The global busbar protection market is expected to grow at a CAGR of 6.10%, from 2018 to 2023, to reach a market size of USD 4.31 billion by 2023.
The report "Busbar Protection Market by Voltage (Medium Voltage, High Voltage, and Extra High Voltage), Impedance (Low Impedance and High Impedance), End-User (Utilities, Industries, and Transportation), and Region - Global Forecast to 2023", The busbar protection market is expected to grow from an estimated USD 3.20 Billion in 2018 to USD 4.31 Billion by 2023, at a CAGR of 6.10%, during the forecast period. The market is set to witness growth due to the adoption of smart grids and HVDC technology in the utilities sector and create new revenue pockets for the market during the forecast period.
Furthermore, favorable government policies coupled with increasing emphasis on renewable energy sources globally would boost the growth of the busbar protection market during the forecast period. Delays in grid expansion projects act as a restraint for the busbar protection market.
The utilities market is expected to be the largest busbar protection market, by end-user, in 2018.
The utilities segment accounted for the largest share of the market in 2017, while the transportation segment is projected to grow at the fastest pace among all the end-user segments. Growth in demand for the reliable delivery of electric power led to increased investments in the transmission & distribution infrastructure, which is likely to create the demand for busbar protection systems in the utilities segment.
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The low-impedance segment is expected to hold the largest share of the busbar protection market, by impedance, during the forecast period.
The low-impedance segment is the fastest growing market during the forecast period and is projected to dominate the market during the forecast period. Development of microprocessor-based low-impedance relay is the main driver for the growth of the low impedance busbar protection market.
Countries such as the US, India, China, the UK, and Norway are investing in developing HVDC, UHVDC, and UHV network for transmitting power from remote locations to conventional power plants as well as renewable power plants, which is expected to create the demand for low-impedance busbar protection systems during the forecast period. Furthermore, increasing investment in the smart grid and smart substation is expected to create the demand for microprocessor-based low-impedance busbar protection systems.
Asia Pacific: Key market for busbar protections market during the forecast period.
The Asia Pacific market was the largest market, by value, for busbar protections in 2017, driven largely by China. Asia Pacific is the most populated region in the world and consequently witnesses high demand for electricity.
A rise in investments in smart grid technologies and smart cities is creating demand for necessary transmission & distribution infrastructure, which in turn, is likely to create demand for the busbar protection market in the region. China accounted for the highest installed generation & distribution capacity in the Asia Pacific region, resulting in an increased demand for transmission & distribution infrastructure.
Despite the fall in feed-in tariffs for solar energy, Japan is becoming a hub for renewable power and is attracting foreign investors in the power sector. For instance, Goldman Sachs is expected to invest approximately USD 487 million in Japanese renewable projects.
These developments in the Japanese power sector are likely to enhance its power generation capacity. These investments in Japan are expected to improve the operation of utility firms and help secure the reliability of grid networks from power outages.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the busbar protection market. These players include ABB (Switzerland), Schneider Electric (France), GE (US), Siemens (Germany), Mitsubishi Electric (Japan), NR Electric (China), Toshiba (Japan), Eaton (Ireland), and ZIV (Spain).
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