Global Busbar Market is valued at $12.81 billion in 2016 and is expected to reach $18.24 billion by 2022 growing at a CAGR of 6.1% from 2016 to 2022.
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The key factors that are driving the market growth include increasing focus on energy efficiency, increasing demand from transportation industry, operational and cost benefits of busbar, expansion of power infrastructure and rising energy consumption due to rapid industrialization & urbanization.
However, volatility in raw material prices and competition from low-cost vendors are the major restraining factors that hinder the growth of the market. Moreover, development of smart cities, rising solar power capacity and growth in HVDC transmission market in coming years would be significant growth opportunities for the market.
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The low power busbar segment is estimated to account for the largest share in the global busbar market throughout the forecast period owing to its usage in distribution panels and switchboards across utilities, residential and industrial applications. Asia Pacific is expected to grasp major revenue share in busbar market due to swiftly increasing focus on energy efficiency, and rising energy consumption due to industrialization and urbanization.
Huge investments in smart cities, transportation infrastructure and green constructions in emerging countries such as China and India are expected to drive busbar market in APAC region.
Some of the key players in the market include ABB Ltd., C&S Electric Company, Chint Electrics Co. Ltd., Eaton Corporation Plc., General Electric, Legrand S.A., Mersen S.A., Power Products LLC., Promet AG, Rittal GMBH & Co.
KG, Schneider Electric SE, Siemens AG and TE Connectivity Ltd.
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Power Ratings Covered:
Chemicals & Petroleum
Metals & Mining
Other End Users
Rest of Europe
Rest of Asia Pacific
Rest of the World
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