The global busbar market is estimated to be worth US$16.55 billion growing at a 5+% CAGR between 2016 and 2021, reveals data published in a recent market report. The aluminium busbar segment alone is estimated to grow at the fastest CAGR. Driven by tremendous growth in the Asia-Pacific and the Middle East & Africa regions, the demand for aluminium will increase significantly during the forecast period. Aluminium busbar, by virtue of being light-weight and at the same time, low-cost will fast replace copper busbars in many applications, over the five years period, the report says.
The major application areas of busbars include oil & gas, power generation, commercial, residential, metals & mining, chemicals & petrochemicals, and other industries. The study says, emerging grey/unorganized market providing low-quality and low-price products poses as the biggest challenge for the global busbar market.
According to the report, Asia-Pacific is currently the largest market for busbar, followed by Europe. The Asia-Pacific market is primarily driven by countries such as China, Japan, India, Australia, and Rest of Asia-Pacific. China, like in many other aluminium end use applications, is expected to dominate the busbar market, followed by Japan and India. Growing energy consumption due to urbanization and industrialization will drive the Asia-Pacific market during the forecast period.
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The report identifies some of the key players in the global busbar market which includes large to medium-scale, diversified aluminium busbar manufacturers. ABB Ltd. (Switzerland), Schneider Electric (France), Siemens AG (Germany), Eaton Corporation plc (Ireland), Legrand S.A. (France), C&S Electric Company (India), Eaton Corporation plc (Ireland), Mersen S.A. (France), Schneider Electric SE (France), CHINT Electric Co. Ltd. (China), and Rittal GMBH & CO. KG (Germany) are some of the leading brands in the industry expected to dominate the market in the forecast period.
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