Busbar is an electrical system that is made up of a conductor strip of aluminum or copper. This power distribution system is placed in a wide range of equipment such as switchgears, distribution panels, and switchboards along with other items that operate on electricity. In recent years, the demand for low power busbars has been relatively high as they are being readily adopted in commercial and residential spaces.
The end users of busbars are sectors such as metals and mining, chemicals and petroleum, utilities, commercial, residential, manufacturing and industrial. Of these, the utilities segment is projected to lead the global busbar market in the near future. The high demand for these electricity distribution systems in power generation plans, especially at distribution and transmission substations is expected to augment their demand. Busbars have the capacity to carry huge electric currents across short distances. The capacity of current to be carried is determined by the cross sectional size and material composition of the busbar.
The global busbar market is likely to be driven by the shift toward busbars instead of cables as the former are cheaper. Thus, they are known to offer an affordable solution to rising energy consumption and wastage. The market is also receiving a boost from the wind and power sector, which is making an inroad into overall power generation mix. The demand for green technologies, energy efficient cities, and incentives for mitigating energy loss have collectively had a positive impact on the global busbar market.
Busbar Market: Overview
The global busbar market is poised to exhibit moderate growth over the coming years, according to recent industry research, and the growing usage of busbar in the power, industrial, and transportation sectors will be the main driving force. The demand for busbar will increase through 2025, fueled by increasing projects pertaining to power generation, transmission, and distribution.
By power rating, the key segments in the busbar market include medium power, low power, and high power. The major end users of busbar are the residential sector, the industrial sector, and the utilities sector, among others. Based on geography, the global market for busbar can be segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
The report offers an in-depth assessment of the prominent factors influencing the growth of the busbar market and the hurdles and opportunities that lie ahead. Details pertaining to revenue, sales, market size and share, competitive dynamics, supply and value chain, and market attractiveness form a key part of this report.