Busbar Market - Forecasts from 2023 to 2028

The global busbar market was valued at US$7.663 billion in 2021.

A busbar is a metallic strip or bar used to conduct electricity within a power distribution system. It is typically made of copper or aluminum and connects electrical loads such as transformers, switchgear, and generators to a power source such as a substation. A busbar comes in single, double, and ring types and is used in applications like power stations, marine electrical systems, automotive fuses, and industrial equipment. The global busbar market is driven by the increasing demand for energy, the need for more efficient power transmission and distribution systems, the growing demand for new ships and vessels in the marine sector, and the increasing use of automotive fuses in automobile production.

The increasing production of electricity from power stations and growing automotive production are key factors augmenting the busbar market growth.

Busbars are used in power stations for distributing high levels of electrical power from generators to transformers and other equipment, ensuring a reliable and efficient power transmission and distribution system. Busbars are essential for transferring power from the source to consumers as the demand for electricity rises along with the growth of the world's population. Integrating renewable energy sources such as solar, wind, and hydropower into the power grid has increased demand for busbars. These energy sources produce high levels of electrical power, and busbars can efficiently distribute this power to the grid. The demand for busbars increases with the increasing electricity demand and a growing number of power stations. The United Nations Framework Convention on Climate Change (UNFCCC) reported that global electricity consumption reached 23,000 TWh in 2020, and is expected to continue to grow in the coming years, driven by population growth, economic development, and the electrification of transportation. In August 2021, Dumat Al Jandal Wind Farm started generating electricity in the AL Jouf region of Saudi Arabia. The 400 MW wind farm is expected to be the largest wind farm in the Middle East, generating enough electricity for around 70,000 homes. The automotive fuses are used to protect electrical circuits in automobiles from damage due to overload or short-circuiting, and busbars are used in conjunction with fuses to distribute electrical power to various parts of the vehicle and to ensure that the electrical system remains protected. The increase in production and usage of automobiles will increase the adoption of busbars in automotive fuses. According to the SIAM (Society of Indian Automobile Manufacturers), automobile production increased by 19.2% from FY 2021-2022 to FY 2020-2021. According to the Automotive Component Manufacturers Association of India (ACMA), the auto component industry in FY 2021-2022 saw a 22% increase in revenue, reaching Rs. 4.21 lakh crore (USD 56.50 billion). 

The Asia Pacific region is expected to hold a significant market share.

Major factors such as the surge in demand for electricity, rapid urbanization & industrialization, and increasing usage of automobiles, coupled with the population growth in the Asia Pacific countries such as China, India, and Japan, are expected to boost the demand for busbars. The "Five-Year Plan" for Energy Development in China (2021-2025) sets out the government's targets and priorities for the development of the energy sector over the next five years, which includes measures to promote the construction of new energy power stations, such as wind and solar farms, and to upgrade the existing power grid infrastructure. In February 2022, to boost domestic vehicle production and draw in new investment in India, 20 automakers were selected to receive production-linked incentives (PLI), including Tata Motors Ltd, Suzuki Motor Gujarat, Mahindra & Mahindra, Hyundai, and Kia India Pvt. Ltd., and a total investment of about Rs. 45,000 crores (US$ 5.95 billion) had been proposed by the 20 automakers. The "Green Growth Strategy," launched in 2020 by the Japanese government, aims to promote the transition to a low-carbon economy by supporting the deployment of renewable energy sources, such as solar and wind power. 

Market Developments:

• September 2022:Aptiv, a global technology company, agreed to acquire Intercable Automotive Solutions, an industry-leading provider of high-voltage busbars and interconnect solutions.
• June 2021:Siemens Energy introduced a new gas-insulated busbar system called 8DAB 12. The system was designed to provide reliable and compact power transmission in high-voltage applications, including renewable energy projects.
• March 2021:Legrand announced the acquisition of Universal Electric Corporation, a leading manufacturer of customizable power distribution systems, including busbars and modular wiring, and this acquisition will strengthen Legrand's position in the North American market and expand its product offerings.

Market Segmentation:

By Type

• Single Busbar
• Double Busbar
• Ring Busbar

By Material

• Copper
• Aluminum
• Brass

By Shape

• Rectangular
• Round

By Application

• Power Stations
• Marine Electrical System
• Automotive Fuses
• Industrial Equipment
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Other