systems and are used to connect multiple sources and loads, facilitating the effective distribution of electrical currents. They are often used in various settings, including industrial plants, commercial buildings, and electrical utility facilities. Compared to traditional cables, busbars are more efficient in terms of space and energy, providing a compact and straightforward method for electrical distribution.
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What are the Growth Prospects and Trends in the Busbar Industry?
The increasing demand for electrical energy represents one of the key factors driving the growth of the market across the globe. This is primarily attributed to rapid urbanization and industrialization which is boosting the growth of the market. As cities expand and industrial activities escalate, the need for efficient and reliable electrical distribution systems becomes critical, thereby fueling the market. The ongoing shift towards renewable energy sources is acting as a major growth-inducing factor. Busbars play an essential role in connecting renewable energy systems to the grid, ensuring efficient energy distribution. With countries increasingly investing in solar, wind, and hydroelectric power, the market is set to benefit from this transition. Significant technological advancements also act as a catalyst for the market growth. Modern busbars come with features like improved conductivity, safety measures, and corrosion resistance, which make them more appealing compared to traditional cabling systems. The development of smart grids and intelligent power systems further necessitates the use of advanced busbar systems, equipped with monitoring and control capabilities, thus facilitating the growth of the market across the globe.
Who are the Key Players Operating in the Busbar Market?
The report has also analysed the competitive landscape of the market with some of the key players.
- 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
What is Included in Market Segmentation?
The report has categorized the market based on power rating, conductor, end-user and industry.
Breakup by Power Rating:
- High
- Medium
- Low
Analysed by Conductor:
- Copper
- Aluminium
Based on End-User:
- Industrial
- Commercial
- Residential
- Utilities
Industry by Insights:
- Chemicals and Petroleum
- Metals and Mining
- Manufacturing
- Others
Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
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.
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