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Busbar Market Insights, Demand, Analysis, Share, Forecast 2024-2033
Busbar Market Insights
According to The Business Research Company's, The busbar market size has grown strongly in recent years. It will grow from $16.93 billion in 2023 to $17.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to industrialization and infrastructure development, rising energy consumption, increasing renewable energy integration, demand from key end-use industries, government regulations.
The busbar market size is expected to see strong growth in the next few years. It will grow to $22.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to transition to smart grids, continued industrial growth, focus on energy efficiency, rising data center construction, integration of energy storage. Major trends in the forecast period include rising demand for energy efficiency, increased adoption of renewable energy, advanced materials and technologies, compact and modular designs, electrification of transportation.
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Market Drivers and Trends:
The rising concern towards the reduction of energy losses in electric transmission is expected to propel the growth of the busbar market. Energy loss in electric transmission refers to energy wasted during electricity production, transmission, and distribution, including plant and unexplained use. The resistance of the electrical conductors used in a power transmission system is one of the main contributors to energy losses. Busbars can carry large amounts of electricity with little energy waste because of their low resistance. Busbars can be used instead of conventional wire to decrease energy losses, saving money. For instance, in July 2022, according to Energy Information Administration (EIA), a US-based statistical agency of the Department of Energy, each year, transmission and distribution losses amount to around 5% of the total electricity generated. This resulted in a loss of 207 million MWh in 2020, which, at an average wholesale power price of $30/MWh, was worth $6.21 billion. Therefore, the rising concern towards reducing energy losses in the electric transmission is driving the growth of the busbar market going forward.
Major companies operating in the busbar market are developing advanced products such as modular busbar systems to gain a competitive edge in the market. Modular busbar systems refer to an electrical distribution system composed of individual, standardized modules or segments that can be easily connected and assembled to create a customized and flexible power distribution network. For instance, in September 2022, Vertiv, a US-based digital infrastructure solutions company, launched the Vertiv Powerbar iMPB, designed to support the critical digital infrastructure of data centers and dynamic environments. The modular busbar system offers scalability with capacities ranging from 160 amps to 1,000 amps, enabling seamless power upgrades in data centers, laboratories, distribution warehouses, and other adaptable settings. The system allows for uninterrupted additions and upgrades without requiring extra floor space, addressing the evolving power needs of modern data centers with a compact and flexible solution.
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Major Key Players of the Market:
Siemens AG; ABB Ltd.; Schneider Electric SE; Eaton Corporation plc; TE Connectivity Ltd.; Legrand S.A.; Mersen S.A.; CHINT Group Co. Ltd.; C&S Electric Limited; Rogers Corporation; Friedhelm Loh Group; Cubic Module System A/S; Hager Vertriebsgesellschaft mbH & Co. KG; Starline Holdings LLC; Sedotec GmbH & Co. KG; Methode Electronics Ltd.; General Electric Company; Rittal GMBH & Co. KG; Power Products LLC; Promet AG; Godrej & Boyce Manufacturing Company Limited; Bhagyanagar India Limited; Oriental Copper Co. Ltd.; Littelfuse Inc.; Southwire Company LLC; Pentair plc; Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S.; Keiper Electric GmbH; Mitsubishi Electric India Private Limited; nVent Electric plc; Alcan Cable; ERICO International Corporation
Busbar Market 2024 Key Insights:
• The busbar market will grow to $22.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Surging Concerns Over Energy Loss Reduction Drives Growth In Busbar Market
• Introduction Of Powerbar Impb Redefines The Busbar Market With Modular And Scalable Solutions
• North America was the largest region in the busbar market in 2023
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