Global Busbar Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Busbar Market Overview :

“The global Busbar Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global busbar market report has been segmented on the basis of material, power rating, end-use, and region.Busbar is a metallic strip or bar, which is made from copper or aluminum. It is a good conductor of electric current and it is installed inside switchgear, electric panel boards, and busway enclosures for power distribution.

Busbars are commonly used for connection of high volt equipment at electrical switchyards and for connection of low volt equipment in battery assembly.Increasing demand for consistent and uninterruptable electric supply in industrial and commercial sectors is a key factor expected to drive growth of the global market over the forecast period. In addition, rising concern towards reduction of energy losses in electric transmission and distribution activities is another factor expected to fuel growth of this market.

Furthermore, growing awareness regarding the energy efficiency of busbar over cable owing to its cost-effectiveness is also expected to support growth of the target market in the near future. Moreover, increasing integration of wind power technology in power generation with increasing smart and green cities globally, which are important factor expected to propel growth of the global market.

However, fluctuations in price of raw materials such as copper and aluminum is a key factor expected to restrain growth of the global market over the forecast period. In addition, low-quality and cheap products offerings by competitors are another factors expected to hamper growth of the target market in the near future.

Ongoing trend observed in the global market is increasing need for power monitoring as high cost of power utilization in process and discrete industries.

Increasing development of smart and green cities, rising solar power capacity, and rising demand for high voltage direct current (HVDC) transmission are expected to create lucrative opportunities for players operating in the target market. In addition, increasing adoption of electric vehicles across the globe is also another important factor expected to create revenue opportunities for manufacturers in this market.

The market in Asia Pacific dominates the target market in terms of revenue over the forecast period, owing to increasing preference towards energy efficiency and consumption due to rapidly growing industrialization in various countries in the region. In addition, increasing investment activities in smart and green cities, and in transportation activities in developing counties such as India and China, which are expected to drive growth of the target market in the region.

The market in North America followed by Europe is expected to register significant growth over the forecast period, owing to established standard of energy infrastructure, rising adoption of electric and hybrid electric vehicles due to environmental regulations in developed countries in the region.

Global busbar market segmentation:

Segmentation by material type:

• Copper
• Aluminum

Segmentation by power rating:

• Low
• Medium
• High

Segmentation by end-use:

• Residential
• Commercial
• Industries
• Utilities

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa