Busbar Market - Global Industry Analysis and Forecast 2024

Busbar connectors are typically metallic strips or bars which provide the means of distributing power within a system. They are composed of metal or metal alloys which exhibit high conductivity such as brass, aluminum, or copper. These elements, along with insulators, are used to connect the electrical loads and power supply in an electrical system. A busbar must be designed so as to support its own weight and also resist mechanical vibrations, thermal fluctuations, and magnetic forces caused by large electric currents. Busbars are used in a variety of systems involving the consumption of electric power. They aid the conduction of electricity in a power grid while simultaneously reducing power loss. The material composition of the busbar and its cross-sectional dimensions regulates the current rating of the system. Due to the skin effect, busbars generally comprise a thin or hollow cross-section. They are usually enclosed in switchgears, panel boards, busway enclosures, or any establishments. Busbars can also be employed to connect high voltage equipment at electrical switchyards. Rising demand for busbars from the transportation industry is poised to be the key driving factor for this market, with solid aluminum busbars being extensively used to connect batteries to electrical components.

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Busbars are more energy-efficient than cables and hence preferred for power distribution purposes. The global busbar market can be segmented into the low power, medium power, and high power types, based on the power rating of the busbars. The low power segment is expected to provide lucrative opportunities over the next decade due to their increasing consumption to supply power to residential and industrial establishments. The rising global use of electric vehicles is anticipated to provide new opportunities to the busbar market in the next few years due to the prevalence of aluminum connectors in electrical vehicles. The presence of multiple companies in the unorganized sector offering lower quality and cheaper products restricts the development of the busbar market. Fluctuating raw material prices and lack of infrastructural development in several countries in Africa & Asia present challenges as well.

Demand for busbars is considerable in Asia Pacific. China is the dominant country in the market in terms of both, production and consumption. India, Thailand, and Malaysia are increasing their consumption of busbars at a rapid rate due to the rising industrialization in these countries. They are investing heavily in order to upgrade their power infrastructure which, in turn, is anticipated to drive the busbar market. The market in North America and Europe is relatively mature due to the established high standard of energy infrastructure. The growing use of electric and hybrid electric vehicles in developed countries due to environmental regulations is likely to boost the demand for busbars. The market in the Middle East is likely to witness sluggish growth in the next few years due to the slowdown in the oil & gas industry. In Latin America, Mexico and Brazil are poised to observe growth in the busbar market due to the development of key end-use industries. Countries in Africa offer significant potential for the busbar market due to the poor infrastructure and increasing investments in power and utilities in this region.

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Key players in this market are China Electrics Co. Ltd., Rittal GMBH & Co. KG, Legrand S.A., TE Connectivity Ltd., Power Products LLC., Siemens AG, ABB Ltd., Schneider Electric SE, Eaton Corporation Plc., and Mersen S.A. In addition, a number of companies in the unorganized sector, particularly in China and India, are involved in the manufacture of busbars.