The global busbar market value was worth USD 15.17 billion in 2021 and is expected to be worth USD 23.59 billion by 2028, registering a CAGR of 4.7% during the forecast period (2022-2028).
Westford, USA, Jan. 24, 2023 (GLOBE NEWSWIRE) — The growing demand for an uninterruptible and reliable supply of electricity and the increasing concern about reducing energy across transmission and distribution lines will drive the busbar market size. Solid aluminum busbars are widely used in transportation to connect batteries to electrical components. Because these busbars are an essential component of vehicular operations, any increase in demand for commercial or passenger vehicles will help drive this market’s growth. In addition, rapid urbanization and rising infrastructure investment are critical drivers driving global power requirements.
A busbar is a metallic bar that can conduct electricity. It is an essential component of the electrical power grid because it allows the grid to conduct electricity while also reducing power loss. Therefore, busbars are critical components of electrical interconnections. As a result of the increase in power generation, transmission, and distribution projects, global demand for busbars is expected to rise significantly during the forecast period. They also require few installation materials and employ reusable and re-locatable plug-in outlets. As a result, they are extensively utilized across various verticals.
SkyQuest’s global research shows that battery-powered EVs will amount to 23% of global sales by 2025 and 63% by 2035. As a primary component of EVs, the demand for busbars is increasing with the increased production of these vehicles.
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Low Busbar Segment to Generate Higher Revenue Sales owing to Increasing Use in Industrial Sectors
The low power busbar segment held a 23.6% share in 2022 and is anticipated to witness steady growth to reach 27.3% by 2028. The segment dominated the global busbar market in its power-rating category, accounting for a sizable portion of the global revenue. Light power busbars are becoming increasingly popular in the commercial and industrial sectors due to their ability to supply power to lighting fixtures. These are commonly found in panels and switchboards. The low-power Busbar dominates the market due to its wide range of residential, utility, and industrial applications.
The Asia Pacific, followed by Europe, will drive substantial growth owing to an increased emphasis on energy efficiency and high energy consumption due to the region’s urbanization and industrial expansion. In addition, the Asia Pacific region is the largest market for busbar trucking due to significant investments in smart cities, green development, high-rise buildings, and transportation systems, particularly in Southeast Asia. Rising power demand, industrialization, and a region’s corporate sectors rapidly expanding are all important drivers.
The report on the busbar market provides detailed qualitative insights, historical data, and verifiable market size projections. The projections in the report were created using tried-and-true research methodologies and assumptions. The research provides a complete analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape.
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Aluminium Segment to Witness Higher Traction in Busbar Market due to Its Budgetary Solution
The aluminum segment is expected to grow rapidly to capture a 24.7% revenue share by 2028, growing at a CAGR of 5.7% during the forecast period due to its high electrical conductivity, efficiency, high metal strength, and lighter weight. Furthermore, the loss of energy during transmission is less than other metals, as is the capacity to carry heavy loads and cost viability over other substitutes, all of which drive the market demand for aluminum in the global busbar industry.
The rising demand for busbars from the automotive and power sectors will contribute to expanding this market in North America. Furthermore, because this region is expected to increase commercial vehicle production units, demand for busbars with low and medium power ratings will skyrocket until the end of the forecast period.
The market research report investigates several ways to increase sales through threat assessment, locating potential customers and distributors, and evaluating market dangers. The study offers qualitative insights into the market environment, allowing the reader to assess the company’s profitability. In addition, the market report provides macro and micro-level information on consumer demand and product preferences as part of consumer analysis.
Key Developments in Busbar Market
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Aptiv PLC, a global technology business, announced an agreement to acquire an 85% ownership share in Intercable Automotive Solutions, a subsidiary of Intercable S.r.l. Their product line comprises solid-state electrical centers, battery cell connector systems, and high-voltage busbar technology in seven generations, and additional high-voltage power distribution options.
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BASF is extending its portfolio with a newly created thermoplastic polyurethane (TPU) from its Elastollan product line. Elastollan R 2600 FHF differs from conventional engineering plastics due to its improved thermal linear expansion. Its coefficient of linear thermal expansion is equivalent to that of copper and other related conductor materials. As a result, it lowers the possibility of temperature-related cracks and raises the safety requirement.
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SDN Co Ltd, a South Korean manufacturer of PV modules and marine propulsion systems, has recently begun producing a new glass-glass bifacial module series with a power output of up to 550 W at its Gwangju factory in southwestern Korea. SunDay 10 is a new module that employs 144 monocrystalline half-cut cells based on M1o wafers and busbar technology.
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The Automotive Cells Company (ACC), a partnership between Stellantis, TotalEnergies/Saft, and Mercedes-Benz, has chosen Mersen, a world leader in electrical power and advanced materials, to supply smart laminated busbars for its upcoming generation of environmentally friendly and effective batteries for the European EV market. In addition, Li-ion cell connections and communication with the Battery Management System need to use these busbars.
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The busbar market research report includes a section solely dedicated to major players, in which our analysts provide valuable insight into the financial statements of all major players, as well as product benchmarking and SWOT analysis. In addition, the competitive landscape section also includes the key development strategies, product portfolio, and ranking analysis on a domestic and global scale.
Prominent Players in Busbar Market
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ABB Ltd. (Switzerland)
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Busbar Services (South Africa)
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ARJ Group (UAE)
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E.A.E EleKTrik A.S. (Turkey)
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C&S Electric Ltd. (India)
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Entraco Power (India)
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Eaton Corporation PLC (Ireland)
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Gersan EleKTrikAS. (Turkey)
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General Electric Company. (U.S.)
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Graziadio & C. S.P.A. (Italy)
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Godrej & Boyce Manufacturing (India)
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IBAR (EMEA) Ltd. (UK)
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