Global Busbars Market Size by Conductor (Copper, Aluminum), By Power Rating (Medium Power, High Power), By End-User (Residential, Utilities), By Geographic Scope And Forecast
Report ID: 36013|No. of Pages: 202
Global Busbars Market Size by Conductor (Copper, Aluminum), By Power Rating (Medium Power, High Power), By End-User (Residential, Utilities), By Geographic Scope And Forecast
Busbars Market Size and Forecast
Busbars Market size was valued at USD 16.65 Billion in 2023 and is projected to reach USD 22.74 Billion by 2031 growing at a CAGR of 4.38% from 2024 to 2031.
- Busbars are conductive bars used in electrical systems to distribute current. They connect numerous circuits, allowing for more effective power management in substations, distribution boards and industrial applications. Their sturdy build ensures longevity.
- In industrial environments, busbars improve dependability and simplify wiring. They can withstand high current loads while minimizing energy losses, making them crucial in power generation and distribution. Their modular architecture allows for simple updates.
- Future improvements in busbar technology will include integration with smart grids and renewable energy sources. Enhanced materials will increase efficiency and safety. Innovations may lead to compact designs that meet urban infrastructure needs.
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Global Busbars Market Dynamics
The key market dynamics that are shaping the global busbars market include:
Key Market Drivers:
- Growing Demand for Renewable Energy: The rising use of renewable energy sources is pushing up busbar demand in power distribution. By 2024, renewable energy is expected to account for 30% of worldwide electricity output.
- Rapid Urbanization and Infrastructure Development: With 68% of the world’s population predicted to live in cities by 2050, there is a need for improved electrical infrastructure, which will require significant investment in electrical systems that require busbars.
- Increasing Data Center Construction: Data center building is on the rise as a result of digital transformation, which is driving up demand for busbars. The market is expected to increase at a 13.69% CAGR from 2021 to 2026.
Key Challenges:
- Supply Chain Disruptions: Disruptions in the global supply chain have a substantial impact on busbar manufacturing because they limit the availability of raw materials. This causes manufacturing delays, higher expenses and significant disruptions in project timetables and budgets. Companies must manage their supply chains proactively in order to mitigate these issues and complete projects on schedule.
- Technological Advancements: The continuous growth of electrical technologies needs quick adaptations in busbar design and production methods. Keeping up with developments is critical for meeting market needs and preserving a competitive advantage. Companies that invest in R&D can better adapt to changing client needs and increase operational efficiencies.
- Regulatory Compliance: Stricter environmental and safety standards affect busbar manufacturing and installation. Companies incur higher operational costs as a result of required compliance procedures, which complicate project management. Investing in compliance systems is essential for ensuring adherence to regulations while balancing costs and project timelines.
Key Trends:
- Supply Chain Disruptions: Disruptions in the global supply chain have a substantial impact on busbar manufacturing because they limit the availability of raw materials. This causes manufacturing delays, higher expenses and significant disruptions in project timetables and budgets. Companies must manage their supply chains proactively in order to mitigate these issues and complete projects on schedule.
- Technological Advancements: The continuous growth of electrical technologies needs quick adaptations in busbar design and production methods. Keeping up with developments is critical for meeting market needs and preserving a competitive advantage. Companies that invest in R&D can better adapt to changing client needs and increase operational efficiencies.
- Regulatory Compliance: Stricter environmental and safety standards affect busbar manufacturing and installation. Companies incur higher operational costs as a result of required compliance procedures, which complicate project management. Investing in compliance systems is essential for ensuring adherence to regulations while balancing costs and project timelines.
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Global Busbars Market Regional Analysis
Here is a more detailed regional analysis of the global busbars market:
North America:
- According to Verified Market Research, North America is expected to dominate the global busbars market.
- Increasing renewable energy integration in North America is pushing up demand for busbars in power distribution networks. According to the U.S. Energy Information Administration (EIA), renewable sources generated around 21% of total power output in 2020 and are expected to increase to 42% in 2050. This increase demands strong electricity transmission and distribution infrastructure, which will enhance the busbar market.
- The burgeoning data center industry also contributes significantly to rising busbar demand. The North American data center market, valued at $86.77 billion in 2023, is predicted to grow to $144.78 billion by 2028. Efficient power distribution systems are critical in these facilities, making busbars key components.
- The electrification of transportation, specifically electric vehicles (EVs), opens up new prospects. With 2.3 million electric automobiles in North America roads in 2020, projected to increase to 20 million by 2030 (International Energy Agency), the demand for EV charging infrastructure and corresponding busbars is set to grow significantly.
Asia Pacific:
- According to Verified Market Research, Asia Pacific is fastest growing region in global busbars market.
