Busbar Trunking Systems Market Size- By Insulation (Sandwich, Air Insulated), By Power Rating (Lighting, Low, Medium, High), By Conductor, By Application, Regional Outlook & Growth Forecast, 2024 – 2032
Report ID: GMI2217
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Published Date: July 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 15
Tables & Figures: 37
Countries covered: 20
Pages: 90
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Busbar Trunking Systems Market
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Busbar Trunking Systems Market Size
Busbar Trunking Systems Market was valued at USD 2.6 billion in 2023 and will grow at CAGR of 10.3% from 2024 to 2032, due to the increasing demand for electricity, alongside the need to upgrade existing electrical systems. Global electricity demand has surged by over 80% since 1980. Despite regulatory reforms, a persistent gap between supply and demand remains. Consequently, manufacturers are making aggressive investments to create products that ensure efficient power distribution.
The growing need to revamp aging electrical grids, combined with a push to upgrade infrastructure in developed nations, is creating a conducive environment for businesses. The introduction of advanced, efficient, and secure power distribution technologies is bolstering the busbar trunking system market. While manufacturers and suppliers are ramping up R&D efforts to broaden their product offerings, it's the fresh investments from key players in versatile technologies that mark a significant turning point.
Busbar Trunking Systems Market Trends
The rising demand for busbar trunking systems in the commercial and industrial sectors, primarily for power distribution, is poised to reshape the industry landscape, fueled by escalating energy needs. This surge is further propelled by heightened construction and infrastructure projects. Moreover, in line with the global push for energy conservation and sustainability, manufacturers are enhancing the energy efficiency of busbar trunking systems. To achieve this, firms are integrating cutting-edge technologies and materials, aiming to slash power losses and boost system efficiency.
Busbar trunking systems now come equipped with smart features and advanced monitoring capabilities. This integration facilitates real-time monitoring of power consumption, load balancing, and predictive maintenance. Consequently, it enhances energy management and operational efficiency. Moreover, the surging installations of renewable energy, notably solar and wind power, are fuelling the need for busbar trunking systems. These systems play a crucial role in efficiently distributing the power generated from renewable sources, ensuring a secure and reliable electricity transfer to the grid or local loads.
Busbar Trunking Systems Market Analysis
Based on power rating, the lighting busbar trunking systems industry is anticipated to surpass USD 1 billion by 2032. The increasing need for streamlined power distribution systems, whether across overheads, raised floors, or false ceilings, is driving their adoption, fuelling industry growth.
Based on application, the industrial busbar trunking system market will showcase about 10% CAGR through 2032. The rising focus on integrating extensive frequency distribution links, coupled with escalating energy-efficiency concerns, is set to drive the demand for industrial busbar trunking systems. Electric power firms are embracing novel technologies to meet the surging industry needs. As industries intensify their efforts to streamline costs and enhance operational efficiency, the adoption of these systems is poised for substantial growth.
Asia Pacific busbar trunking systems market is anticipated to exceed over USD 2.1 billion by 2032, driven by escalating electricity demand and expanding points of connection. In the last decade, the region's power sector experienced notable growth, fuelled by a rising population and swift industrialization. Yet, persistent power losses continue to plague the industry.
The growth of the U.S. busbar trunking system market is driven by the increasing demand for energy-efficient electrical distribution, expanding construction activities, modernization of aging infrastructure, and rising adoption of renewable energy sources, alongside stringent government regulations promoting sustainable and safe electrical systems.
Busbar Trunking Systems Market Share
ABB, Eaton Corporation, Siemens, Schneider Electric, C&S Electric Limited are among the dominant players in the busbar trunking systems industry. These companies are focusing on innovation, strategic partnerships, and investments in new transmission projects to maintain their competitive edge in the market.
Busbar Trunking Systems Market Companies
Some of the key market players operating across the busbar trunking systems industry are:
Busbar Trunking Systems Industry News
This busbar trunking systems market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘USD Million’ from 2021 to 2032, for the following segments:
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Market, By Insulation
Market, By Power Rating
Market, By Conductor
Market, By Application
The above information has been provided for the following region & countries: