Favorable regulatory prospects in line with the eco-design and labelling reforms across developed nations will considerably propel the global busbar market. Increasing smart cities development projects have compelled installers and utilities to align focus toward energy efficient electric infrastructure network. Growing energy consumption coupled with rising concern toward T&D losses will further stimulate the industry landscape.
Global Busbar Market is set to surpass USD 20 billion by 2024. Increasing electrical conductor demand to carry large current within substation, distribution board, battery bank, and switch board will drive the global busbar market growth. Ability to provide stiffness to allow lower assembly time, ability to tap-in without any new joint, reduced complexity, and effective cooling of conductor institute favorable business scenario.
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The U.S. busbar market is set to surpass 600 Kilo Tons by 2024. Rising investments toward the upgradation and replacement of electrical grid infrastructure network to cater the increasing demand of electricity will escalate the product adoption in the nation. In 2016, DOE allocated USD 4 million to develop micro grid infrastructure network in Chicago.
Increasing reliable electricity demand from urban and rural areas coupled with introduction of various initiatives to support T&D network installation will foster the Asia Pacific busbar market growth. In 2015, the Government of India has introduced Integrated Power Development Scheme (IPDS) to offer financial support against the capital investment to bridge gap across sub transmission networks in the nation. Regulators across the country have set target to reduce transmission and distribution losses to 15% by 2019 from 22% in 2015.
The UK busbar market share accounted for over 10% of the Europe in 2016. Growing energy efficient equipment demand to establish a sustainable supply network will positively influence the industry landscape. The Government of UK has established a National Infrastructure Commission to upgrade existing infrastructure to cater the increasing population.
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Copper busbar market projected to expand over 5% on account of its ability to provide high thermal conductivity and effective corrosion resistance. Furthermore, temperature resilience, improved ductility, reliable service life, and short circuit protection will fuel the product penetration.
Saudi Arabia busbar market is predicted to expand over 5% on account of rapidly expanding power generation facilities in the country. In 2017, Saudi Electricity Company (SEC) announced the construction of six power plants and building of five interconnecting 380 kV transmission lines in Saudi Arabia. The construction of five overhead lines required conductors of 1,376 miles at an estimated cost of USD 1.46 billion.
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Eminent participants in the industry include Siemens AG, Bhagyanagar India, Godrej & Boyce Mfg., Methode Electronics, Southwire Company, C&S electric, Busbar power range Belgium, ABB, Oriental Copper, Littlefuse, Eaton, Schneider Electric, Legrand Group, MERSEN, Pentair, Halcor and Legrand.
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