Busbar Market Expected to Targets $23.6 Billion by 2026
Busbar Market Trends: Driving Efficiency in Power Transmission and Distribution Systems
WILMINGTON, DE, UNITED STATES, September 23, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The global busbar market size was valued at $14.0 billion in 2018 and is anticipated to generate $23.6 billion by 2026. The market is projected to experience growth at a CAGR of 6.1% from 2019 to 2026.
Asia-pacific market garnered the largest busbar market share. China dominated the market in the region while India is expected to grow at the fastest rate owing to increasing investment in the country in the market.
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Canada is projected to grow at the highest CAGR of approximately 8%, in terms of revenue, during the forecast period
North America is expected to grow at higher pace owing to large concentration of manufacturer in the region. U.S. dominated the busbar market share followed by Canada.
The key players in global busbar industry are Siemens AG, ABB Ltd., Schneider Electric SE, Eaton Corporation Plc., Rogers Corporation, TE Connectivity Ltd., Legrand S.A., Friedhelm Loh Group, Mersen S.A., and Chint Group.
By application, the commercial segment is anticipated to grow with CAGR 6.8%, in terms of revenue, during the forecast period
China and U.S. dominated the busbar market growth with a revenue share of over 32.6% and 16.8% in 2018
Copper segment dominated the market but aluminum is expected to grow rapidly during the forecast period. The application covered in the study are industrial, commercial and residential. Industrial segment garnered the highest share.
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The need for efficient conductor and lower energy loss during transmission has replaced the conventional methods of power distribution by busbar made from metals driving busbar market growth. Moreover, green city concepts are boosting market growth.
In-addition, the wind power generation & distribution industry is experiencing a surge which results in high demand for busbars, hence driving the busbar market growth.
Busbar is a metallic strip that distributes power in a system. It is made from metals such as aluminum, copper, bronze, or other efficient alloys.
It offers high conductivity and low energy loss during transmission resulting into their wide adoption in many industries.
It is fully or partly insulated for protection from accidental human touch. It is commonly found enclosed in switchgears, panel boards, switch panels, and busway enclosures and can endure high temperature environment and possess great mechanical strength.
A comprehensive analysis of the factors that drive and restrain the market growth is provided
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The qualitative data in this report aims at the busbar market trends, dynamics, and developments in the busbar industry
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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