Busbar Systems Market Research Report – Forecast to 2030

Busbar Systems Market Research Report – Forecast to 2030

ID: MRFR/E&P/0653-HCR | January 2023 | Region: Global | 188 pages

Impact of COVID-19 on the Busbar Systems Market


Busbar systems distribute electricity by utilizing aluminum or copper busbars with appropriate enclosures and a moderate amount of protection to prevent the cables from getting damaged. They comprise of prefabricated electrical distribution systems in an extremely protective enclosure and include components such as elbows, straight lengths, devices, fittings, and accessories. The increasing demand for power and shifting focus towards the efficient use of electricity are some of the factors driving the growth of the market. Besides, new technological advancements and broad end-use spectrum of busbar systems in numerous data centers, worldwide, are also responsible for the growth of the market. However, during the COVID-19 pandemic, the governments of the majority of the countries have imposed partial or complete lockdowns, resulting in the temporary closing of schools, colleges, institutions, and offices, and halting of all business operations except for essential goods and services. Besides, the cancelation or postponement of international events, conferences, and shutdown of manufacturing plants have lowered the consumption of power. This significant decline in the demand for electricity from the industrial and commercial sectors has impacted the growth of the market tremendously. The high installation costs of busbar systems are expected to be the primary challenge faced by companies post the lockdown period, as companies have incurred tremendous revenue losses during the pandemic.


DISTRIBUTION OF INSTALLED ELECTRICITY GENERATION CAPACITY IN INDIA IN 2019, BY REGION


The delays caused in the delivery of infrastructure projects owing to the suspension of construction activities have drastically hampered the growth of the market. The slowdown in the construction sector and the reduced demand for conductors are also hindering the growth of the market. The resumption of commercial operations in the post-lockdown period is expected the drive the demand for power distribution, which in turn, is estimated to drive the demand for busbar systems. According to the MRFR analysis, the Asia-Pacific region is expected to dominate the market over the forecast period owing to the growth in urbanization & industrialization and the rising population in the region.


COVID 19 Impact Busbar Systems Market Share


Source: Primary Experts, Secondary Sources and MRFR Analysis


COVID 19 Impact Busbar Systems Market Share


Source: Secondary Sources