Busbar market size will reportedly surpass 4 million tons by 2024 in terms of volume, as per a report by Global Market Insights, Inc. The extensive necessity to reduce energy losses across T&D lines and the rising demand for uninterrupted power supply are expected to act as chief drivers for this industry. The increasing adoption of smart grid technology will also have a positive impact on busbar market share over 2017-2024.
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Five geographical trends busbar market is characterized by:
India will emerge as a viable avenue for APAC busbar market in the years ahead. The launch of schemes such as the Integrated Power Development Scheme to traverse the technological gap over sub transmission networks and the rising number of rural electrification reforms will drive India busbar market share.
As per estimates, the Saudi electricity company, in 2017, declared the construction of five interconnecting transmission lines of 380kV and six power plants in north Saudi Arabia. Aided by such initiatives and the robust expansion of power generation facilities in the country, Saudi Arabia busbar market size is projected to register a CAGR of 5% over 2017-2024.
In 2016, Germany held more than 16% of Europe busbar market share driven by the expansion of high voltage transmission and distribution lines.
Powered by technological developments in electrical equipment design and the increasing number of government-funded initiatives to upgrade grid networks, U.S. busbar market size is forecast to surpass USD 2 billion by 2024.
In 2016, the UK held more than 10% of Europe busbar market share. The rising necessity to set up a sustainable electric supply network and the government’s long-term strategies to upgrade the existing infrastructure will expedite the regional industry growth.