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Busbar Trunking System Market Size, Share, Growth | Report 2024
Busbar Trunking System Market Size
As per the report, the busbar trunking systems market size has grown rapidly in recent years. It will grow from $2.69 billion in 2023 to $2.99 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The busbar trunking systems market size is expected to see rapid growth in the next few years. It will grow to $4.70 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
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Construction Boom Fuels Busbar Trunking Systems Market Growth
The rapid construction activities are expected to propel the growth of the busbar trunking systems market going forward. Construction activity refers to building physical structures, such as houses, factories, roads, and bridges. The combination of demographic trends, economic factors, technological advancements, policy initiatives, and environmental considerations contributes to the rise in construction activities globally. Busbar trunking systems streamline electrical power distribution in buildings and construction sites, eliminating the requirement for numerous cables, conduits, and distribution boards, thereby reducing labor and material expenses. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom Statistics Authority, the construction sector experienced a remarkable annual growth of 12.7% in 2021, with a 2.0% increase in monthly construction output in December 2021 primarily attributed to a rise in new work by 3.5%. Furthermore, the industry's quarterly production saw a 1.0% increase in Q4 2021 compared to Q3, driven by both new work (1.1%) and repair and maintenance (0.8%). Therefore, the rapid construction activities are driving the growth of the busbar trunking systems market.
Introduction Of Maintenance Free Busway Systems
Major companies operating in the busbar trunking systems market are developing epoxy-insulated power busway systems to provide better electrical solutions in the market. Epoxy-insulated power busway systems are electrical distribution systems that utilize epoxy insulation to provide a safe and efficient means of distributing electrical power. For instance, in February 2021, Davis, a Malaysia-based manufacturer of advanced power distribution systems, launched a new version of a maintenance-free epoxy-insulated power busway system to meet the latest power distribution requirements. This system is designed with maintenance-free, robust, reliable, epoxy insulated, low impedance, and modular design. It was introduced to meet the latest power distribution specification requirements. The new version of the busway system is expected to provide better performance, efficiency, and reliability in power distribution.
The busbar trunking systems market covered in this report is segmented -
1) By Material: Aluminum, Copper
2) By Power Rating: Lighting, Low Voltage, Medium Voltage, High Voltage
3) By End-User: Transportation, Residential, Commercial, Industrial
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Major companies operating in the busbar trunking systems market report are Siemens AG, ALFA Technologies Pvt. Ltd., Schneider Electric SE, ABB Ltd., Eaton Corporation Plc, C&S Electric Limited, TE Connectivity, DBTS Industries Sdn Bhd, Molex LLC, Legrand S.A., WEG S.A., Phoenix Contact, LS Cable & System Ltd., Rittal GmbH & Co. KG, Hager Group, Lapp Group, ARJ Holding LLC, E&I Engineering Group, Anord Mardix Inc., Vass Electrical Industries, Terasaki Electric Co. Ltd., Power Plug Busduct Sdn Bhd, Godrej & Boyce Mfg. Co. Ltd., Vilfer Electric
Contents of the report:
1. Executive Summary
2. Busbar Trunking Systems Market Report Structure
3. Busbar Trunking Systems Market Trends And Strategies
4. Busbar Trunking Systems Market - Macro Economic Scenario
5. Busbar Trunking Systems Market Size And Growth
…..
27. Busbar Trunking Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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