Portland, OR, Feb. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global busbar industry was estimated at $14.0 billion in 2018, and is expected to hit $23.6 billion in 2026, manifesting a CAGR of 6.1% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Requirement for efficient conductor & lower energy loss during transmission and implementation of green & smart city concepts drive the growth of the global busbar market. On the other hand, accessibility of cheap and low-quality products and cost of volatile raw material impede the market. Moreover, emerging switchgear and energy & power market is expected to present lucrative opportunities in the near future.
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Covid-19 Scenario:
- The manufacturing facilities and supply chain management has undergone disruption during the initial phase of covid-19.
- However, as the regulations are getting eased off, the market is expected to revive soon.
Global busbar market is segmented based on materials type, application, and region. Based on material type, the aluminum segment is expected to portray the fastest CAGR of 6.7% during the forecast period. On the other hand, the copper segment dominated the market with largest share in 2018.
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Based on application, the industrial segment contributed to the highest share in 2018, with more than two-fifths of the global busbar market. At the same time, the commercial segment is expected to showcase the fastest CAGR of 6.8% during the forecast period.
The global busbar market across Asia-Pacific held the lion’s share in 2018, with more than half of the market. On contrary, the market across North America is estimated to portray fastest CAGR of 6.8% during the forecast period. The other two provinces in report includes Europe and LAMEA.
The key players profiled in market report include Siemens AG, ABB Ltd., Schneider Electric SE, Eaton Corporation Plc., Rogers Corporation, TE Connectivity Ltd., Legrand S.A., Friedhelm Loh Group, Mersen S.A., and Chint Group.
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