Busbars Market to Exceed $23 Billion by 2028, Report Finds
Tier 1 players in busbars landscape hold a revenue share of around 35-45%, whereas Tier 2 companies represent a collective share between 25% and 35%. A recently released intelligence report on the global landscape of busbars by Future Market Insights covers deep dive profiles of some of the industry giants including Schneider Electric SE, Eaton Corporation Plc, Siemens AG, Methode Electronics, ABB, Rittal GmbH & Co. KG, and Hubbell.
The competitive landscape analysis concludes the key developmental strategies of leading players in busbars market – production facility expansion, new product launch, and strategic collaborations and acquisitions are among the most prominent strategy preferences among market leaders.
“Post 2022 till 2028 end, the busbars landscape is projected to observe a moderate year on year revenue growth of around 4%. The market is likely to exceed the valuation of US$ 19 Bn towards 2022 end, prominently driven by the thriving construction sector worldwide. Residential infrastructural development will play a crucial role in shaping the demand for busbars in the long run,” explains a senior market research expert at Future Market Insights.
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Key Push Factors Driving Busbars Market Revenue at a Global Level, According to FMI
- Favorable regulatory standards for eco-design reforms play a complementary role in fostering busbars market revenue.
- In addition to increasing consumption of energy, growing concerns regarding loss of transmission and distribution are pushing revenue growth prospects for busbars.
- With a strengthening smart cities concept, the growing demand for high energy efficiency of the electric infrastructure is compelling installers and utilities to prioritize energy efficiency.
Regional Analysis of Busbars Landscape: Opportunistic Spotlight Gradually Shifts to Developing Economies in SEAP & MEA
- With constantly increasing investments in upgrading and replacement of existing electrical grid networks, Canadian busbars market is witnessing steady progress – pushing the growth of North America’s busbars landscape.
- Western Europe also represents an important market for busbars manufacturers.
- The busbars market in South East Asia and the rest of Asia Pacific particularly receive an impetus from the ever-growing demand for a reliable electricity distribution framework for both urban as well as rural areas across all the economies – especially in ASEAN countries.
- With growing initiatives of governments and private entities towards installation of transmission and distribution networks, the SEAP region expects an upsizing revenue through busbars.
- MEA’s busbars landscape on the other side is witnessing a strong push with the massive power plant and transmission network project announced in Saudi Arabia (2017).
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Functional Versatility Continues to Earn around 75% Revenue Share for Copper Busbars
- Conductor type assessment of busbars landscape reveals that more than 3/4th share of the total market value belongs to copper at present.
- Copper busbars contribute the lion’s share in market growth due to superior thermal conductivity, corrosion resistance, and dependable service life.
- The functional versatility of copper busbars allow their usage in an exhaustive range of configurations as well as across each floor of multi-storied buildings.
- Adoption of copper busbars by electrical equipment manufacturers also plays a key role in strengthening their revenue share in the market.
- However, according to the study, it is more likely that copper busbars will be outpaced by aluminum in the next couple of years.
- In 2019, both the types of conductor types – aluminum and copper – will exhibit a similar year on year performance in terms of revenue growth.
- In the long run, aluminum owing to its lightweight attributes is likely to observe healthier rate of adoption on a yearly basis.
Medium & High Power Rating Gather Momentum in Busbars Market
- According to the busbars market analysis by power rating, high and medium power busbars currently account for a collective revenue share of nearly 50% that will exceed the valuation worth US$ 7 Bn by the end of 2019.
- The busbars market report is a separate section includes the end user analysis that uncovers steady growth prospects for residential sector, at over 4% consistent year on year revenue growth post 2019.
- While this growth is attributed to the dramatically thriving residential construction projects worldwide, FMI recognizes the potential decline in the revenue share of industrial sector.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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