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.

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.