Busbars are used in electrical power distribution systems as a way of distributing power from a single source to multiple devices. Busbars are typically made of copper or aluminium and can come in a variety of shapes and sizes. The busbar market has been growing in recent years, driven by the increasing demand for reliable and efficient power distribution systems.
Busbar Market is likely to witness an impressive CAGR of 5.5% during the forecast period. Growing investments aimed at establishing an effective power supply network, busbar’s ability to provide high voltage power in building structures without occupying any additional space, and rising demand for reliable and continuous electricity supply mixed with increasing focus to minimize energy losses across transmission and distribution are some of the major factors driving the market growth during the forecast period.
One of the major drivers of the busbar market is the increasing demand for renewable energy sources, such as solar and wind power. These energy sources require efficient and reliable power distribution systems to ensure that the energy produced is transmitted to the grid or to end users. Busbars play a critical role in these systems, helping to distribute power from renewable sources to where it is needed.
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Key Players
Some of the key players in the busbar market are-
Godrej & Boyce Mfg. Co. Ltd., Halcor, Littlefuse, MERSEN, Methode Electronics, Oriental Copper Co., Ltd., Pentair, Rittal, Schneider Electric, and Southwire Company, LLC.
Regional Analysis
In terms of regions, Asia-Pacific is estimated to be the leading region in the market owing to rising investments aimed at modernization and expansion of grid coupled with increased efforts to avoid the electricity supply & demand mismatch. China and India are the growth engines of the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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