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Navigating the Growth Trajectory of the Busway-Bus Duct Market: Powering Tomorrow

11-23-2023 01:35 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Navigating the Growth Trajectory of the Busway-Bus Duct Market:

In a recent revelation by Allied Market Research, the "Busway-Bus Duct Market" has emerged as a robust force, recording a valuation of $12.1 billion in 2021 and projecting an estimated surge to $21 billion by 2031. With a notable CAGR of 5.5% from 2022 to 2031, the market's ascension is underlined by a decade of substantial growth.

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Strategic Expansion Amid Global Demand: The busway-bus duct market has experienced remarkable growth over the past ten years, driven by the surge in industries and commercial buildings across developed and developing nations. Additionally, the increased demand in the energy sector has played a pivotal role in this upward trajectory. A multitude of players in the busway-bus duct industry are strategically expanding their businesses, launching innovative products to solidify their global presence. In 2021, the non-segregated phase bus duct segment took the lead in terms of revenue, a trend attributed to the rise in small and medium-scale industries. Notably, the residential segment is poised for higher growth, driven by improved economic conditions and rapid urbanization.

Diverse Configurations and Usage Spectrum: The busway-bus duct market presents various configurations, including isolated phase bus duct, segregated phase bus duct, and non-segregated phase bus duct. Among these, the non-segregated phase bus duct segment claimed the largest market share in 2021, reflecting the increased number of small- and large-scale manufacturing industries and commercial buildings. The market is further analyzed based on voltage ratings, where the medium-voltage segment dominated in 2021 due to its versatile applications. The industry's heartbeat is echoed in various end-user sectors, including residential, commercial, and industrial, with the automotive industry, oil & gas, power generation sector, and plastic industry acting as the primary drivers. However, the market faces challenges with fluctuating raw material costs restraining overall growth.

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Global Landscape and Industry Opportunities: Asia-Pacific took the lead in the global busway-bus duct market growth in 2021, closely followed by North America and Europe. Moreover, the LAMEA region is anticipated to witness high growth, propelled by rapid industrial expansion. The growing industries in emerging economies stand as a key opportunity for the busway-bus duct market.

Innovations and Industry Resilience: Key manufacturers have introduced several stationary busway-bus ducts, exemplified by Tai Sin Electric Limited's Busbar Trunking System in March 2021. This innovative system boasts enhanced performance attributes such as higher power efficiency, low voltage drop, high tensile strength, and advanced safety features.

Navigating Pandemic Challenges: The COVID-19 pandemic posed substantial challenges, leading to temporary halts in business operations for busway-bus duct manufacturers in countries like China, the U.S., and India. The resultant disruptions impacted the sales of these manufacturing companies, with shortages of manpower and raw materials further restricting the supply chain. However, the severity of the pandemic has substantially reduced after two years, and key players in the market are showing signs of rapid recovery.

Key Players and Market Overview: Key companies profiled in the busway-bus duct market forecast report include ABB, Accu-Panels Energy Pvt. Ltd., C&S Electric Limited, Current Midwest, DBTS IND, Eaton Corporation PLC, General Electric Company, Godrej and Boyce Company Limited, Huapeng Group Company, Ltd., L&T Electrical & Automation, LS Cable & System Ltd., Powell Industries Inc., Schneider Electric, Siemens AG, TAIAN-ECOBAR TECHNOLOGY, Tricolite Electrical Industries, and Vidhyut Control India Pvt. Ltd.

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Key Findings of the Study:

The non-segregated phase bus duct dominated the busway-bus duct market in terms of revenue in 2021.

The segregated phase bus duct segment is projected to grow at a significant CAGR during the forecast period.

The medium-voltage segment registered the highest revenue in 2021 concerning voltage.

The industrial segment recorded the highest revenue in 2021 among end-user industries.

LAMEA is expected to register the highest growth rate in the coming years.

The report provides comprehensive insights into the strategies of key players, offering a deep understanding of the competitive outlook of the busway-bus duct industry.

The report delves into current trends and emerging opportunities within the market.

In-depth busway-bus duct market analysis is conducted, constructing estimations for key segments between 2022 and 2031.

https://www.alliedmarketresearch.com/busway-bus-duct-market-A13992

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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