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Laminated Busbar Market Trends

ID: MRFR//6179-HCR | 111 Pages | Author: Priya Nagrale| July 2024

Global Laminated Busbar Market Overview

Laminated Busbar market size was valued at USD 0.78 Billion in 2023. The laminated busbar industry is projected to grow from USD 0.82 Billion in 2024 to USD 1.38 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.02% during the forecast period (2024 - 2032). The increasing demand for hybrid and electric vehicles and rising demand for safe as well as secure electrical distribution systems are the key market drivers enhancing the market growth.

Global Laminated Busbar Market Overview1

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Laminated Busbar Market Trends

  • Increasing electricity demand to boost market growth

The increasing demand for hybrid and electric vehicles will propel the market’s growth rate during the forecast period of 2022-2029. The market for laminated busbar is being driven by factors such as increasing electricity demand and rising demand for safe as well as secure electrical distribution systems. In addition to this, rising renewable energy integration will expand the laminated busbar industry.

Furthermore, increasing awareness about energy saving and efficiency act as major factors influencing the growth of the market for laminated busbar. Other significant factors that will cushion the market’s growth rate for laminated busbar is swift industrialization and technological advancement. Cost-efficient and operational benefits of laminated busbar will flourish the market’s growth rate.

Further, Government regulations tending with the impacts of carbon dioxide gas emission on the climate because of the inappropriate burning of fossil fuels demand a maintainable energy system. Low discharges from laminated busbar-based batteries utilized in various family applications would drive future market growth. 

Expanded utilization of batteries and utilization of force in various areas like broadcast communications, aviation, and transport are driving the development of the covered busbar market. Hence, increase in high power laminated busbar system for transportation and distribution of power is another factor driving the growth of the laminated busbar market revenue.

Additionally, rising focus on renewable energy, increasing demand for safe and secure electrical distribution systems, and cost-efficiency and operational benefits of laminated busbars are the key factors accelerating the growth of the market for laminated busbar. The rising demand for high-quality, consistent, and cost-effective power across industries coupled with uninterruptible power supply (UPS) systems, which support a wide range of power generation technologies, will drastically boost the demand for laminated busbar across the globe. 

A well-designed laminated bus bar provides mechanical improvement and electrical optimization within a UPS system. Laminated bus bars offer multiple benefits, including reducing part count, addressing component and personal safety issues, virtually eliminating assembly errors, and improving overall system cost. Hence, increasing benefits of the solution has enhanced the laminated busbar market CAGR across the globe in the recent years.

Moreover, Government regulations addressing the effects ofco2 gas emission on environment due to the inappropriate combustion of fossil fuels demands for a sustainable energy system. In solar, wind power, and fuel cells, the DC energy is fed directly into an insulated-gate bipolar transistor (IGBT) and capacitor circuit through low-inductance laminated bus bars, delivering safe and efficient power. 

The design of the laminated bus bar confers excellent packaging efficiency. Designing all electrical connection points in one clean bus bar for the IGBTs, Capacitors, and I/O and monitoring devices lead to enhanced system reliability, along with ensuring optimal electrical performance.

Laminated Busbar Market Segment Insights:

Laminated Busbar Insulation Material Insights

The Laminated Busbar market segmentation, based on insulation material, includes kapton, tedlar, mylar, epoxy powder coating, and tonnex. The epoxy powder coating segment held the majority share in 2021 contribution to the Laminated Busbar market revenue. This is primarily owing to the increasing application epoxy powder coating in automotive parts. However, mylar is the fastest-growing category as it helps the product to sustain from harsh environment.

Laminated Busbar Conductor Insights

The Laminated Busbar market segmentation, based on conductor, includes copper, and aluminum. The copper segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to its high thermal & electrical conductivity, excellent ductility & malleability, and resistance to corrosion, which makes it suitable in several applications. However, aluminum is the fastest-growing category over the forecast period as it used in a number of applications such as automotive, telecom, industrial, aerospace & defense, and others.

Laminated Busbar End-Use Insights

The Laminated Busbar market data has been bifurcated by end-use into power electronics, transportation, and telecom. The power electronics segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is attributed owing to factors like a rising share of distributed power generation in total electricity generation. However, transportation is the fastest-growing category over the forecast period due to growing demand of laminated busbar in the automotive industry.

