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Busbar Trunking System Market - Expert research on current scenario, market analysis, product analysis & regional analysis from 2017-2024
Busbar Trunking System Market
Growing demand for reliable and cost-efficient distribution networks coupled with mounting investments toward rapid urbanization and industrialization across developing economies will drive the global busbar trunking system market. Ongoing electricity generation from power plants along with rapid deployment of the renewable energy will positively impact the business growth. High degree of fire safety along with low space requirements will further boost the product penetration.
U.S. busbar trunking system market will reach over USD 1 billion by 2024. Replacement and refurbishment of outmoded cable networks to meet the needs of a low-carbon, digital economy has significantly favored the product adoption. In 2015, the Department of Energy (DOE) estimated an investment of over USD 2 Trillion for grid modernization in the U.S. for the next twenty years.
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Rapid expansion of micro grid networks for decentralized electricity generation will proliferate the busbar trunking system market growth. Stringent government regulations to curb energy losses across residential, commercial and industrial establishments will further complement the business outlook.
Lighting busbar trunking system market will witness strong growth prospects owing to its ease of installation and longevity over traditional cable tray systems. High flexibility along with the ability to suffice a wide range of residential and commercial businesses has led to a mass influx in the product demand.
Rising demand for distribution networks with capability of optimizing electricity supplies and reduce the overall electric losses will foster the busbar trunking system market growth. Rapid technological advancements along with inclination towards the integration of power cables into a single unit will further complement the business outlook.
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Saudi Arabia busbar trunking system market in 2016 was valued over USD 200 million. Rapid infrastructure development along with positive outlook toward industrial sector has led to a robust industry growth. According to International Trade Administration, Saudi Arabia in 2016, has introduced investment plans of USD 14.7 Billion to develop transmission of electricity and over USD 13.7 Billion for distribution of electric power over the next decade.
Notable market players in the busbar trunking system market include Legrand, General Electric, ABB, Schneider Electric, Siemens, Eaton, Larsen & Toubro, ARJ Group, Megabarre, DBTS, C&S Electric, Godrej & Boyce, Naxso, Effibar and MK Electric.
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