According to a new market research report published by Credence Research, the global busbar market was valued at US$ 18.50 billion in 2018 and is set to grow with a CAGR of 7.0 per cent during the forecast period 2019 to 2027.
Browse the full report at https://www.credenceresearch.com/report/busbar-market
Market Insights
The global busbar market is highly driven by the ability to reduce system costs, increase system efficiency and reliability. Bus bars are mainly used for low voltage and high current distribution and control equipment. They are used as feeders and planting cells in various industries and commercial buildings. Moreover, the ability of these components to be easily installed and require less maintenance makes them an essential component for different systems. Moreover, the cost for busbar is less compare to the cables. The busbar has a large application in distribution panels, switchboards, switchgears, and system which require the consumption of electric power.
Based on conductor, the busbar market has been segmented aluminum and copper. The comer sub-segment dominates the busbar market based on conductor due to their early adoption in commercial, residential and industrial application. Moreover, the copper has more conductivity as compare to aluminum, which also reduces the overall cost for the system as small bars of copper can be used making the overall systems reliable.
The APAC region outgrew other regions in the global busbar market in 2019. The region showcased increased demand for busbars from the automotive and power sectors which drove the growth of the market in the APAC region. Additionally, the increasing demand for production units of commercial vehicles resulted in increased demand for busbars. The global busbar market is characterized by intense competition among the largest manufacturers in the global market. The developed economies face stiff competition due to the presence of multinational players; however, the emerging economies such as China and India are driven by the local players. Additionally, uncertainty in the prices of raw materials, and unorganized and improper distribution channel have adverse ripple effects on the global busbar market.
The key players operating in the global busbar market are ABB LTD. (Switzerland), Mersen S.A., Schneider Electric (France), Chint Electrics Co. Ltd., Siemens AG (Germany), Eaton Corporation plc. (Ireland), and Legrand S.A. (France).
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By Power Rating Segment (2017–2027; US$ Bn)
- Low Power
- Medium Power
- High Power
By End-User Segment (2017–2027; US$ Bn)
- Utilities
- Residential
- Commercial
- Industrial
- Chemicals & Petroleum
- Metals & Mining
- Manufacturing
- Others
By Conductor (2017–2027; US$ Bn)
- Aluminum
- Copper
By Geography Segment (2017-2027; US$ Bn)
- North America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America
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