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Busbar Trunking Systems Market Size
Busbar Trunking Systems Market was valued at USD 2.6 billion in 2023 and will grow at CAGR of 10.3% from 2024 to 2032, due to the increasing demand for electricity, alongside the need to upgrade existing electrical systems. Global electricity demand has surged by over 80% since 1980. Despite regulatory reforms, a persistent gap between supply and demand remains. Consequently, manufacturers are making aggressive investments to create products that ensure efficient power distribution.
The growing need to revamp aging electrical grids, combined with a push to upgrade infrastructure in developed nations, is creating a conducive environment for businesses. The introduction of advanced, efficient, and secure power distribution technologies is bolstering the busbar trunking system market. While manufacturers and suppliers are ramping up R&D efforts to broaden their product offerings, it's the fresh investments from key players in versatile technologies that mark a significant turning point.
Mention the key players involved in busbar trunking systems industry?
ABB, C&S Electric Limited, EAE, Eaton, Effibar, Entraco Bks Busducts Pvt. Ltd., Gersan Elektrik A.?, and Godrej.
What is the size of busbar trunking systems market?
The market size of busbar trunking systems was worth about USD 2.6 billion in 2023 and will grow at 10.3% CAGR from 2024 to 2032, driven by the increasing demand for electricity.
Why is the demand for lighting busbar trunking systems growing?
The lighting segment in the busbar trunking systems industry is anticipated to surpass USD 1 billion by 2032, favored by increasing need for streamlined power distribution systems.
How big is Asia Pacific busbar trunking systems industry?
Asia Pacific busbar trunking systems market is likely to exceed over USD 2.1 billion by 2032, backed by escalating electricity demand and expanding points of connection.