USD 17.56 billion
Busbar Market Size, Share, Growth Analysis, By Conductor (Conventional Busbar, Next-Generation Busbar), By Power Ratings (Low Power, Medium Power), By End User (Utilities, Commercial), By Region -Industry Forecast 2024-2031.
Report ID:
SQMIG20D2189 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
90
|Figures:
75
Busbar Market Insights
Global Busbar Market size was valued at USD 17.56 billion in 2022 and is poised to grow from USD 18.4 billion in 2023 to USD 26.8 billion by 2031, growing at a CAGR of 4.81% during the forecast period (2024-2031).
Busbars increase capacitance, decrease wiring errors, increase dependability, and lower system costs. Additionally, they raise capacitance while reducing inductance. Busbars device structure also offers special characteristics for mechanical design.
The busbar market is primarily driven by growing demands for consistent and standby power electric supply in the commercial and residential sectors. Moreover, growth is expected to be driven by a surge in the development of smart and green cities, rising solar power capacity, and rising demand for high voltage direct current (HVDC) transmission.
The governments of various countries are focusing on the adoption of electric vehicles as they play an important role in reducing pollution by using clean energy sources. Busbar are used in electric vehicles to efficiently distribute electric power. Busbar in electric vehicles is constructed and designed to cross paths with the vehicle's shock and vibration requirements. Furthermore, busbar devices are simple to install, secure, and dependable, which is the reason they are used in electric vehicles. As a result of the growing popularity of electric vehicles, the demand for busbar is expected to rise over the forecast period.
US Busbar Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Copper
Fastest Growth
Aluminum
Growth Rate
4.81% CAGR
Global Busbar Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Busbar Market Segmental Analysis
Global Busbar Market is segmented into Conductor, Power Ratings, End User, and region. By Conductor, the market is classified into Copper Busbar, Aluminum Busbar, and Brass. Depending on the Power Ratings, it is categorized into Low Power (Below 125 A), Medium Power (125 A–800 A), and High Power (Above 800 A). According to End User, the market is divided into Utilities, Commercial, Industrial, and Residential. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Busbar Market Analysis by Type
Based on Type, the global busbar market is segmented into copper, aluminum, and others. The copper busbar is dominated the global market in terms of revenue share. The segment was valued at USD 12.49 billion in 2021. While aluminum busbar is the fastest growing segment throughout the forecasted period. Moreover, in terms of volume share, Aluminum busbar dominated the global busbar market due to low cost. When compared to copper busbar, aluminium busbar is up to 70% lighter and much less expensive. In reality, aluminium busbars are 50% more conductive than copper when compared KG for KG. The aluminum busbars have a wide range of applications, including transformers, distribution boards, and electrical panel boards. Aluminum Busbars are made of a lighter material than copper and thus less expensive to mass produce.
Global Busbar Market By End User Application , 2021(%)
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Busbar Market Regional Insights
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The Asia Pacific region is dominating the global busbar market was valued at USD 5.84 billion in 2021. The growing emphasis on energy efficiency and rising energy consumption as a result of urbanization and industrial growth in this region will be the driving forces for the Asia Pacific Busbar market. Due to significant investments in smart cities, green development, high-rise buildings, and transport systems, notably in the region.
The busbar market in the Asia-Pacific region is dominated by China, followed by India. Due to growing market investments, India is anticipated to have the fastest growth in the region. Massive investment by Indian government for distribution of electricity throughout the country will drive the growth of market. For Instance, in 2019, ABB Limited was awarded a contract worth US$ 640 million by Power Grid Corporation of India Limited, the country's national electricity grid operator. According to the contract, ABB will supply an 800 kilovolt (kV) ultra-high-voltage direct current transmission link of more than 1,800 km in order to provide electricity to more than 80 million people.
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Busbar Market Dynamics
Busbar Market Driver
Low Maintenance Cost and Affordability
- Busbar installation is less expensive, and there are no additional costs for electrical experts. They don't require routine maintenance and are less expensive to renovate or develop. Busbars are installed quickly and efficiently with minimal latency. The busbar primarily reduces installation costs by substituting cables and other related components. Moreover, busbars are safe, dependable, and environmentally friendly, which contributes to the busbar market's expansion. Awareness of these features with various applications in the multiple end-user industries is expected to create healthy growth opportunities in the global busbar market.
Growing urbanization and commercialization offers growth of the market.
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The development in the major cities of the developing country has paved the way for growth of the market. The major goal of these countries is to install equipment which is energy efficient and energy saver. The busbar plays that role efficiently. Smart equipment such as energy meters, parking meters, and intelligent traffic management systems use laminated busbars as their prime component. Commercial and residential construction, especially high-rise buildings, use busbar as they save space and eliminate the need for complex cabling.
