Global Busbar Market Size to worth USD 25.40 Billion by 2033: Market Insight Report

Global Busbar Market Size to worth USD 25.40 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global Busbar Market Size is Expected to Grow from USD 14.43 Billion in 2023 to USD 25.40 Billion by 2033, at a CAGR of 5.82% during the forecast period 2023-2033. 

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Busbar Market Size, Share, and COVID-19 Impact Analysis, By Conductor (Copper and Aluminum), By Power rating (Low, Medium, and High), By End-user (Utilities, Industrial, Residential, and Commercial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.      

Busbars are conductive strips made of copper or aluminum, used in electrically powered devices like switchboards, distribution panels, and switchgear. The busbar market's growth is driven by concerns about energy usage, cost, and operational advantages over cables. Aluminum busbars are commonly used in transportation to connect batteries to electrical components. Strong infrastructure development and rising energy demand from the commercial, industrial, and residential sectors are predicted to fuel the growth of the worldwide busbar market. More transformers are being replaced to provide a steady supply of electricity due to the rising use of electrical equipment brought on by industrial activity and the need to upgrade aging electric transmission networks. The market for busbars is gaining momentum due to increasing demand for electricity and energy globally, driven by urbanization and population growth. Urbanization and industrialization worldwide increase electricity demand, requiring efficient power distribution solutions like electrical busbars. As urban centers expand, the busbar market is expected to grow significantly. However, the global busbar market's growth is expected to be hampered by geopolitical factors, fluctuating raw material prices, and a lack of R&D.

The copper segment is predicted to hold the highest market share through the forecast period.

Based on the conductor, the busbar market is classified into copper and aluminum. Among these, the copper segment is predicted to hold the highest market share through the forecast period. The cost-effectiveness and growing public awareness of copper busbars, which are well-known for their high thermal conductivity, ductility, corrosion resistance, and extended service life, have led to their widespread use in power generation plants and transmission projects worldwide.

The low segment is anticipated to hold the largest market share during the projected timeframe.    

Based on the power rating, the busbar market is divided into low, medium, and high. Among these, the low segment is anticipated to hold the largest market share during the projected timeframe. The low-power market is anticipated to expand due to its extensive use in switchboards and distribution panels in utilities and industries, as well as continuous improvements to commercial buildings and a promising prognosis for the industrial sector.

The commercial segment is anticipated to hold the highest market share during the projected timeframe.   

Based on the end-user, the busbar market is divided into utilities, industrial, residential, and commercial. Among these, the commercial segment is anticipated to hold the highest market share during the projected timeframe. Rapid development and rising electricity demand are fueling the industry's expansion. Copper busbars and energy-saving initiatives are being used to increase the energy efficiency of commercial buildings due to their high conductivity.

North America is estimated to hold the largest share of the busbar market over the forecast period.

North America is estimated to hold the largest share of the busbar market over the forecast period. The North American busbar market is expected to grow, due to technological innovations, government initiatives, and infrastructure changes. For instance, Siemens PLC plans to become carbon neutral by 2030, and ABB Ltd. and Siemens AG are key manufacturers. The global market will see growth from sandwich insulation and energy consumption regulations.

Asia Pacific is predicted to have the fastest CAGR growth in the busbar market over the forecast period. The busbar market is expected to grow due to government initiatives in power generation, transmission, and distribution. Smart city development, high voltage transmission demand, and solar power capacity are expected to create opportunities.

Company Profiling

Major key players in the busbar market include Siemens, ABB, Schneider Electric, Eaton, TE Connectivity, Legrand, General Electric, Rittal GMBH & Co. KG, Mersen, Chint Electrics, Power Products, Promet AG, and C&S Electric Company, Others. 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the busbar market based on the below-mentioned segments:

Global Busbar Market, By Conductor

• Copper
• Aluminum

Global Busbar Market, By Power Rating

• Low
• Medium
• High

Global Busbar Market, By End-User

• Utilities
• Industrial
• Residential
• Commercial

Global Busbar Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa