Busbar Market Size, By Material {Copper (Electrolytic Tough Pitch, Oxygen Free), Aluminum}, By Power Range (Low, Medium, High), By Application (Commercial, Residential, Industrial) & Forecast, 2024 - 2032

Busbar Market Size

Busbar Market was valued at over USD 20.2 billion in 2023 and is likely to register 5% CAGR from 2024 to 2032. Increasing investments towards setting up effective power supply network with across various application verticals including residential, commercial, and industrial establishment will drive the market size. Capability to supply high voltage power in a wide range of building structures without additional space requirements will make product adoption across the projected timeline.

Growing investments toward replacement & refurbishment of old & aging transmission networks coupled with rising adoption of smart grid technology will stimulate the market share. Less heat dissipation, flexibility of tap-off locations, transmit bulk power over long distances, trifling fire risks and reduce hassle of wires are some of the key features positively influencing the product adoption.

Surging demand for reliable and continuous electricity supply coupled with growing focus to minimize energy losses across transmission and distribution lines will propel the market share. Rapid urbanization along with increasing funding toward infrastructure development are some of the indispensable factors enhancing the electricity demand across the globe. For instance, as per International Energy Agency, Global electricity consumption in 2022 was 24,398 terawatt-hour (TWh), nearly three times the amount of consumption in 1981 (8,133 TWh). This is further anticipated to augment the product landscape owing to increasing electricity demand specifically across developing nation including China, India, Indonesia, among others.

Rapid urbanization and infrastructural development projects, particularly in emerging economies, are driving the busbar market demand. These projects require reliable and efficient electrical power distribution systems, where busbars play a crucial role. In addition, the growing focus on renewable energy sources, such as solar and wind, has led to the integration of large-scale renewable energy installations. Busbars are utilized in these installations for effective power transmission from the source to the grid or end-users.

COVID- 19 Impact

The COVID- 19 outbreak has impacted the overall Busbar market along with cement industries. The market experienced demand fluctuations during the pandemic. As various countries implemented lockdowns and travel restrictions, economic activities slowed down, leading to reduced energy consumption and industrial production. This resulted in lower demand for Busbar in certain sectors, such as cement and aluminum. The market is closely tied to the oil and gas industry. During the pandemic, oil prices experienced significant volatility, with a sharp decline in early 2020 due to reduced demand and an oil price war between major producers. The decline in oil prices impacted Busbar prices and market dynamics.

Busbar Market Trends

Growing demand for electricity along with the increasing global population & industrialization, the demand for electricity continues to rise. Busbars are essential components in power distribution systems to ensure efficient transmission of electricity, thereby boosting the product deployment. In addition, the expansion of data centers due to the increasing demand for cloud computing and digital services has created a significant demand for busbars. They are used to manage power distribution within data centers efficiently.

Various industries, including manufacturing, automotive, and telecommunications, require robust power distribution systems. Busbars are preferred due to their high current-carrying capacity, compact design, and flexibility. In addition, continuous advancements in busbar design and manufacturing technologies have improved their efficiency and reliability. This has further fueled the demand for busbars in different sectors. Moreover, energy efficiency has become a crucial aspect of modern electrical systems. Busbars offer advantages such as reduced power losses, lower impedance, and improved thermal performance, contributing to overall energy efficiency.

Busbar Market Analysis

copper busbars were already widely used in various industries due to their excellent electrical conductivity, thermal properties, and mechanical strength. Copper busbars have been traditionally employed in power distribution systems, switchboards, electrical panels, and other applications where efficient power transmission is crucial. Aging power infrastructure in many countries demands modernization to ensure reliability and efficiency. Copper busbars are often chosen for upgrading electrical systems due to their compatibility with existing infrastructure and their ability to handle higher power loads.
 

Busbar market from aluminum segment is set to expand at more than 6% CAGR through 2032. Aluminum busbars have gained significant popularity in various industries due to their advantageous properties such as lightweight, high conductivity, and cost-effectiveness compared to traditional copper busbars. While copper remains a widely used material for busbars, aluminum has been steadily gaining traction in the market.
 

