NeoGearTM Low-Voltage Switchgear from ABB was the First Product to Utilise the Ground-Breaking Innovative Laminated Bus Plate Technology
In February 2020, ABB's NeoGearTM low-voltage switchgear was the first to use the revolutionary new laminated bus plate technology. With a 25% smaller footprint, NeoGear's busbar technology in switchgear is the ideal choice when available space is at a premium.
Rising Urbanization to Boost Market Growth
The busbar market is anticipated to grow in response to rising urbanisation. The demand for power distribution systems that can effectively provide electricity to densely populated areas is anticipated to rise as urbanisation proceeds. Busbars are a good way to address this need because they can transfer power over greater distances with minimal loss. Urbanization is also frequently accompanied by the expansion of infrastructure projects, such as skyscrapers, shopping centres, airports, and transit networks. Busbars are crucial parts of these projects because they offer reliable and efficient power distribution. Smart city programmes, which entail integrating cutting-edge technologies into urban infrastructure, are becoming more popular in many places across the world. These projects can be combined with busbars to offer intelligent power distribution solutions, allowing for the administration and optimization of power usage.
Availability of Alternative Technologies Could Impede Growth
An additional market constraint for the busbar business is the availability of alternative technologies. In some situations, busbars might face competition from other power distribution systems including cables and switchgears. For electricity distribution, cables are frequently used instead of busbars. As cables are flexible, it is simpler to put them in confined locations or around corners. They are excellent for a variety of applications due to their availability in a range of diameters and lengths. Cables, on the other hand, have greater losses than busbars and might be more expensive to install and maintain over a large area. Busbars can also be substituted with switchgear. Switchgears are pieces of electrical machinery used to switch, regulate, and safeguard electrical circuits. They frequently function as a flow controller for electricity in power distribution networks. Because they enable the circuit to be turned off and separated for maintenance, switchgears are frequently used in conjunction with cables. Switchgears are less suitable for some applications than busbars because they are heavier and more complicated.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the busbar market plan acquisitions to improve their brand recognition globally. For instance, in August 2020, Schneider Electric successfully finalised its deal for low voltage and industrial automation with Larsen & Toubro's Electrical & Automation business. The business provided a diverse array of ventures that increase revenue and profit.
- In October 2018, Meyer Group and Schneider Electric have agreed to a five-year arrangement. In accordance with this contract, Schneider Electric will provide the Canalis busbar trunking system for more than 22 cruise ships.
- Siemens AG
- Schneider Electric
- Eaton Corporation plc
- Rogers Corporation
- TE Connectivity
- Legrand S.A.
- Friedhelm Loh Group
- CHINT Group
- The market in the Asia Pacific is expected to gain a huge portion of the global Busbar market share in the coming years due to an increase in electricity demand brought on by a development of the industrial and economic sectors.
- A further benefit of the increased emphasis on the development of renewable energy sources is that the infrastructure of power systems has significantly improved.
- In the Asia Pacific, the growth in this region is primarily driven by the need to replace old power substations with more energy-efficient ones to reduce transmission and distribution losses.
|Market Size in 2022||USD 17.9 Billion|
|Market Forecast in 2030||USD 22.8 Billion|
|Compound Annual Growth Rate||4.10 %|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Material Type, By Application and By Geography|
|By Material Type||