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Busbar Protection Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI3579

Busbar Protection Market size is expected to substantially expand between 2021 and 2027 on account of the growing technological advancements and modernization of power infrastructure coupled with the rising adoption of smart grid technologies. It is mainly a protection scheme that protects the busbar from electrical faults and is largely applicable to large buses.
 

The rapid rate of economic growth and industrialization has triggered the necessity for globally rising energy demand. The mount in the number of smart cities and growing government intervention in energy development projects will be fostering industry growth.
 

Prolonged delays in grid expansion projects and the regulation of stringent frameworks may pose a barrier to the busbar protection market trends. However, the fast-growing pace of digital protection relay and surge in the number of power generation facilities is some of the other factors propelling the business progression.
 

Low-impedance busbar protection market share is slated to rise exponentially driven by the fast-growing number of investments in smart substations and smart grid networks. The growing popularity of microprocessor-based technologies and products coupled with the increasing adoption of HVDC and UHV systems for power transmission across remote areas will infuse a positive scenario for the industry expansion.
 

Global remuneration of extra high-voltage busbar protection market is likely to record a significant value driven by the higher installation of offshore wind and solar farms. Apart from providing enhanced power handling capacities, these systems help in tapping and extending the transmission lines easily. The prolific need to ensure the continued supply of power and stability of the lines will also play a key part in the segment development.
 

The busbar protection industry revenue from the utility sector, based on end-use, will expand owing to the rising enhancements in power infrastructure. The increasing penetration of power assets in utilities is a promising trend for segment growth. On the other hand, the transportation sector will see higher market demand on account of the surge in investments in transmission as well as distribution infrastructure.
 

Regionally, the Asia Pacific busbar protection market is anticipated to show notable proceeds through 2027 due to the growing expenditure on grid expansion projects on account of the rising government support. It has been estimated that China will invest nearly $900 billion over the next five years to advance the development of power grids across the country. The growing need for transmission and distribution infrastructure has resulted in large investments in renewable energy. The increasing population size and their growing household incomes have also steered the need for electricity. The rising count of IoT activities will further fuel the regional market expansion.
 

Key players in the busbar protection industry include Toshiba, Basler Electric, Siemens, ABB, Rosedale, Mitsubishi Electric, NR Electric (NARI Technology Development Limited Co.), Andritz AG, Erlphase, Schneider Electric, Babcock & Wilcox, Eaton, ZIV, and GE.
 

Technological upgradations together with new device launches, and strategic partnerships, like acquisitions & mergers, and investments are the inorganic marketing measures braced by these firms to sustain the escalating competition.
 

For instance, in February 2019, Siemens unveiled a new form of data transmission for its LD, BD2, and LI busbar trunking systems to enhance its Sivacon 8PS portfolio. The new powerline module is integrated with communication-capable protection, as well as switching and measuring devices.
 

Impact of the COVID-19 crisis on busbar protection market forecast

The COVID-19 outbreak imposed an unprecedented setback on the global economy and made way for a wide number of roadblocks to businesses. The busbar protection industry also witnessed falling growth with the operational halts in industrial verticals, including the utilities, oil & gas, chemicals, metal & mining, and cement sectors. The imposition of the trade barriers also plummeted the product demand across the transportation applications.
 

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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