Busbar Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, India, Germany, France - Size and Forecast 2024-2028

Busbar Market Forecast 2024-2028

The busbar market size is estimated to grow by USD 5.41 billion at a CAGR of 5.36% between 2023 and 2028. Urbanization globally propels this market, necessitating efficient infrastructure like high-current bus sections for reliable power dissemination. As cities expand and industries burgeon, the demand for robust energy solutions intensifies, with busbars being pivotal. EV adoption further amplifies energy needs, driving demand for efficient power distribution.

An emerging trend is the use of 3D printing in busbar manufacturing, allowing for intricate designs and reduced lead times. This technology aligns with sustainability goals, reducing material waste while enabling complex structures. Commercial and residential sectors, along with utilities and data center infrastructure, benefit from these advancements. As the importance of energy efficiency grows, innovations in conductive material and performance specifications drive market growth, meeting evolving needs in metros, railways, and beyond.
 

What will be the Size of the Busbar Market During the Forecast Period?

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Market Segmentation By Type Segment

The market share growth by the copper segment will be significant during the forecast period. Copper is an excellent conductor of electricity. It has a high electrical conductivity, which means that it allows the efficient flow of electrical current. This property helps in minimizing power losses and ensuring the effectiveness of electrical systems. 

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The copper segment was the largest and was valued at USD 10.09 billion in 2018. Copper has good thermal conductivity, meaning it can efficiently dissipate heat generated during the flow of electrical current. This is crucial in preventing overheating and maintaining the reliability of electrical components in busbars. Furthermore, copper busbars can be bent and shaped to fit the specific requirements of the electrical system, simplifying the installation process. Copper busbars require minimal maintenance due to their corrosion resistance and durability. This can result in cost savings over the life cycle of an electrical system. The combination of high conductivity, corrosion resistance, and durability contributes to the long service life of copper busbars, providing a reliable and efficient solution for electrical applications, which, in turn, will boost the growth of the copper segment and the market during the forecast period.

Market Segmentation By End-user Segment 

Busbars are used to distribute electrical power within commercial buildings, including offices, malls, and hotels. They efficiently transfer electricity from the main distribution panel to various subpanels and electrical loads throughout the building. Furthermore, in hospitals, busbars are utilized for distributing power to medical equipment, lighting, and various electrical systems that are critical for patient care. In restaurants and commercial kitchens, busbars are used to distribute power to cooking appliances and refrigeration units. Thus, the use of busbars in data centres, data centres, hospitals, and office buildings will drive the growth of the commercial segment and the global market during the forecast period.

Regional Overview

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APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market is expected to grow significantly in the APAC region during the forecast period. The APAC region has been experiencing significant industrialization and urbanization. The establishment of new manufacturing plants, industrial facilities, and infrastructure projects leads to increased demand for efficient and reliable power distribution systems, where busbars play a crucial role. Further, the growth of data centres in the APAC region, driven by the rise in internet use, cloud computing, and digital services, leads to a higher demand for reliable power distribution solutions. Busbars are crucial in these facilities to ensure efficient power supply.

In addition, the automotive industry in the APAC region is witnessing substantial growth. Busbars are used in electric vehicles (EVs) and charging infrastructure, contributing to the increased demand for busbars. Thus, these factors will accelerate the growth of the global market during the forecast period.

Market Dynamics and Customer Landscape

The Busbar Market is driven by rising urbanization globally, fueling demand across construction, electrification, and transportation sectors. A notable trend is the increasing adoption of 3D printing technology, enhancing the production efficiency of busbars. However, challenges arise from cybersecurity concerns associated with their use, necessitating robust measures to safeguard critical infrastructure.

Busbars come in various materials such as aluminum and copper, with extruded profiles and hollow designs facilitating efficient heat dissipation and insulation. Construction techniques like welding, clamping, and bolting ensure secure joints for high-current bus sections, complemented by silver-plated matching surfaces for optimal conductivity. As urbanization and industrialization continue, busbars play a vital role in ensuring energy efficiency and powering commercial applications, particularly in electric power distribution. Despite challenges, the busbar market remains resilient, driven by the need for reliable and conductive materials in diverse sectors.

Key Market Driver

Rising urbanization globally drives demand for electric power distribution solutions, necessitating infrastructure development such as power plants and substations. Busbars are critical components in this setup, facilitating efficient power transmission. Urbanization and industrialization escalate energy needs, with expanding cities and growing industries requiring reliable power distribution. The surge in EV adoption further intensifies energy consumption. As cities expand and industries evolve, there's an increasing need for efficient power solutions where metallic bars like busbars play a pivotal role. This trend impacts various sectors, including the commercial sector, and highlights the transition away from fossil fuels towards cleaner energy sources. Additionally, advancements in technology settings and laboratories contribute to more efficient energy utilization, addressing the challenges posed by urbanization and industrial growth.

