According to the latest report by IMARC Group titled, “Busbar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, The global busbar market reached a value of US$ 14.2 Billion in 2018. Looking forward, IMARC Group expects the market to reach a value of US$ 19.1 Billion by 2024, growing at a CAGR of around 5% during 2019-2024.
A busbar is an electrical conductor that is used for connecting several circuits in a system. It functions by collecting electric current from the incoming feeders and distributing them to outgoing feeders. It is generally manufactured using aluminum and copper and is currently available in various shapes and sizes, such as rectangular, cross-sectional, solid bars and rods.
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As busbars are reliable, cost-efficient, environment-friendly, require few installation materials, and employ reusable and re-locatable plug-in outlets, they are gaining traction across the globe. Moreover, the integration of wind power technology in power generation and the development of smart cities have led to the rise in the demand for busbars worldwide. Additionally, busbars are widely utilized in the electric power sector, such as switchgear, substations and transmission and distribution (T&D) equipment. Besides this, governments of several countries are undertaking initiatives to improve the existing power infrastructure and increase the production of electricity, which will further create significant demand for busbars, among other components.
Report Coverage:
Historical, Current and Future Market Trends
Market Breakup by Power Rating:
High
Medium
Low
Market Breakup by Conductor:
Copper
Aluminium
Market Breakup by End-User:
Industrial
Commercial
Residential
Utilities
Market Breakup by Industry:
Chemicals and Petroleum
Metals and Mining
Manufacturing
Others
Market Breakup by Region:
Asia Pacific
North America
Europe
Middle East and Africa
Latin America
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Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Siemens, ABB, Schneider Electric, Eaton Corporation, Legrand, General Electric, Mersen, Rittal, Chint Electric, Power Products, C&S Electric, Promet, Halcor, Littelfuse, Southwire Company, Oriental Copper, etc.
Key highlights of the report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Competitive Structure
Profiles of Key Players
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