Busbar Market is projected to be worth USD 44.51 billion by 2028, registering a CAGR of 17.93% during the forecast period (2021 - 2028).
A busbar is a metallic strip or bar that acts as a medium to distribute power in a system. The metals used are aluminum, copper, bronze, or other efficient alloys capable of offering high conductivity and low energy loss during transmission. Aluminum is majorly preferred as it offers higher electrical conductivity. Full or partial installation of busbars offers immense protection. It is commonly enclosed in switchgear, panel boards, switch panels, and busway enclosures. Busbar can endure a high-temperature environment, heat dissipates, and great mechanical strength.The demand for reliability, enhanced safety, and cost-efficiency in power distribution systems helps to expand the demand for busbar systems in the utility sector.
Busbars offer suitability across production and storage spaces and render their support at other places like railway stations, logistics storage and warehouses, shopping complexes, and airports. It is responsible for offering hassle-free power distribution that will boost busbar systems market operations. The increasing adoption of smart grids and accelerating investments toward infrastructural development offer robust opportunities for the busbar systems market.
The busbar is the trending solution for the distribution of electrical power. Busbar system is used in power distribution and consists of prefabricated electrical distribution system in a highly protective enclosure, which basically includes components such as fittings, devices, straight lengths, elbows, and accessories. Busbar system provides the most efficient systems and are capable of optimizing the distribution of medium voltage power in industries where concepts of planned production and scientific factory layouts are applied, ensuring complete safety. With the rising need to alter shop layouts and changes in production patterns to meet the ever-demanding market, busbars provide the necessary flexibility to make such changes quickly, with minimum power shutdown, utilizing the existing cables, conductors and fittings.
The factors attracting the service providers to invest in busbar systems include shifting focus towards efficient use of electricity, strict regulations and policies favoring energy efficiency, and technical advancement and operational efficiency in power infrastructure. In 2015, the U.K. government has passed energy efficiency regulations for buildings to conserve energy and the buildings would be incentivized by the practice. However, huge initial costs for the bus bar installations are hampering the growth of market.
The modern advancement in the technology and broad end-use spectrum of busbar systems in various data centers, across the world, is the driving growth factor of this market. The increase in the number of data centers in recent times and the expected exponential growth in near future will certainly boost the busbar systems market. As observed since last decade the sudden growth in industrialization, urbanizations and mechanization has led to the development of various business sectors, customer relationships and end-use satisfaction factors. Such factors can be considered the major growing aspects of busbar system market in upcoming decade.
The key players of busbar system market are ABB Ltd., (Switzerland).ARJ Group (UAE).Busbar Services, (South Africa). C&S Electric Ltd. (India). E.A.E EleKTrik A.S., (Turkey), Eaton Corporation, PLC, Republic of Ireland), and Entraco Power (India). General Electric Company. (U.S.) Gersan EleKTrikAS., (Turkey), Godrej & Boyce Manufacturing Company Ltd. (India), Graziadio & C. S.P.A., (Italy), IBAR (EMEA) Ltd., (Kendal, UK).KGS Engineering Ltd., (Chennai, India).Schneider Electric Co., (France), Larsen & Toubro., (India), Legrand., (France), and Megabarre Group. (Italy) are among others.
Many global regions have understood the factors that give rise to the need for an efficient conductor and lower energy loss during transmission has replaced the conventional power distribution methods with busbars made from highly conductive metals. Integrating busbars in the newly developed or upcoming city or town developments projects by replacing cables and wired connectivity is fortunate market development. In addition, the wind power generation & distribution industry is experiencing a surge, which results in high demand for busbars used at different levels of the power distribution process. Companies foresee a profitable functioning owing to the same. The busbar systems are popular as they offer easy and faster installation, offering cost benefits to the various end-users. It acts as a driving factor as conventional methods take up time and labor.
The busbar systems market is segmented on the basis of conductor, power rating, end-user and regions. On the basis of conductors the market is segmented as aluminum and copper. Copper busbar segment is projected to dominate the market share due to its better electrical characteristics such as conductivity, resistance, and strength. On the basis of power rating, busbar systems market is fragmented into low, medium, and high. Medium power rated segment is dominating, in terms of market share due to the fact that the bus bar systems are the most efficient in distribution of medium voltage current. For an instance, Siemens has developed a new air-insulated medium voltage busbar system that improves the efficiency and reliability of wind turbines. Based on end-use segment, the market is classified as residential, commercial, and industrial. Commercial segment has had the largest market share due to the flourishing infrastructure projects.
The global busbar systems market is anticipated to grow at an exponential growth during the forecast period owing to increasing demand for efficient distribution network. Asia Pacific region will dominate the busbar system market during forecast period. Various factors such as growing populations, modernization, substantial growth in economic region, growth in industrialization and urbanization are the major drivers of the busbar systems market in the region.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Conductor, Power Rating, End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Ltd., (Switzerland).ARJ Group (UAE).Busbar Services, (South Africa). C&S Electric Ltd. (India). E.A.E EleKTrik A.S., (Turkey), Eaton Corporation, PLC, Republic of Ireland), and Entraco Power (India). General Electric Company. (U.S.) Gersan EleKTrikAS., (Turkey), Godrej & Boyce Manufacturing Company Ltd. (India), Graziadio & C. S.P.A., (Italy), IBAR (EMEA) Ltd., (Kendal, UK).KGS Engineering Ltd., (Chennai, India).Schneider Electric Co., (France), Larsen & Toubro., (India), Legrand., (France), and Megabarre Group. (Italy)|
|Key Market Opportunities||
|Key Market Drivers||
Copper is the largest application segment in the global busbar systems market.
Shifting focus towards efficient use of electricity, strict regulations, policies favoring energy efficiency, and rising technical advancement & operational efficiency in power infrastructure are major tailwinds pushing the growth of the global busbar systems market.
North America holds the largest share in the global busbar systems market, followed by Europe, and the Asia Pacific region, respectively.
ARJ Group (UAE), Busbar Services, (South Africa), ABB Ltd., (Switzerland), C&S Electric Ltd. (India), Eaton Corporation, PLC(Ireland),, E.A.E EleKTrik AS (Turkey), Entraco Power (India), Gersan EleKTrik AS (Turkey), General Electric Company (U.S.), Godrej & Boyce Manufacturing Company Ltd. (India), IBAR (EMEA) Ltd., (UK), Graziadio & C. S.P.A., (Italy), KGS Engineering Ltd. (India), Schneider Electric Co., (France), Legrand (France), Larsen & Toubro., (India), and Megabarre Group (Italy), are some of the top players operating in the global busbar systems market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global busbar systems market adopt to gain a larger competitive advantage.