Figure 2: Laminated Busbar Market, by End Usser, 2021 & 2030 (USD Billion)

Laminated Busbar Market, by End Usser

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Laminated Busbar Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific laminated busbar market accounted for USD 0.31 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is due to the increasing population, urbanization, and industrialization. As a result, the demand for a guaranteed power supply is high. 

Many countries are investing in the renewable energy sector and transmission and distribution infrastructure to address these demands. Moreover, China laminated busbar market held the largest market share, and the India laminated busbar market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Laminated Busbar Market Share By Region 2021 (%)

Laminated Busbar Market Share By Region

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe laminated busbar market accounts for the second-largest market share due to the increasing automobile production in Mexico and shift of manufacturers from European Union is expected to increase the use of laminated busbar in the automobile industry of Mexico. Further, the Germany laminated busbar market held the largest market share, and the UK laminated busbar market was the fastest growing market in the European region.

The North America laminated busbar market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to growing adoption in the automotive industry due to its excellent corrosion resistance and temperature tolerance. Moreover, US laminated busbar market held the largest market share, and the Canada laminated busbar market was the fastest growing market in the North America region.

Laminated Busbar Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the laminated busbar market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the laminated busbar industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the Laminated Busbar industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. The laminated busbar market major player such as Mersen (France), Rogers (Canada), Zhuzhou Crrc Times Electric (China), and others are working to expand the market demand by investing in research and development activities.

Amphenol is one of the world’s largest providers of high-technology interconnect, sensor and antenna solutions. Their products enable the electronics revolution across virtually every end market, including automotive, broadband communications, commercial aerospace, industrial, information technology and data communications, military, mobile devices and mobile networks. 

The company is founded in 1932 and is headquartered in Wallingford, Connecticut, USA. In December 2020, Amphenol Corporation, which is a global provider of high-technology interconnect, antenna and sensor solutions has signed an agreement to acquire MTS Systems, a leading global supplier of advance test system, motion stimulators and precision sensors.

Also, OEM - Automatic Ltd. markets and sells industrial automation components. The Company offers panel related products including busbar, cable trunking, switches, counters, current transformers, data recorders, enclosures, industrial connectors, displays, logic controllers, and monitor relays. In 2020, OEM Automatic Ltd. has agreed to acquire Zoe dale Ltd. through which OEM Automatic can increase its product portfolio with expanding the utilization of technical advice to deliver the best solutions for their application.

Key Companies in the Laminated Busbar market includes

  • Mersen (France)

  • Rogers (Canada)

  • Zhuzhou Crrc Times Electric (China)

  • OEM Automatic (UK)

  • Electronic Systems Packaging (US)

  • Suzhou West Deane Machinery (China)

  • Shennan Circuits (China)

  • Shenzhen Woer New Energy (China)

  • Jans Copper (India)

  • Storm Power Conductors (US)

  • Ryoden Kasei (Japan)

  • Idealac (Jordan)

  • Amphenol (US)

  • Methode Electronics (US), among others

Laminated Busbar Industry Developments

February 2020: ABB Ltd intended to deploy laminated bus plate technology for low-voltage switchgear and increased the busbar market. When integrated with the ABB Ability platform, the new technology provides optimum reliability, efficiency, safety, flexibility, and a measurable return on investment (ROI).

March 2020: BRAR announced the successful completion of factory cold tests of busbars and Aluminium Power Conducting Arms for SMS Group.

March 2019: Rogers Corporation showcased its specialty materials for power electronics applications comprising its wide range of laminated busbar solutions, 92ML thermally conductive PCB materials, curamik substrates, ARLON Secure Thermal Transfer Adhesive, and HeatSORB phase change material at the APEC 2019 conference and exhibition.

Laminated Busbar Market Segmentation:

Laminated Busbar Insulation Material Outlook

  • Kapton

  • Tedlar

  • Mylar

  • Epoxy Powder Coating

  • Tonnex

Laminated Busbar Conductor Outlook

  • Copper

  • Aluminum

Laminated Busbar End User Outlook

  • Power Electronics

  • Transportation

  • Telecom

Laminated Busbar Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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