According to Future Market Insights’ most recent report, the global busbar market will grow from US$ 18,278.9 Mn in 2022 to over US$ 23,177.7 Mn by the end of 2028, registering a CAGR of 4.0%.
Expanding busbar installations in commercial buildings like hotels, research facilities, hospitals, and residential structures are anticipated to boost the market’s promising future. Over one-third of the revenue share is likely to be accounted for by Tier I producers like Schneider Electric SE, Eaton Corporation Plc, Siemens AG, and Methode Electronics.
Why Should Busbar Manufacturers Concentrate on North America?
According to a recently released report by Future Market Insights, North America dominates the world market for busbars, contributing nearly 24.4% of the market’s total revenue.
The growing use of smart grids and the demand for sustainable energy systems are driving up busbar demand, which is driving up busbar market growth throughout the region. However, the busbars’ associated complexity is limiting market expansion.
The market for busbars is also anticipated to grow in the near future due to rising electric vehicle demand.
The market size in the region is likely to grow as a result of the presence of well-known manufacturers like Electronic Systems Packaging LLC (ESP), Methode Electronics, Inc., Storm Power Components, and Suzhou West Deane Machinery.
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Will the bus industry find lucrative conditions in South Asia and the Pacific?
In terms of regional growth, South Asia and the Pacific will probably see the highest demand for busbars due to rising electricity consumption in the residential, commercial, and industrial sectors. One of the main factors driving the market growth in the South Asia & Pacific region is a significant rise in demand for reliable, uninterrupted power supply coupled with a growing adoption of renewable energy sources for power generation.
Furthermore, due to the numerous advantages of busbars, including their high reliability, cost-efficiency, environmental friendliness, ease of installation, and movable plug-in outlets, copper busbars are expected to see significant growth in the years to come. The use of busbars will also be improved by encouraging government subsidies and significant investments in grid expansion and modernization.
In order to improve energy efficiency across all commercial services, they are also implementing energy-saving programmes.
Competitive Landscape
Busbar manufacturers are investing in the research and development of new adhesives with better curing properties as per changing industry standards across multiple industry verticals.
In February 2019, Siemens presented a new form of data transmission for the BD2, LD, and LI busbar trunking systems from the Sivacon 8PS portfolio. 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.
In February 2020, ABB introduced the NeoGearTM low-voltage switchgear, which incorporates a revolutionary new laminated bus plate technology. NeoGear has ushered in a new era of looking at busbar technology in switchgear, with a 25% smaller footprint, making it an optimal solution where space is at a premium.
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