Busbar Trunking System market is predicted to grow at approximately 6.5% by 2023.
The electric distribution system is prefabricated and consists of copper or aluminum bus bars. They are suitably enclosed with superb protection against foreign materials. Busbar trunking systems have emerged as highly efficient, safe, and ideal electric supply and distribution systems suitable for various industrial installations and high-rise buildings. Such systems are enabled by a compact design and standard plug-in boxes, and they can efficiently deliver current in the range 125A to 2000A, suitable for various industrial purposes. They are gaining a major degree of preference over conventional cabling systems. Being cost-effective for on-site installation, busbar trunking systems offer substantial cost savings attributed to flexible design and less production downtime during rewiring, which acts as a perfect solution to meet future needs.
Globally, the rising degree of investments in clean energy projects and the development of smart cities is another prominent factor that proves to be fortunate for the global operations. As a result, the extensive development of new renewable projects and the development of green constructions are likely to create excellent growth opportunities for various market players. The industrial sector is witnessing a substantial surge in the electricity demand, followed by the rising focus on energy efficiency.
The global busbar trunking system market is majorly distributed among the small and large manufacturers across the world. Manufactures are heavily investing in futuristic manufacturing technology, cost cutting techniques and implementing various research techniques, so as to obtain high quality end product. Wide range of effective and efficient products will be brought up in market at competitive cost rate in coming few years.
As estimated and keenly analyzed, it is estimated that Asia-Pacific region will dominate the busbar trunking system market during the forecast period. There are various major factors taken into consideration such as growing populations, modernization, substantial growth in economy of this region, growth in industrialization and urbanization are the major drivers for the influence of bus bar trunking system market in the region.
The key players of Global Busbar Trunking System Markets are ABB, Ltd. (Switzerland), ABB, Ltd. (Switzerland), Schneider Electric (France). Eaton Corporation, Plc (Ireland), Larsen & Toubro (India), Siemens AG (Germany), General Electric (U.S.), C&S Electric Limited (India), Legrand SA (France), Godrej & Boyce Manufacturing Company Limited (India), Busbar Services (South Africa) and DBTS Industries SDN. BHD. (Malaysia)
The industrial sector has quantified functions that are in need of constant supply of electric units. The sector’s energy consumption has grown by over 12%, from around 214 British thermal units in 2010 to around 240 quadrillion British thermal units. The energy consumption of the industrial sector is more than 50% compared to the total global energy consumption. With such rising demand, the employment of busbar trunking has become irreplaceable. The majority of the energy consumption in this particular sector comes from energy-intensive manufacturing industries involved in manufacturing basic chemicals, iron, steel, food, non-ferrous metals, non-metallic minerals, refining, and paper, for large-scale demand. Energy-intensive industries are on their way to occupying half of the industrial sector’s energy consumption share.
Busbar trunking is a system consisting of prefabricated electrical distribution system covered in a highly protective enclosure, which basically includes components such as fittings, devices, straight lengths, elbows and accessories. They have wide applications in many industrial and commercial firms to offer ideal, safe, secure and efficient distribution network system. Various industries and multi facilities infrastructure focus towards efficient use of electricity due to stringent government rules and regulations. Also, technical advancement and operational efficiency are the major attracting factors for the end-users, which influences the busbar trunking system market.
The latest advancement in the technology and wide use of busbar trunking system in various data centers across the world is the major growth factor of this market. The increase in number of data centers in recent times and the expected exponential growth in near future will certainly boost the busbar trunking system market. As observed, since last decade, the sudden growth in industrialization, urbanizations and mechanization has led to the development of various business sectors, customer relationship and end user satisfaction factors, henceforth driving the growth of busbar trunking system market.
Study Objectives of Busbar Trunking System Market:
The report for Busbar Trunking System Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2030: Significant Value|
|CAGR||6.5% CAGR (2022-2030)|
|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, Insulation, Power Rating, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB, Ltd. (Switzerland), ABB, Ltd. (Switzerland), Schneider Electric (France). Eaton Corporation, Plc (Ireland), Larsen & Toubro (India), Siemens AG (Germany), General Electric (U.S.), C&S Electric Limited (India), Legrand SA (France), Godrej & Boyce Manufacturing Company Limited (India), Busbar Services (South Africa) and DBTS Industries SDN. BHD. (Malaysia)|
|Key Market Opportunities||Increase in number of data centers|
|Key Market Drivers||
The global busbar trunking system market is maturing at a moderate 6.5% CAGR over the review period of 2017 to 2023.
A few significant players of the global busbar trunking system market are ABB, Ltd. (Switzerland), ABB, Ltd. (Switzerland), Schneider Electric (France). Eaton Corporation, Plc (Ireland), among others.
The lighting segment is expected to drive market growth over the review period.
The transportation segment is likely to witness the highest demand in the busbar trunking system market.
The APAC region is expected to witness the fastest growth.