Press release
Busway-Bus Duct Market Growth 2021-2031 | Industry to Reach $21 billion, At a CAGR of 5.5%
Busway-Bus Duct Market
In 2021, Asia-Pacific dominated the global busway-bus duct market growth, in terms of revenue, followed by North America and Europe. Moreover, the market in LAMEA is expected to grow with high CAGR, owing to rapid industrial growth in the region.
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Driving Factors:
Commonly observed types of busway-bus duct are isolated phase bus duct, segregated phase bus duct, and non-segregated phase bus duct. Among these, the non-segregated phase bus duct segment accounted for the largest busway-bus duct market share in 2021, owing to surge in the number of small- and large-scale manufacturing industries along with increased number of commercial buildings.
The market is analyzed with respect to voltage ratings of the busway-bus duct systems, such as high-voltage, medium-voltage, and low-voltage. Among these, medium-voltage segment accounted for the highest market share in 2021, owing to its wide range of usage. And by end-user industry, the market is categorized as residential, commercial, and industrial.
The market is mainly driven by rise in industries such as automotive industry, oil & gas, power generation sector, plastic industry, and others. However, fluctuating cost of raw material used for manufacturing busway-bus duct is restraining the growth of the market.
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Growth in industries in emerging economies is expected to be a major busway-bus duct market opportunity.
Key manufacturers have launched many stationary busway-bus duct. For instance, in March 2021, Tai Sin Electric Limited, introduced Busbar Trunking System. It has improved performance with its higher power efficiency, low voltage drop, high tensile strength and safety features.
Top Players:
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 report provides an extensive busway-bus duct market size analysis, current and emerging busway-bus duct market trends and dynamics.
Depending on type, the non-segregated phase bus duct dominated the busway-bus duct market, in terms of revenue in 2021 and the segregated phase bus duct segment is projected to grow at a significant CAGR during the forecast period.
By voltage, the medium-voltage segment registered highest revenue in 2021.
By end-user industry, the industrial segment registered highest revenue in 2021.
Region wise, LAMEA is projected to register highest growth rate in the coming years.
The key players within the busway-bus duct market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the busway-bus duct industry.
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