What Has Been the Growth of the Busbar Trunking Systems Market So Far?
The busbar trunking systems market has seen considerable growth due to a variety of factors.
• In recent times, there has been a swift expansion in the market size of busbar trunking systems. The market, which is projected to surge from $2.99 billion in 2024 to $3.36 billion in 2025, is expected to experience a compound annual growth rate (CAGR) of 12.2%.
The historic growth can be traced back to factors such as the escalating demand for dependable and consistent power distribution, rise in electrification in emerging countries, the advantages it holds over traditional wiring systems, the increase in renewable energy projects, as well as rapid urbanization and construction activities.
What Are the Future Growth Projections for the Busbar Trunking Systems Market?
The busbar trunking systems market is expected to maintain its strong growth trajectory in upcoming years.
• The market for busbar trunking systems is anticipated to experience a robust expansion in the upcoming years, reaching a market value of $5.25 billion by 2029 at an 11.8% compound annual growth rate. Several factors are contributing to this predicted growth in the projected timeline, such as accelerated construction activities, increasing demand for electricity, expansion of infrastructure and industrialization, surge in solar power capacity and the modernization of existing electrical systems. Some key market trends expected during this period are the rising use of smart busbar trunking systems, integration with building management systems and the digitalization of the installation and maintenance procedures. In addition, a shift towards modular and scalable designs is another significant trend.
What Are The Core Factors Supporting Growth In The Busbar Trunking Systems Market?
The surge in construction activities is set to boost the expansion of the busbar trunking systems market. These activities encompass the creation of physical structures like residential buildings, industrial factories, roads, and bridges. The growth in these activities is fueled by demographic trends, economic conditions, technological progress, policy measures, and environmental factors on a global scale. Busbar trunking systems enhance the distribution of electrical power in buildings and on construction sites by removing the need for multiple cables, conduits, and distribution panels, consequently minimizing labor and material costs. For example, construction expenditure in July 2024, as reported by the United States Census Bureau, was calculated at a seasonally adjusted annual rate of $2,162.7 billion, which is a 6.7 percent±1.8 percent increase from the July 2023 estimate of $2,027.4 billion. During this time, construction expenses totalled $1,237.5 billion, 8.8 percent (±1.2 percent) higher than the $1,137.4 billion in the same timeframe in 2023. Thus, the rising pace of construction activities is stimulating the progression of the busbar trunking systems market.
What Are The Major Segments Within 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
Subsegments:
1) By Aluminum: Extruded Aluminum, Cast Aluminum
2) By Copper: Bare Copper, Tinned Copper
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What New Trends Are Influencing The Busbar Trunking Systems Market?
Leading players within the busbar trunking systems market are advancing their product offering through the development of inclusive motor management and protection systems. This innovation is focused on increasing efficiency and safety through real-time monitoring and proactive maintenance which reduces energy use and system downtime. This thorough motor management and protection system not only monitors and controls electric motors but also provides protection from potential errors and inefficiencies. For example, in October 2024, Siemens AG, an automation company based in Germany, introduced the SIMOCODE M-CP. This product not only enhances motor management within industrial switchboards through its compact design, advanced communication system and scalable features but also includes environmental sustainability elements and real-time monitoring capabilities that boost efficiency, dependability and service life.
Who Are the Key Players In The Busbar Trunking Systems Market?
Major companies operating in the busbar trunking systems market report are:
• Siemens AG
• ALFA Technologies Pvt. Ltd.
• Schneider Electric SE
• ABB Ltd.
• Eaton Corporation Plc
• C&S Electric Limited
• TE Connectivity
• DBTS Industries Sdn Bhd
• Molex LLC
• Legrand S.A.
• WEG S.A.
• Phoenix Contact
• LS Cable & System Ltd.
• Rittal GmbH & Co. KG
• Hager Group
• Lapp Group
• ARJ Holding LLC
• E&I Engineering Group
• Anord Mardix Inc.
• Vass Electrical Industries
• Terasaki Electric Co. Ltd.
• Power Plug Busduct Sdn Bhd
• Godrej & Boyce Mfg. Co. Ltd.
• Vilfer Electric
What Is The Most Dominant Region In The Busbar Trunking Systems Market?
North America was the largest region in the busbar trunking systems market in 2024. 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.
