The U.S. busbar market is projected to reach over 600 Kilo Tons by 2024 while in 2016, The UK accounted for over 10% of the Europe busbar market share driven by growing demand for energy efficient electric equipment to establish a sustainable electric supply network
Busbar Market will reach over USD 20 billion by 2024, according to a new research report.
Increasing demand for electrical conductor to carry large current within distribution board, substation, battery bank, switch board will stimulate the global busbar market. Ability to offer stiffness to allow effective cooling of conductors, lower assembly time, reduced complexity and ability to tap-in without creating a new joint institute a favorable business scenario.
Increasing development of smart cities have compelled utilities and installers to align their focus toward energy efficient electric infrastructure. Furthermore, favorable regulatory prospects in compliance to the labelling and eco-design reforms across developed economies will considerably foster the global busbar market share. Growing energy consumption along with rising concern toward transmission and distribution losses will further complement the industry landscape.
Increasing demand for reliable electricity from rural and urban areas along with introduction of several initiatives to support the installation of transmission and distribution network will augment the Asia Pacific busbar market. In 2015, Integrated Power Development Scheme has been introduced to provide financial support against capital investment to bridge the technological gap across sub transmission networks in India. Regulators across the nation have also set target to reduce T&D losses from 22% in 2015 to 15% by 2019.
Read more: Busbar Market Reaching Over 600 Kilo Tons in U.S. by 2024