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Report Code: PE10864
Category : Energy Harnessing & Power Generation
The global busbar market has been witnessing considerable growth due to increasing application of busbars in the power infrastructure sector, which includes substations, switchgear, transformers and other transformation and distribution (T&D) equipment. With the rise in power generation, transmission and distribution projects, the global demand for busbars is expected to witness a substantial increase during the forecast period. Further, emerging switchgear applications along with innovative power sector reforms leading T&D expansions are expected to create opportunities in the global busbar market. The market is expected to grow further due to the rising demand for busbars from the transportation industry, as busbar plays an essential role in electrical inter-connections.
Busbar is an advanced solution for the distribution of energy in an installation, for machinery, equipment and lighting fittings. Busbar finds its application in all types of buildings such as warehouses and multi-storey buildings. A busbar is an electrical conductor which carries a large current and is an integral part of the power distribution system. It typically exists in the form of a thick strip or a tube, which is made up of copper or aluminum. Busbars are essential components in electrical power grids due to their ability to decrease power loss by reducing the corona effect, increasing application in distribution boards, switchgears, motor controls, transformers and others. Busbar is used as an alternative for cables on account of their properties such as ease of installation, high efficiency and low space requirements.
In the transportation sector, solid aluminum busbar is used to connect batteries to electrical components. Increase in the demand for commercial or passenger vehicles would aid in the growth of the busbar market, as busbar is an essential component of vehicular operations. Busbar market offers numerous opportunities for the development of smart cities and power sector reforms, which may lead to upgraded and advanced transmission and distribution network. Copper busbar systems used for industrial and commercial facilities are designed to reduce costs while keeping the size of busbar at required level permitted based on safety considerations.
The APAC region outgrew other regions in the global busbar market in 2015. The region showcased increased demand for busbars from the automotive and power sectors which drove the growth of the market in the APAC region. Additionally, the increasing demand for production units of commercial vehicles resulted in increased demand for busbars. The global busbar market is characterized by intense competition among the largest manufacturers in the global market. The developed economies face stiff competition due to the presence of multinational players; however, the emerging economies such as China and India are driven by the local players. Additionally, uncertainty in the prices of raw materials, and unorganized and improper distribution channel have adverse ripple effects on the global busbar market.
The key players operating in the global busbar market are ABB LTD. (Switzerland), Mersen S.A., Schneider Electric (France), Chint Electrics Co. Ltd., Siemens AG (Germany), Eaton Corporation plc. (Ireland), and Legrand S.A. (France).
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