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There are variety of measures being adopted by countries and cities to gain the economic stability by increasing the efficiency and optimizing the energy that will lead to brighter and sustainable future
Busbar Market Restraint
Instability Of Raw Material Prices
In the global busbar industry, raw materials such as copper and aluminum account for the majority of the product's cost. The rising costs and unpredictability of raw materials have emerged as a key challenge for the busbar manufacturing industry. Unexpected obstacles, ranging from rising energy costs to unexpected fluctuations in raw material costs, are destabilizing supply chains and making it difficult for manufacturers to stay profitable. Commodity price volatility may not be just a temporary phenomenon, as supplies of many raw materials become more difficult to secure, and it is up to manufacturers to either absorb additional costs, find new ways to mitigate expenses or pass on price increases to customers who are already reticent to spend. Furthermore, the raw material cost is one of the most influential and primary factors that ascertain the pricing of busbar, the high rate of fluctuation in the price of raw material is expected to restrain the busbar market over the forecast year.
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Busbar Market Competitive Landscape
The market is dominated by medium and small players. Big companies are outsourcing the manufacturing of busbar to medium and small companies. Moreover, Key players in the Busbar market are adopting strategies like innovation in busbar, product launches, and mergers & acquisitions, to gain a significant market share. The companies have offered customers a wide range of options to choose from based on their needs, allowing them to evaluate the product offerings through requirements and costs. Additionally, the growth of various B2B E-Commerce platform and Supplier discovery platforms has encouraged customers to connect with the players available in the global market.
Busbar Market Top Player's Company Profiles
- Schneider Electric SE
- Eaton Corporation PLC
- Legrand S.A.
- Siemens AG
- ABB Ltd
- TE Connectivity Ltd
- Mersen S.A.
- Rittal GmbH & Co. KG
- Rogers Corporation
- Methode Electronics, Inc.
- C&S Electric Ltd.
- Molex LLC
- Natus GmbH & Co. KG
- Gonda Metal Industry
- MSS Products Ltd
- Watteredge, LLC (USA)
- Mitsubishi
- GE
- Bahra Electric
- Oriental Copper Co.
Busbar Market Recent Developments
- In October 2021, C&S Electric Ltd launched the C&S Track Busway under the Metabar range of Low Voltage Power Busbar Solutions in a variety of ratings. The Track Busway is intended for power distribution solutions in Data Centers, IT Parks, Process Plants, and Manufacturing Industries, among other places. C&S Electric is a leading Bustrunking manufacturer in India, supplying busbar solutions all over the world.
- In February 2020, ABB launched the NeoGear low-voltage switchgear, which features a revolutionary new laminated bus plate technology. With a 25% smaller footprint, NeoGear has ushered in a new era of looking at busbar technology in switchgear, making it an ideal solution where space is at a premium.
Busbar Key Market Trends
Due To Rising Usage of Electric Vehicle, Demand for Busbars Is Set to Increase
- Governments around the world are focusing on the adoption of electric vehicles because they help to reduce pollution by using clean energy sources. Busbars are used to efficiently distribute electric power in electric vehicles. Busbar in electric vehicles is built and designed to meet the vehicle's shock and vibration requirements. Busbar devices are also easy to install, secure, and dependable, which is why they are used in electric vehicles. The growing popularity of electric vehicles is expected to drive up demand for busbar over the forecast period.
Embracing the idea of a sustainable future is aiding the busbar market .
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All the countries around the globe , looking at the current trend, are aspiring for sustainable and green energy . They are trying their best to save and harness the majority of energy and electricity from renewable energy for the future. Busbar specifically copper busbar offer minimal space utilization and highly effective conductivity which goes hand in hand with the concept of sustainable future.
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As per changing industry standards across multiple industry verticals, Busbars manufacturers are investing in the research & development of new adhesives with better curing properties .Market players are focused on presenting a new form of data transmission for the BD2, LD, and LI busbar trunking systems.This technology allows busbars not only to transmit current but also data. This has enhanced flexibility, transparency, and efficiency for power distribution in this digital age.
Busbar Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Busbar market analysis, the growing demand for consistent and standby power electric supply in the commercial and residential sectors is driving the busbar market. Furthermore, growth is expected to be fuelled by an increase in the development of smart and green cities, increased solar power capacity, and increased demand for high voltage direct current (HVDC) transmission. Based on Type, the copper busbar has dominated the market. Based on region, The Asia Pacific region is dominating the global market. The Asia Pacific Busbar market will be driven by the region's increasing emphasis on energy efficiency and rising energy consumption as a result of urbanization and industrial growth. Significant investments have been made in smart cities, green development, high-rise buildings, and transportation systems, particularly in the region.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 17.56 billion |
| Market size value in 2031 | USD 26.8 billion |
| Growth Rate | 4.81% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Busbar Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Busbar Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Busbar Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Busbar Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Busbar Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Busbar Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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