TMR Research presents a new research report on the global busbar market. The report is titled “Busbar Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017-2025,” and it presents valuable insights about the growth of the said market from 2017 to 2025. Included in this report is a detailed assessment of market indicators, growth trends, and product development that are expected to have a bearing on the growth of the global busbar market during the aforementioned forecast period.
The global busbar market is expected to display moderate growth during the forecast period. The growth of this market is mainly driven by the growing use of busbar in the power, industrial, and transportation sectors. Busbars are an integral component of vehicles and the growing demand for passenger and commercial vehicles translates into growth of the busbar industry.
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On the flip side, lack of research and development initiatives, insufficient infrastructure, and fluctuating raw material prices are expected to challenge the growth of busbar market. Moreover, availability of cheap and low-quality products are holding back the busbar market from reaching its full potential. However, factors such as increasing switchgear applications and favorable and innovative reforms in the power sector are expected to extend lucrative opportunities for players in this market to capitalize on.
In terms of power rating, the busbar market can be segmented into medium power, high power, and low power. Among these, low power busbar holds a prominent position in the market due to its demand for power supply to light fixtures in industrial and commercial segments. Busbar also finds application in the residential sector as it can be installed in false ceilings.
The major end users of busbar are residential, utilities, and industrial among others. Utilities account for a significant share in the busbar market as busbar is widely used in transformers, switchgears, motor controls, and distribution boards.
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The regional segments into which the global busbar market can be segmented are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific stands as an important regional segment for busbar and is expected to retain its position in the forthcoming years. The booming automotive and energy sector displays a steady demand for busbar thereby aiding the growth of this regional market. Apart from this, rapid urbanization and industrialization are expected to benefit the busbar market in Asia Pacific.
Some of the key companies operating in the global busbar market include Siemens AG, ABB Ltd., Eaton Corporation Plc., Rittal GmbH & Co. KG, Power Products LLC, Mersen S.A., Legrand S.A., TE Connectivity Ltd., Chint Electrics Co. Ltd, and Schneider Electric SE.
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