Global Busbar Market Report and Forecast 2024-2032

Global Busbar Market Size

The global busbar market size attained a value of USD 17.50 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.30% to reach USD 27.79 billion by 2032.

Busbar is a metallic strip or bar, used in electric power distribution, usually found inside panel boards, switchgear, and busway enclosures for local high-current power distribution. The most common metals used for manufacturing busbars are copper, aluminium, brass, and other efficient alloys that are capable of offering low energy loss during transmission and high conductivity.

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The design of the busbar simplifies electrical distribution systems, saves space, and offers scalability for future expansions. It is instrumental in managing power distribution in various electrical installations, making them an essential element in modern electrical infrastructure.

The history of busbar technology reflects the evolution of electrical power distribution systems. Busbar technology continued to evolve over the years, reflecting changes in electrical distribution requirements and advances in technology. Today, busbars are used in a variety of high and low-voltage applications, including production plants, workshops, assembly lines, warehouses, distribution centres, and retail outlets, which is expected to propel the busbar market demand. They offer several advantages over conventional power distribution methods, such as reduced installation times, increased design flexibility, enhanced safety features, and simplicity in design and installation.

The report finds the Asia Pacific to be the largest market in terms of share due to the increase in investments in developing countries by the key players in the market. The Asia Pacific market for busbar is dominated by China, followed by India.

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Busbar Market Segmentation

The major market segments based on the power rating of busbar are as follows:

• High

• Medium

• Low

Among these, the low-power segment holds the largest market share. This dominance can be attributed to the widespread use of low-power busbars in distribution panels and switchboards across various utilities and industries. The ongoing investments in the renovation and redevelopment of existing commercial facilities, along with a positive outlook for the industrial sector's development, are stimulating the growth of the low-power busbar market.

High-power busbars, which typically cater to power ranges above 36Kv, are also significant in the market. They are gaining traction due to the need for modernising ultra-high transmission lines to reduce line losses and meet the growing electricity demand.

The market can be divided on the basis of the type of conductor into:

• Copper

• Aluminium

In the market, copper holds the highest busbar market share compared to aluminium. This predominance is due to several key factors such as copper’s superior electrical conductivity compared to aluminium. This higher conductivity means that copper can carry more current than aluminium of the same size, making it more efficient for use in high-power applications.

Copper also has a higher thermal conductivity, which allows it to dissipate heat more effectively. This is an important characteristic in preventing overheating in electrical systems. Due to its properties, copper is more versatile and can be used in a wider range of applications, including those that require higher power capacities and those where space is limited.

The market can be broadly categorised on the basis of its end-uses into:

• Industrial

• Commercial

• Residential

• Utilities

The commercial sector dominates the busbar market. This dominance is driven by increasing power requirements due to rapid urbanisation and commercialisation. In commercial buildings like offices, shopping centres, and hotels, busbars are used for distributing power across different floors and sections. They are preferred over traditional cabling for their ability to handle high power loads and ease of installation and maintenance.

Busbars are critical in data centres for reliable power distribution to server racks and IT equipment. They support high power densities and can be easily reconfigured or expanded as data centre power needs change. Commercial spaces often require extensive lighting systems. Busbars provide a streamlined and efficient way to distribute power to lighting fixtures, especially in large spaces like warehouses, exhibition centres, and retail stores.

On the basis of industry, the market is divided into:

• Chemicals and Petroleum

• Metal and Mining

• Manufacturing

• Others

The manufacturing sector encompasses a wide range of industries, each requiring efficient and reliable power distribution systems. Busbars are essential in this context due to their ability to effectively distribute high electrical currents over short and medium distances. Manufacturing plants often have high energy demands due to the use of heavy machinery, production lines, and continuous operations. Busbars provide a robust solution for handling such high current loads.

In manufacturing, downtime can prove to be costly. Busbars offer a reliable and efficient way of distributing power, which is crucial for maintaining continuous operations in manufacturing facilities.

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The report also covers the major regional markets for busbar, which are as follows:

• North America

• Europe

• Asia Pacific 

• Latin America

• Middle East and Africa

Busbar Market Analysis

The adoption of smart cities and other similar projects will boost the demand for busbars as they are more convenient to be used without any hassle of wires. Rapid urbanisation and commercialisation of the business landscape will increase the demand for busbar as this will surge the electricity demand in these sectors. The need for an effective conductor and lower energy loss during transmission has replaced conventional power distribution methods with highly conductive metal busbars. Besides, busbar helps reduce the cost of installation as it substitutes cables and other related components. Moreover, busbars are safe, reliable, and environmentally friendly, which contributes further to the busbar market growth.

Nevertheless, the availability of cheap and poor-quality goods can limit the growth of the market. Furthermore, the lack of research and development activities and the high price of raw materials may hamper market expansion.

Regional Insights

The Asia Pacific region represents a significant energy market, with the expansion of the electrical power distribution sector. Busbars are used to conduct and distribute electrical power in a variety of settings, including industrial, commercial, and residential environments.

The market in the Asia Pacific has been experiencing growth, driven by factors such as increasing electricity demand, industrialisation, and urbanisation in the region. Countries like China, India, and Japan are key players in this market due to their large populations and rapidly growing industrial sectors. The market is also influenced by technological advancements. Innovations in materials, design, and manufacturing processes are some of the crucial busbar market trends that have led to more efficient, safer, and cost-effective busbar solutions. For instance, advancements in insulation materials have enhanced the safety and performance of busbars.

Competitive Landscape of Busbar Industry

The report presents a detailed analysis of the following key players in the global busbar market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Siemens

• ABB

• Schneider Electric

• Eaton Corporation

• Mersen

• Oriental Copper Co., Ltd

• Legrand Electric Ltd

• Southwire Company LLC

• Others

The comprehensive report investigates the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report