Busbar Electroplating Market Size, Share, Growth Analysis, By Substrate(Copper, Aluminum, Others), By Metal Plating(Tin, Zinc, Silver, Nickel), By End-use Application(Power Generation, Aerospace & Defense, Data Centers, Industrial & Manufacturing), By Region - Industry Forecast 2024-2031

Busbar Electroplating Market size was valued at USD 15.74 billion in 2019 and is poised to grow from USD 16.6 billion in 2023 to USD 25.3 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

The Busbar Electroplating market is highly fragmented and dominated by many small and medium scale players. These players encompass various metal’ electroplating services. Furthermore, B2B E-Commerce platform and Supplier discovery platforms has created more opportunities for small and medium-sized companies. Key players in the busbar electroplating market are adopting strategies like innovation in electroplating technologies, product launches, and mergers & acquisitions, to gain a significant market share. For instance, In March 2022, Valence Surface Technologies LLC (Blairsville, Pennsylvania) announced the acquisition of H&W Industries Inc. (Blairsville, Pennsylvania), a provider of surface treatment for highly engineered products in North America's Northeast region. H&W provides surface treatment to a number of the most advanced defense platforms in the US and maintains critical approvals with key A&D primes such as Northrop Grumman. 'ABB Ltd.', 'Legrand SA', 'Schneider Electric SE', 'Eaton Corporation plc', 'Mitsubishi Electric Corporation', 'Siemens AG', 'General Electric Company', 'Rittal GmbH & Co. KG', 'Rogers Corporation', 'Methode Electronics, Inc.', 'Emerson Electric Co.', 'Hubbell Incorporated', 'TE Connectivity Ltd.', 'Pentair plc', 'Nexans S.A.', 'Luvata Oy', 'Gonda Metal Industry Co., Ltd.', 'Copperweld Bimetallics LLC', 'Watteredge LLC', 'Mersen S.A.'

The aerospace and defense industries' increasing demand for electroplated busbar for improved conductivity is expected to drive electroplating market growth. It is the best option for the aerospace and defense industries, which require less space-consuming but high-current-flowing-capacity substances. They have a higher conductivity than ordinary cables and wires while taking up less space. Over the forecast year, these factors are expected to drive the market.

A rise in the demand for electricity from the residential, commercial, industrial, etc. sectors is the factor that is expected to create lucrative growth opportunities for the busbar electroplating market. The need for an effective conductor and lower energy loss during transmission has replaced conventional power distribution methods with highly conductive metal busbars. Additionally, an increase in industrial activity led to a rise in the operation of electrical devices. Upgradation of the aging electric transmission system has resulted to an increase in the replacement of several transformers to provide uninterrupted electric supply.

The Asia Pacific region dominates the market and is projected to maintain a similar trend over the forecast period. Asia Pacific market is projected to grow at the fastest CAGR of 6.6% over the forecast period. The region was valued at USD 1006.83 million in 2021. Electroplating is a labour-intensive service, which is one of the major factors influencing the cost of electroplating services. Low labour costs and available manpower in countries such as China and India have contributed to the region's growth of the busbar electroplating market throughout the forecasted period. North America stood as the second largest market. The growing demand for sustainable energy systems, rapidly growing data center industry and the increased use of smart grids are driving demand across the region.