Busbar Market Growth Trajectory – Insights On Key Drivers, Major Trends, And Top Opportunities
13 Jun, 2023
The global busbar market size is expected to grow from $15.92 billion in 2022 to $16.93 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global busbar market size is expected to reach $20.82 billion in 2027 at a CAGR of 5.3%.
Global Busbar Market Key Driver
The growing concern about reducing energy losses in electric transmission is likely to fuel the expansion of the busbar market. Energy loss in electric transmission refers to energy wasted during power production, transmission, and distribution, including plant and inexplicable utilisation. The resistance of the electrical conductors used in a power transmission system is a major contributor to energy losses. Because of their low resistance, busbars can transport enormous amounts of electricity with minimal energy waste. Busbars can be used in place of traditional wire to reduce energy losses and save money.
Get a sample of the global busbar market reportGlobal Busbar Market Segments
The global busbar market is segmented:
1) By Material: Aluminum, Copper, Brass
2) By Power Rating: Low, Medium, High
3) By End-User: Utilities, Industrial, Residential, Commercial
4) By Geography: The regions covered in the busbar market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global busbar market.
Major Busbar Industry Players
Siemens AG, ABB Ltd, Schneider Electric SE, Eaton Corporation plc, TE Connectivity, Legrand S.A, Mersen, CHINT Group Co Ltd, C&S Electric Ltd., 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
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Busbar Market Overview
A busbar is a metallic strip or bar used in a power distribution system to conduct and transmit electrical electricity. It is usually constructed of copper or aluminum and is built to carry a lot of electricity.
Busbar Global Market Report 2023 provides data on the global busbar market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The busbar market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.