Busbar Market Value to Cross USD 24 Bn by 2025: Global Market Insights, Inc.
The busbar market share from high power segment is set to exceed $7bn by 2025 driven by positive outlook toward modernization of ultra-high transmission lines to minimize line losses and suffice electricity demand
Global busbar market demand is poised to rise from $16 billion in 2018 to over $24 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Emerging demand for electrical conductors for distributing power effectively will drive the busbar market size. Less complexity, high flexibility, cost effectiveness, quick installation, and capability to tap in at various points without creating a new joint are some the highlighted parameters making product adoption viable over alternate technologies.
Favorable measures to promote adoption of energy efficient technologies in commercial and residential embodiments along with increasing investments toward development of smart cities will stimulate the market share. Growing efforts to reduce line losses to efficiently cater the surging energy demand will further complement the business landscape.
The U.S. busbar market size in 2018 was valued over $2bn Shift in trend toward adoption of sustainable solutions from conventional power distribution systems coupled with ongoing investments toward refurbishment and renovation of aging electrical grid infrastructure will augment the industry landscape.
Copper busbar market size is predicted to reach over $2bn by 2025. These products offer extra security, long & reliable service life, resilience to higher temperatures, high thermal conductivity & ductility, and corrosion resistivity. Increased in investments toward construction of new commercial establishments along with strong economic growth will further complement the business outlook.
Industrial applications in 2018, contributed over 40% of global busbar market share by volume. Ongoing investments toward modernization of existing supply network along with growing efforts to reduce energy consumption will stimulate the industry growth. Low space requirement, ease of installation and high efficiency are few highlighted features making its adoption preferable over its counterparts.