New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Busbar Global Market Report 2023" - https://www.reportlinker.com/p06466528/?utm_source=GNW
KG, Starline Holdings LLC, Sedotec GmbH & Co. KG, Methode Electronics Ltd, and General Electric.
The global busbar market is expected to grow from $15.92 billion in 2022 to $16.93 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The busbar market is expected to reach $20.82 billion in 2027 at a CAGR of 5.3%.
The busbar market consists of sales of single busbar, main and auxiliary busbar, double busbar, double main and auxiliary busbar, enclosed busbar, open busbar, isolated phase busbar and gas-pressurized insulated busbar.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A busbar is a metallic strip or bar used in a power distribution system to conduct and transmit electrical electricity. It is usually constructed of copper or aluminium and is built to carry a lot of electricity.
North America was the largest region in the busbar market in 2022, and is expected to be the fastest-growing region in the forecast period. The regions covered in busbar report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of materials used in busbars are aluminum, copper, and brass.Aluminum refers to a thin, silvery-white metal that is ductile, lightweight, and corrosion-resistant.
Aluminum is commonly used to manufacture busbars due to its favorable electrical and mechanical properties, such as lower resistivity, lightweight and others. The various power ratings include low, medium, and high, that are used in utilities, industrial, residential, and commercial uses.
The rising concern towards the reduction of energy losses in the electric transmission is expected to propel the growth of the busbar market.Energy loss in electric transmission refers to energy wasted during electricity production, transmission, and distribution, including plant and unexplained use.
The resistance of the electrical conductors used in a power transmission system is one of the main contributors to energy losses.Busbars can carry large amounts of electricity with little energy waste because of their low resistance.
Busbars can be used instead of conventional wire to decrease energy losses, saving money.For instance, in July 2022, according to Energy Information Administration (EIA), a US-based statistical agency of the Department of Energy, each year, transmission and distribution losses amount to around 5% of the total electricity generated.
This resulted in a loss of 207 million MWh in 2020, which, at an average wholesale power price of $30/MWh, was worth $6.21 billion. Therefore, the rising concern towards reducing energy losses in the electric transmission is driving the growth of the busbar market going forward.
Product innovation is a key trend gaining popularity in the busbar market.Companies operating in the busbar market are moving towards developing innovative products to improve efficiency and sustain their position in the market.
For instance, in February 2020, ABB Ltd., a Switzerland-based automation company, launched laminated bus plate technology for low-voltage switchgear. The laminated bus plate transmits current inside LV switchgear effectively. It enables the switchgear manufacturer or panel builder to improve the quantity or size, of features that are significant to the end user while combining the high capability of transferring high current in a small size. ABB substituted a laminated bus plate for the conventional horizontal and vertical busbar arrangements in the new switchgear. With this novel technique, safety is elevated to an unprecedented degree, among many other advantages.
In December 2020, KPS Capital Partners, a US-based private equity company, acquired Hussey Copper Ltd for an undisclosed amount.Through this acquisition, KPS aimed to drive the company’s growth and develop a range of operational initiatives.
Hussey Copper Ltd is a US-based manufacturer of copper busbars.
The countries covered in the busbar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The busbar market research report is one of a series of new reports that provides busbar market statistics, including busbar industry global market size, regional shares, competitors with a busbar market share, detailed busbar market segments, market trends and opportunities, and any further data you may need to thrive in the busbar industry. This busbar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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