In addition, aluminum is significantly lighter than copper, which is particularly advantageous in applications where weight is a concern, such as in electric vehicles (EVs) and aerospace industries. The use of aluminum busbars helps reduce the overall weight of these systems and improves energy efficiency. Moreover, aluminum is a highly recyclable material, and its production requires less energy compared to copper. As sustainability and environmental concerns continue to grow, the use of aluminum busbars aligns with the goal of reducing carbon footprints and promoting a circular economy.
 

Commercial application accounted for over 43% of global market share in 2022. Increasing electricity demand on account of rapid urbanization and commercialization will propel the business landscape. In addition, introduction of energy conservation programs to enhance energy efficiency across commercial establishments including business centers and shopping complexes will further enhance industry growth.
 

Industrial busbar market share will witness surge owing to positive outlook toward manufacturing industry along with strong economic growth. Increasing foreign direct investments toward electricity distribution & generation coupled with rising public and private funding in development of infrastructure will further complement the business landscape. In addition, rapid industrialization, particularly in developing countries, has been a significant driver for the industrial busbar industry. As new manufacturing plants, commercial buildings, and infrastructure projects are being established, the need for efficient power distribution systems like busbars has risen.
 

The U.S. market will witness growth on account of favorable measures to replace the conventional power supply systems from energy efficient technologies to reduce transmission losses. Ongoing technological innovations in the structural integrity of conductors to reduce installation time & complexity, maintain electrical flow, enhance efficiency, will further complement the industry dynamics.
 

Growing adoption of high voltage transmission networks to cater for the continual increase in the electricity demand will accelerate the Europe busbar market size. Furthermore, increased in investments toward development of energy infrastructure project to support electricity generation units will further complement the business growth.

Busbar Market Share

Notable industry players across busbar market share include:

• Littlefuse
• Halcor Metal Works S.A.
• Methode Electronics
• Schneider Electric
• MERSEN
• Rittal GmbH & Co. KG
• Southwire Company, LLC.
•  Oriental Copper Co., Ltd.
• Godrej
• Busbar Systems Belgium BVBA
• Siemens Energy
• Legrand
• ABB
• Bhagyanagar India
• Eaton
• C&S electric
   

Busbar Industry News

• In August 2022, the U.S. government launched USD 10.5 Billion investment to strengthen America’s electric grid. The investment will accelerate the deployment of transformative projects that will assist the reliability of the power sector’s infrastructure for affordable, reliable, clean electricity.
   
• In December 2022, India Grid Trust (IndiGrid) and G R Infraprojects signed a contract for power transmission projects worth over USD 50 billion for identified TBCB (Tariff Based Competitive Bidding) transmission projects. In addition, the power ministry of India has recently unveiled a plan for investment of USD 2,500 billion in building transmission infrastructure for meeting the vision of 500 GW of renewable energy capacity by 2030 to meet its energy transition goal, which in turn is anticipated to have a positive impact on the market growth.
   

Busbar market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MT & ‘USD Million’ from 2019 to 2032, for the following segments:

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By Material, 2019 – 2032 (Kilo Tons & USD Million)

• Copper
  • Electrolytic Tough Pitch (ETP)
  • Oxygen Free Copper (OFC)
• Aluminum

By Power Range, 2019 – 2032 (Kilo Tons & USD Million)

• Low Power
• Medium Power
• High Power

By Application, 2019 – 2032 (Kilo Tons & USD Million)

• Residential
• Commercial
• Industrial

The above information has been provided for the following countries:

North America

• U.S.
• Canada
• Mexico

Europe

• UK
• Russia
• Italy
• Spain
• France
• Germany
• Sweden

Asia Pacific

• China
• India
• Japan
• Australia
• South Korea

Middle East & Africa

• Saudi Arabia
• UAE
• Qatar
• Oman
• Turkey
• South Africa
• Egypt
• Nigeria
• Algeria

Latin America

• Brazil
• Peru
• Argentina