Moreover, busbars are used in EV charging infrastructure and power distribution systems for EVs. As the importance of energy efficiency grows, there is a demand for power distribution solutions that minimize energy losses. Busbars, with their high conductivity and efficiency, contribute to more energy-efficient electrical systems. Thus, these factors will enhance the growth of the global market during the forecast period.

Significant Market Trends

The rising adoption of 3D printing technology to produce busbars is an emerging trend shaping the market growth. 3D printing allows for the creation of highly customized and complex designs for busbars. This technology enables manufacturers to produce busbars with intricate geometries that may be challenging or expensive to achieve with traditional manufacturing methods. 3D printing offers shorter lead times for prototyping and production. Manufacturers can quickly iterate and test different busbar designs, accelerating the product development cycle and reducing time-to-market. 3D printing allows for the creation of lightweight yet high-strength structures. 

However, additive manufacturing, including 3D printing, is known for its efficiency in material usage. This can lead to a reduction in material waste compared with traditional subtractive manufacturing methods, aligning with sustainability goals. Thus, factors such as reduced lead time and prototyping, reduction in material waste, and the ability to create complex cooling systems will strengthen the growth of the market during the forecast period. 

Major Market Challenges

Cybersecurity concerns associated with the use of busbars are a significant challenge hindering market growth. The integration of busbars into smart grid systems can introduce vulnerabilities. Smart grids rely on communication technologies to enable real-time monitoring and control, and any weaknesses in cybersecurity measures could lead to potential threats. Busbars may be part of systems that collect and transmit sensitive data related to power distribution. The integration of the Internet of Things (IoT) devices with busbars for monitoring and control purposes can introduce new cybersecurity challenges. Securing these IoT devices against potential cyber threats is critical to maintaining the overall integrity of the power distribution system.

Moreover, cybersecurity is an evolving field, and threats are constantly changing. Implementing continuous monitoring of systems and regularly updating cybersecurity measures, including patches and software updates, is crucial to staying ahead of potential vulnerabilities. Thus, the concerns associated with cybersecurity will impede the growth of the global market during the forecast period.

Busbar Market Customer Landscape

The Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Busbar Market Customer Landscape

Who are the Major Busbar Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

ABB Ltd. -  The company offers busbar namely ABB busbar systems. 

C and S Electric Ltd. - The company offers Compact Air Bustrunking LV, and Sandwich Bustrunking LV.

Eaton Corp. Plc - The company offers rigid busbars with consistent and even over mould and eliminates thin spots used in moulding. 

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• ELVALHALCOR Hellenic Copper and Aluminium Industry SA
• Flex Ltd.
• Godrej and Boyce Manufacturing Co. Ltd.
• Hager SE
• Legrand SA
• Mersen Corporate Services SAS
• Methode Electronics Inc.
• NHP Electrical Engineering Products Pty Ltd.
• Oriental Copper Co. Ltd.
• Promet AG
• Rittal GmbH and Co. KG
• Rogers Corp.
• Schneider Electric SE
• Siemens AG
• Southwire Co. LLC
• Zhejiang CHINT Electrics Co. Ltd.
• Littlefuse Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

In the Busbar Market, aluminum busbars are gaining traction due to their lightweight nature and excellent heat dissipation capabilities. These extruded profiles offer superior conductivity and are ideal for high-current applications in power plants, data centers, and industrial automation settings.

Hollow busbars are also emerging as a popular choice, providing efficient heat exchange and allowing for easier insulation and welding. They're often used in telecommunication equipment and energy industry installations where space optimization is crucial.

Clamping and bolting techniques ensure secure joint connections, enhancing reliability in commercial applications, including apartments, retail facilities, and institutions. Furthermore, silver-plated matching surfaces on bus sections improve conductivity and performance, minimizing routine maintenance requirements.

However, challenges such as lack of R&D in raw material development and competition from cables and switchgear persist in the energy & power market. Despite this, ongoing product developments and efficient supply chains drive the busbar market forward, meeting the diverse needs of the residential, commercial, and industrial sectors.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028

• Type Outlook
  • Copper
  • Aluminum

• End-user Outlook
  • Commercial
  • Industrial
  • Residential

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • TheU.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Busbar Market Scope
Report Coverage	Details
Page number	157
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 5.36%
Market Growth 2024-2028	USD 5.41 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	5.22
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 38%
Key countries	US, China, India, Germany, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	ABB Ltd., C and S Electric Ltd., Eaton Corp. Plc, ELVALHALCOR Hellenic Copper and Aluminium Industry SA, Flex Ltd., Godrej and Boyce Manufacturing Co. Ltd., Hager SE, Legrand SA, Mersen Corporate Services SAS, Methode Electronics Inc., NHP Electrical Engineering Products Pty Ltd., Oriental Copper Co. Ltd., Promet AG, Rittal GmbH and Co. KG, Rogers Corp., Schneider Electric SE, Siemens AG, Southwire Co. LLC, Zhejiang CHINT Electrics Co. Ltd., and Littlefuse Inc.
Market dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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