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Medium Power Busbar Market Analysis
Medium Power Busbar Market size is witnessing a significant growth of USD 7.9 Billion in 2023 and will continue to grow with CA GR of 4.9% from 2024 to 2032. Surging demand for efficient power distribution solutions across industries along with growing emphasis on energy efficiency and sustainability is spurring the product adoption especially in economies with infrastructure development and urbanization.
In addition, government investments and initiatives targeting electric grid modernization are expected to drive sustained growth in the market. For instance, in August 2023, U.S. DOE funded USD 300 million to expedite electric transmission siting and permitting, supporting Biden-Harris administration's clean energy goals.
Rising demand for energy-efficient and space-saving power distribution solutions in various end-use sectors is further fuelling the market growth. Furthermore, increasing focus on renewable energy sources and modernization of electrical infrastructure across globe are expected to create new growth opportunities for the Medium Power Busbar Market in coming years.
Why is the demand for commercial medium power busbar growing?
The commercial segment will grow at over 4% CAGR from 2024 to 2032, driven by the rise in urbanization and growth of commercial spaces including office buildings, shopping malls, and data centers.
What is the size of medium power busbar industry?
Medium power busbar market was worth USD 7.9 billion in 2023 and will continue to grow at 4.9% CAGR from 2024 to 2032, owing to the surging demand for efficient power distribution solutions across industries.
How big is Asia Pacific medium power busbar industry?
Asia Pacific medium power busbar market size will exceed USD 5 billion by 2032, attribute to the growing focus on renewable energy and sustainable infrastructure development.
Mention the key players involved in medium power busbar industry?
ABB, C&S Electric Company, Chint Group, Eaton Corporation Plc., Friedhelm Loh Group, General Electric, Legrand S.A., Mersen S.A., Rittal GmbH & Co. KG, Rogers Corporation, Schneider Electric SE, Siemens AG, TE Connectivity, and Vertiv Group Corp.