Busbar Market Size
The rapidly escalating demand for uninterrupted & reliable electricity in tandem with the rising trend of urbanization will stimulate busbar market size in the years ahead. A major shift from the traditional sources of energy toward renewable energy resources has been observed lately – a trend that will extensively contribute toward impelling busbar industry outlook over the forecast period.
Russia Busbar Market Size, By Power Range, 2018 & 2025 (USD Million)
With the application of busbars increasing majorly across the commercial, residential, and industrial arenas, it is indeed undeniable that busbar market share will register a commendable CAGR over 2019-2025. The onslaught of modern technological changes and the need for increasing energy efficiency will lead to a general rise in the refurbishment of already established substations, further stimulating busbar market size.
The demand for electricity has witnessed an exponential upsurge in the emerging economies. In response, the governments of these countries have been making it their priority to strive and provide electric power to all. It is thus rather overt that this would demand the necessity of busbars to ensure proper current flow between the power source and integrated circuits, capacitors and resistors, which would have a commendable impact on busbar industry trends.
Emerging economies have indeed become the focal point for exponential urbanization. Most of these urban centers harbor a population that exceeds several millions and are packed with high-rises, well-lit roads and a lifestyle that requires extensive deployment of electricity. In consequence, this would have a commendable impact on busbar industry size.
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Since busbars are depended upon for the reliable and long-term supply of electricity, the material of the busbar is a very important consideration. Due to its high conductivity, low electrical resistance, high mechanical strength, high resistance to fatigue failure and ease of fabrication, copper has been found to be a highly favorable material for the construction of a busbar, thereby impelling copper-based busbar market size.
Aluminum comes as a close second as a favorable material for busbars, owing to its cost effectiveness and easy availability. As compared to aluminum, copper has been found to be more advantageous to be used in busbars as most switches and terminals are made of copper and corrosion and jointing problems between dissimilar metals is greater than that between similar metals.
Robust industrialization is a major factor fostering busbar industry growth. Statistics validating the aforementioned fact claim that in 2018, industrial applications accounted for 40% of the global busbar industry share in terms of volume. The use of busbars in industrial buildings has evidently been more advantageous than the use of traditional conduits and cables, as they are easier to install and easily adaptable to changing business needs.
Refurbishment of already existing transmission grid and the replacement of cables with busbars due to their higher power distribution efficiency and space saving capabilities will also positively influence the busbar industry.
As far as refurbishment of existing gird network is concerned, U.S. and Europe have a pivotal share in busbar market, as government support for enhancing power efficiency in these regions has caused a major shift from use of cables to upgrading the power grid network. Evolving electrical product designs have also contributed toward the upgrading of the power grid network, consequently stimulated the busbar market size.
An instance of power grid upgradation and the commendable expansion of the busbar market can be credited to the implementation of energy transition plan in Germany called “Energiewende” that aims at producing 80% of Germany’s power through renewable energy resources. For this transition project, a large-scale upgradation of German substations is underway which will directly affect the regional busbar market. In the ensuing years, a rapid shift toward renewable energy sources is indeed inevitable across major end-use domains, which would undeniably drive global busbar market size over 2019-2025.
Author Name : Sunil Hebbalkar