Busbar Systems Market is projected to be worth USD 44.51 billion by 2028, registering a CAGR of 17.93% during the forecast period (2021 - 2028).
Busbar Systems Market Drivers
Demand for Reliable Power Distribution to Boost Market Growth
The burgeoning demand for reliability, enhanced safety, and cost efficiency in power distribution systems will boost the demand for busbar systems in the utility sector that will fuel market growth over the forecast period.
Besides, high suitability across production and storage spaces, railway stations, logistics storage and warehouses, shopping complexes, and airports on account of offering hassle-free power distribution will boost busbar systems market value over the forecast period.
Busbar Systems Market Opportunities
Increasing Adoption of Smart Grid to offer Robust Opportunities
The increasing adoption of smart grid coupled with accelerating investments towards infrastructural development to offer robust opportunities for the busbar systems market over the forecast period.
Huge Initial Costs to act as Market Restraints
The huge initial costs of the busbar installations may impede the busbar systems market share over the forecast period.
Instability in Raw Material Prices to act as Market Challenge
The instability in raw material prices may act as a market challenge over the forecast period.
During the COVID-19 outbreak, the governments of the majority of the countries have imposed complete or partial lockdowns leading to temporary closing of offices, institutions, colleges, and schools and halting of every business operations except essential services and goods. Also, the cancellation or postponement of conferences, international events, and shutdown of manufacturing plants has lowered the consumption of power. The rapid decline in the demand for electricity from the commercial and industrial sectors has affected the market growth tremendously. The high installation costs of such systems are likely to be the primary challenge faced by organizations after the lockdown period, as organizations have faced tremendous revenue losses at the time of the crisis. The delay resulted in the delivery of infrastructure projects due to the suspension of construction activities have drastically hampered market growth. The slowdown in the construction segment and the low demand for conductors are also impeding market growth. The resumption of commercial operations during the post-lockdown period is likely to drive the demand for power distribution that in turn will boost the demand for busbar systems.
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The global busbar systems market is bifurcated based on conductors, power rating, and end use.
By conductors, the copper busbar segment will lead the market over the forecast period for its excellent electrical characteristics like strength, resistance, and conductivity.
By power rating, the medium power rated segment will dominate the market over the forecast period as busbar systems are the most effective in distribution of medium voltage current. Siemens for instance has come up with a new air-insulated medium-voltage busbar system that improves the reliability and efficiency of wind turbines.
By end use segment, the commercial segment will spearhead the market over the forecast period.
APAC to Steer Busbar Systems Market
The APAC region will steer the market over the forecast period. Growing populations, substantial growth in economic region, modernization, growth in urbanization and industrialization, economic development, increasing population, the presence of fastest developing countries like China and India, expanding industrial sector, significant economic development, increased focus towards energy conservation, and the availability of monetary resources for high economic activity are adding to the global busbar systems market growth in the region.
Eminent players profiled in the busbar systems market report include ABB Ltd., (Switzerland).ARJ Group (UAE).Busbar Services, (South Africa). CS Electric Ltd. (India). E.A.E EleKTrik A.S., (Turkey), Eaton Corporation, PLC, Republic of Ireland), and Entraco Power (India). General Electric Company. (U.S.) Gersan EleKTrikAS., (Turkey), Godrej Boyce Manufacturing Company Ltd. (India), Graziadio C. S.P.A., (Italy), IBAR (EMEA) Ltd., (Kendal, UK).KGS Engineering Ltd., (Chennai, India).Schneider Electric Co., (France), Larsen Toubro., (India), Legrand., (France), and Megabarre Group. (Italy).
The global busbar systems market is both fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more.