What Is The Overview Of The Global Busbar Trunking Systems Market?
Busbar trunking systems are a type of electrical power distribution system that uses busbars to distribute electrical power within a building or industrial facility. These systems are designed to provide efficient, reliable, and safe power distribution to medium-sized loads in buildings and industrial sectors.
Busbar Trunking Systems Global Market Report 2024 provides data on the global busbar trunking systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Busbar Trunking Systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Busbar Trunking Systems?
The busbar trunking systems market has experienced rapid growth, expanding from $2.69 billion in 2023 to $2.99 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. This growth in the historic period is driven by the increasing demand for stable and reliable power distribution, expanded electrification in developing countries, advantages over conventional wiring systems, growth in renewable energy projects, and rapid urbanization and construction activities. Looking ahead, the market is projected to grow to $4.70 billion by 2028, with a CAGR of 11.9%. The forecast period will witness accelerated construction activities, rising electricity demand, infrastructure development, industrialization, increasing solar power capacity, and modernization of existing electrical infrastructure. Major trends include the adoption of smart busbar trunking, integration with building management systems, and digitization of installation and maintenance processes.
What Factors Are Driving Growth In The Busbar Trunking Systems Market?
The rapid pace of construction activities is expected to drive growth in the busbar trunking systems market. Construction activities encompass diverse projects fueled by demographic shifts, economic factors, and technological advancements. Busbar trunking systems streamline electrical power distribution in buildings, reducing labor and material costs compared to traditional methods. The Office for National Statistics reported a 12.7% annual growth in the UK construction sector in 2021, with a notable increase in monthly output by 2.0% in December 2021. This robust growth highlights the increasing adoption of busbar trunking systems in construction, driving market expansion.
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What Are The Main Segments Of The Global Busbar Trunking Systems Market?
The busbar trunking systems market covered in this report is segmented –
1) By Material: Aluminum, Copper
2) By Power Rating: Lighting, Low Voltage, Medium Voltage, High Voltage
3) By End-User: Transportation, Residential, Commercial, Industrial
What Emerging Trends Are Influencing The Growth Of The Busbar Trunking Systems Market?
Major companies in the busbar trunking systems market are focusing on developing epoxy-insulated power busway systems to provide superior electrical solutions. These systems use epoxy insulation to offer a safe and efficient means of distributing electrical power. For instance, in February 2021, Davis, a Malaysia-based manufacturer of advanced power distribution systems, introduced a new maintenance-free epoxy-insulated power busway system. This system features a maintenance-free, robust, reliable, low impedance, and modular design, meeting the latest power distribution specifications. The new busway system is expected to deliver improved performance, efficiency, and reliability in power distribution.
What Is The Largest Region In The Busbar Trunking Systems Market?
North America was the largest region in the busbar trunking systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the busbar trunking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
