Busbar Market Analysis | 2023-2028

“The Busbar Market was estimated at US$ 16.18 billion in 2022 and is expected to grow at a healthy CAGR of 5.4% during 2023-2028 to reach US$ 22.31 billion by 2028.”

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Market Dynamics

Introduction

A busbar is a metallic strip or bar used in electrical power distribution systems to conduct and distribute electrical current. It serves as a central conductor, providing a low-resistance path for the flow of electricity within a power system. Busbars are typically made of copper or aluminum due to their excellent electrical conductivity and high mechanical strength.

They are used to connect various electrical devices, such as transformers, circuit breakers, and switchgear, enabling the transfer of power between these components. Busbars are crucial for efficient power distribution and play a vital role in ensuring reliable and safe electrical supply in industrial, commercial, and residential settings.

Market Drivers

Growing investments aimed at establishing an effective power supply network, busbar's ability to provide high voltage power in building structures without occupying any additional space, rising demand for reliable and continuous electricity supply mixed with increasing focus to minimize energy losses across transmission and distribution are some of the major factors driving the market growth during the forecast period.

Segments Analysis

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By Material Type

“Copper busbar dominates the market during the forecast period.”

The market is segmented into copper and aluminum. Copper busbar is projected to witness a strong growth rate in the market owing to its ability to transmit large currents with minimal losses and high resistivity. In addition, features such as longer lifespan, higher conductivity, advanced security features and high threshold from damage will further fuel the product demand in the market. Copper busbar is further categorized as electrolytic tough pitch and oxygen free.

On the other hand, the aluminum busbar market is expected to be positively influenced by its lightweight and high mechanical strength features.

By Power Range Type

“High power dominates the market during the forecast period.”

The market is segmented into low, medium, and high. High power is anticipated to be the leading segment of the market owing to the ongoing trend of modernization of ultra-high transmission lines to reduce line losses and suffice electricity demand. Lower sagging and effective supply features over long routes will further fuel the segment growth over the forecast period.

The low-power busbar market growth is driven by its ability to distribute power efficiently to light fixtures in the industrial as well as commercial sectors.

By Application Type

“The commercial segment dominates the market during the forecast period.”

The market is segmented into commercial, residential, and industrial. The commercial segment is to witness significant growth during the forecast period owing to the rising electricity demand due to rapid urbanization.

On the other hand, the industrial busbar segment is estimated to be positively influenced by strong economic growth, growing foreign direct investments toward electricity distribution & generation accompanied by rising public and private funding in the development of infrastructure during the forecast period.

Regional Analysis

“Asia-Pacific is estimated to be the leading region in the market.”

Owing to rising investments aimed at modernization and expansion of the grid coupled with increased efforts to avoid the electricity supply & demand mismatch. China and India are the growth engines of the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the busbar market (arranged alphabetically).

• Godrej & Boyce Mfg. Co. Ltd.,
• Halcor,
• Littelfuse,
• MERSEN,
• Methode Electronics,
• Oriental Copper Co., Ltd.,
• Pentair,
• Rittal,
• Schneider Electric,
• Southwire Company, LLC.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholder validation, and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. 

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

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Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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