Source: SkyQuest Technology Consulting Pvt. Ltd.
Busbar Trunking System Market to Surpass 3.06 Billion by 2030 Drives Due to Growing Need for Advanced and Efficient Infrastructure
SkyQuest projects that the busbar trunking system market will attain a USD 3.06 billion value by 2030, with a CAGR of 5.1% over the forecast period (2023-2030). There is a growing need for advanced and efficient infrastructure to support these initiatives as countries across the globe actively pursue policies to promote globalization and international cooperation. The infrastructural requirements are more diverse and demanding, creating a favorable environment for the busbar trunking system market to flourish over the forecast period.
Westford, USA, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the busbar trunking system market has experienced significant growth due to the increasing preference of end consumers towards deploying energy-efficient components. As environmental concerns continue to rise, there is a growing emphasis on sustainable practices and reducing carbon footprints.
Browse in-depth TOC on the "Busbar Trunking System Market"
- Pages - 165
- Tables - 95
- Figures – 76
The rapid digitalization sweeping across industrial sectors has led to a significantly competitive business environment. The demand for energy from communication base stations and data centers has seen a remarkable surge as industries embrace digital transformation in the busbar trunking system market.
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Prominent Players in the Busbar Trunking System Market
- Siemens AG
- Schneider Electric
- ABB Ltd.
- Legrand SA
- Eaton Corporation PLC
- Larsen & Toubro
- General Electric Company
- C&S Electric Limited
- Rittal GmbH & Co. KG
- Anord Mardix Group
- E+I Engineering Ltd.
- Godrej & Boyce Mfg. Co. Ltd.
- Megabarre Group
- Naxso S.R.L.
- Pogliano S.R.L.
- DBTS Industries SDN BHD
- P&S Power Technologies Ltd.
- Naxso Heavy Electricals Pvt. Ltd.
- DTM Elektroteknik A.S.
- Cuthbertson Laird Group.
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Copper Busbars Segment is Expected to Grow the Market Due to their Versatility
Copper busbars segment has established its dominance in the busbar trunking system market, primarily due to their versatility and ability to be used in low- and high-current applications. Copper's excellent electrical conductivity makes it a preferred choice for various industrial and commercial settings where efficient power distribution is essential.
The markets in North America stand as the dominant player in the busbar trunking system market, primarily owing to its robust economic activity and the availability of significant monetary resources. The region's thriving economy and stable financial environment have facilitated increased investments in critical infrastructural projects, including power distribution and industrial facilities.
The Industrial and Transportation Segment is Expected to Dominate the Market Due to Ensure Efficient and Reliable Power Distribution
The industrial and transportation segment has emerged as the dominant force in the busbar trunking market, accounting for the largest market share. Across all industries, busbar trunking systems are widely adopted, regardless of their specialization, to ensure efficient and reliable power distribution.
Regional markets in the Asia-Pacific are poised to witness the fastest growth rate in the busbar trunking system market. The region's remarkable growth prospects are attributed to several critical factors, including rapid urbanization, industrialization, and a booming population.
A comprehensive analysis of the major players in the busbar trunking system market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Busbar Trunking System Market
- Tai Sin Electric Limited recently made a prominent entry into the market by introducing Low-voltage busbar trunking systems. These systems offer an efficient and effective means of distributing electricity with minimal voltage drop. By optimizing energy transmission and reducing power losses, the low-voltage busbar trunking systems address the growing demand for more energy-efficient solutions, benefiting various industries and end-users seeking reliable and sustainable electrical distribution methods.
- Samuel Taylor Limited, a Redditch-based manufacturer specializing in automotive technology, recently secured a significant contract to contribute to producing Electric Vehicles (EVs). The collaboration involved producing components and bi-metals essential for advancing battery busbar technology.
Key Questions Answered in Busbar Trunking System Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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