PORTLAND, Oregon, Dec. 5, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Busbar Market by Material Type (Aluminum, Copper, and Brass) and Application (Industrial, Commercial, and Residential): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global busbar industry was pegged at $14.0 billion in 2018, and is projected to garner $23.6 billion in 2026, registering a CAGR of 6.1% from 2019 to 2026.
Driving factors for the market
Need for efficient conductor and lower energy loss during transmission and adoption of green & smart city concepts have boosted the growth of the global busbar market. However, availability of cheap and low-quality products and volatile raw material pricing hamper the market. On the contrary, emerging switchgear and energy & power market is expected to create lucrative opportunities in the near future.
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Aluminum segment to manifest the fastest CAGR through 2026
By material type, the aluminum segment is expected to register the fastest CAGR of 6.7% during the forecast period, owing to high conductivity and efficiency. However, the copper segment held the largest share in 2018, contributing more than half of the global busbar market, owing to high price of raw materials. The report includes analysis of the brass segment.
Industrial segment dominated the market
By application, the industrial segment held the lion's share in 2018, accounting for more than two-fifths of the global busbar market. However, the commercial segment is anticipated to register the fastest CAGR of 6.8% during the forecast period, owing to smart & green city concepts. The report includes an analysis of the residential segment.
North America region to portray the fastest CAGR by 2026
The global busbar market across North America is estimated to register the fastest CAGR of 6.8% during the forecast period, owing to the presence of major corporations in the region. However, the market across Asia-Pacific held the largest share in 2018, accounting for more than half of the market, owing to increasing investments in the emerging economies in the busbar industry. The report includes analysis of the market across Europe and LAMEA.
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Industry Money Makers
- Siemens AG
- Schneider Electric SE
- ABB Ltd.
- Rogers Corporation
- Eaton Corporation Plc.
- Legrand S.A.
- TE Connectivity Ltd.
- Mersen S.A.
- Friedhelm Loh Group
- Chint Group
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