Increased implementation of smart grid technology, implementation of advanced metering infrastructure, and the transition from conventional to modular switchgear are emerging trends that will have a significant impact on the effectiveness of the electric T&D equipment network. Demand response, electrical supply grids that use connectivity, and renewable energy sources are examples of smart grid technologies. Between 2017 and 2023, the global market for smart grid technology is expected to triple in size, reaching approximately US$ 61 billion. These factors are paving the way for the busbar electroplating market to expand.
One of the major driving factors for the global busbar electroplating market growth is the increasing use of electroplated busbars in power distribution systems. A rise in electricity demand from the residential, commercial, industrial, and other sectors is expected to create growth opportunities for the global busbar electroplating market. Because of the need for an effective conductor and lower energy loss during transmission, highly conductive metal busbars have replaced traditional power distribution methods. Furthermore, an increase in industrial activity resulted in an increase in the operation of electrical devices. The replacement of several transformers to provide uninterrupted electric supply has increased due to the upgrading of the ageing electric transmission system.