From 2022 to 2032, the North American busbars market is predicted to experience a steady but modest 3.3% growth in size. The US alone is set to surge by an impressive 1.35x over this ten-year span and will likely hold onto its current commanding 75% share of the entire region's market.

NEWARK, Del, Jan. 25, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the global busbars market size is poised for a valuation of US$ 18,169.6 million in 2022. Between 2022 and 2032, a steady CAGR of 4.2% is anticipated for the market, which should result in a US$ 27,333.7 million valuation in 2032.

Busbars are predominantly used for distributing power. They share certain similarities with cables. However, they are shorter in height. For high-voltage connections, busbars are better than cables due to their ability to carry more current without any difference in the cross-sectional area. There was a time when busbars were almost exclusively used in the power sector. However, as electricity is increasingly being used to power a variety of places and products across diverse industries, the adoption of busbars is rising.

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Future Market Insights analysts have found growing electrification to be the primary growth driver propelling market acceleration. With the increasing electrification of industrial sectors such as mobility, transportation, and renewable energy, power modules used in inversion and conversion are becoming critical.

Busbars are also used to improve efficiency in high-voltage applications, which minimize power losses and allow efficient energy distribution even in limited installation spaces. Increased commercial and residential development activities are anticipated to increase the demand for busbars in the energy distribution sector.

Right now, the USA, Germany, China, and India are the international frontrunners in terms of busbar adoption and use. While the USA is leading the race in North America, Germany is set to dominate Europe between 2022 and 2032. India and China, with their rapidly growing economies, are poised to be lucrative markets in the years ahead.

Key Takeaways from the Busbars Market Study

• From 2022 to 2032, the global busbars market is predicted to expand at a CAGR of 4.2%.
• The valuation of the market is slated to increase from US$ 18,169.6 million in 2022 to US$ 27,333.7 million in 2032.
• The North America market for busbars is likely to register a 3.3% CAGR from 2022 to 2032.
• A 22% share in Europe busbars market is anticipated in 2032 for Germany.
• A CAGR of 4.9% is anticipated for China market for busbars between 2022 to 2032.
  

"The adoption of busbars is rising for their highly reliable and efficient heavy energy distribution across growing number of commercial spaces and industrial sectors. This is anticipated to fuel the acceleration of the busbar market,” says Future Market Insights analyst.

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Who is winning?

The global busbars market is a moderately consolidated market with certain number of players highly active in the market. Key market participants account for about 30 to 40% of the overall market share. The market also consists of several small and medium sized players which are driving the market & providing competition to tier one players at the regional and domestic levels. Key market participants are strategically focusing on merger & acquisition activities to enhance their customer base for boosting their sales.

Key players in this industry include Schneider Electric, ABB Ltd, Eaton Corporation, TE Connectivity, General Electric, Mersen, and Siemens AG.

Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of the global busbars market, presenting historical demand data (2017 to 2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the busbars market based on product type (copper, aluminum), rating (low, medium, high), and end-use (commercial, industrial) across seven key regions.

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Global Busbars Market Outlook by Category

By Product Type:

• Copper
• Aluminum

By Rating:

• Low
• Medium
• High
  

By End Use:

• Commercial
  • Hotels
  • Hospitals
  • Academics
• Industrial
  • Chemical
  • Food & Beverages
  • Metal & Mining

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East and Africa

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Table of Content

1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. FMI Analysis and Recommendations

2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition

3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation/Development Trends
4. Key Success Factors
4.1. Product Adoption/Usage Analysis
4.2. Product USPs/Features
4.3. Strategic Promotional Strategies
5. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032
5.1. Historical Market Volume (Units) Analysis, 2017 to 2021
5.2. Current and Future Market Volume (Units) Projections, 2022 to 2032
5.3. Y-o-Y Growth Trend Analysis

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About Future Market Insights, Inc.

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