Busbar Market Size

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.

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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.