- Rapid industrialization and urbanization in Asia Pacific are driving up need for reliable electricity distribution networks. The Asian Development Bank (ADB) predicts that urbanization in Asia would increase from 48% in 2020 to 64% by 2050. This surge demands considerable electrical infrastructure, including busbars, to provide effective power distribution in both industrial and urban areas.
- Simultaneously, the growing renewable energy sector boosts demand even further. According to the International Renewable Energy Agency (IRENA), Asia will account for 64% of worldwide renewable energy capacity growth in 2020, with China alone contributing 136 GW. This expansion demands busbars for efficient power generation, transmission and distribution, resulting in a thriving business in the region.
Global Busbars Market: Segmentation Analysis
The Global Busbars Market is segmented based Conductor, Power Rating, End-User and Geography.
Busbars Market, By Conductor
- Copper
- Aluminum
Based on Conductor, the Global Busbars Market is separated into Copper and Aluminum. Copper dominates the worldwide busbar market because to its high electrical conductivity, durability and corrosion resistance. While aluminum has advantages such as lighter weight and lower cost, copper’s performance attributes make it the favored choice for applications needing efficient power distribution and reliability in a variety of industrial environments.
Busbars Market, By Power Rating
- Low Power
- Medium Power
- High Power
Based on Power Rating, Global Busbars Market is divided into Low Power, Medium Power, High Power. The high-power category dominates the worldwide busbars market due to its importance in industrial applications and large-scale power distribution, responding to rising demand for renewable energy and infrastructure development.
Busbars Market, By End-User
- Industrial
- Commercial
- Residential
- Utilities
Based on End-User, Global Busbars Market is divided into Industrial, Commercial, Residential, Utilities. The industrial category dominates the worldwide busbars market, owing to high power demands and substantial electrical infrastructure in the manufacturing and processing industries. This segment’s expansion is critical to energy distribution efficiency.
Busbars Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
Based on the Geography, the Global Busbars Market divided into North America, Europe, Asia Pacific and Rest of the World. North America currently dominates the busbar market, owing to improved infrastructure and significant demand from industrial sectors. Meanwhile, the Asia-Pacific region is the fastest-growing, owing to rapid urbanization, infrastructure development and increasing expenditures in renewable energy projects, making it a vital location for future busbar application expansion.
Key Players
The Global Busbars Market study report will provide valuable insight with an emphasis on the global market. The major players in the market are Littlefuse, Halcor Metal Works S.A., Methode Electronics, Schneider Electric, MERSEN, Rittal GmbH & Co. KG, Southwire Company, LLC, Oriental Copper Co., Ltd.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Busbars Market Recent Developments
- In August 2022, the United States government announced a USD 10.5 Billion investment to upgrade America’s electric infrastructure. The funding will hasten the implementation of transformative projects that will improve the reliability of the power sector’s infrastructure, resulting in affordable, reliable, clean electricity.
- In December 2022, India Grid Trust (IndiGrid) and G R Infraprojects signed a deal for approximately USD 50 billion in power transmission projects identified through Tariff Based Competitive Bidding (TBCB). In addition, the power ministry of India has recently unveiled a plan for investment of USD 2,500 billion in building transmission infrastructure to meet the vision of 500 GW of renewable energy capacity by 2030 to meet its energy transition goal, which is expected to have a positive impact on market growth.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2030 |
| Base Year | 2023 |
| Forecast Period | 2024-2030 |
| Historical Period | 2020-2022 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Littlefuse, Halcor Metal Works S.A., Methode Electronics, Schneider Electric, MERSEN, Rittal GmbH & Co. KG, Southwire Company, LLC, Oriental Copper Co., Ltd. |
| Segments Covered | By Conductor, By Power Rating, By End-User and By Geography. |
| Customization Scope | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post sales analyst support
Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL BUSBAR MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL BUSBAR MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL BUSBAR MARKET, BY CONDUCTOR
5.1 Overview
5.2 Copper
5.3 Aluminum
6 GLOBAL BUSBAR MARKET, BY POWER RATING
6.1 Overview
6.2 Low Power
6.3 Medium Power
6.4 High Power
7 GLOBAL BUSBAR MARKET, BY END-USER
7.1 Overview
7.2 Industrial
7.3 Commercial
7.4 Residential
8 GLOBAL BUSBAR MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL BUSBAR MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Schneider Electric SE
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 General Electric
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Siemens AG
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Rittal GmbH & Co. Kg
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 ABB Ltd.
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Power Products LLC
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Eaton Corporation PLC.
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Mersen S.A.
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Legrand S.A.
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Chint Electric Co. Ltd.
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
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Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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| Demand side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
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The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
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Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
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- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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