Busbar consists of a strip of conductor made of aluminum or copper, supported by insulators that can connect the electrical loads and power supply in an integrated electrical network. It has a range of applications majorly in switchgears, distribution panels, switchboards and any establishments that require the consumption of electric power.
Growing concerns regarding energy efficiency in different along with preference of busbars over cables due to its low cost are the factors that is expected to drive the market. Integration of wind power technology in global power generation mix coupled with emergence of smart & green cities are the key factors that will boost the market growth. The presence of grey market offering low-quality and cheap products is a key restraining factor that hinders the growth of the market. Emerging switchgears applications along with innovative power sector reforms leading T&D expansions are the key factors that is expected to offer abundant growth opportunities to the market. The fluctuating prices of raw materials along with lack of R&D activities and proper infrastructure are the key market challenges.
The report segments the market on the basis of power rating, end user and region. On the basis of power rating, the market is segmented into low power, medium power, and high power. On the basis of end users, the report segments the market into utilities, industrial, residential and other end users. On the basis of region, the market is segmented into North America, South America, Europe, Asia-Pacific, Middle East and Africa. Key market players operating in this market are Siemens AG, ABB Ltd., Schneider Electric SE, Eaton Corporation Plc., TE Connectivity Ltd., Legrand S.A., Rittal GMBH & Co. KG, Mersen S.A., Chint Electrics Co. Ltd. and Power Products LLC.
KEY BENEFITS FOR STAKEHOLDERS:
BUSBAR MARKET KEY SEGMENTS:
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