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Busbar Trunking Systems Market size surpassed USD 2.4 billion in 2022 and is anticipated to register 10.4% CAGR from 2023 to 2032 owing to the surging electricity demand coupled with rising need for the refurbishment of prevailing electrical setup.
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Rising demand for the restoration of prevailing electrical networks and a shift toward the development of existing infrastructure across developed countries have further integrated a favorable industry growth. The influx of advanced, efficient, and secure power distribution technology has infused a sustainable business platform for the busbar trunking system sector. Although, manufacturers and suppliers have consistently been streamlining their R&D investments to expand and enhance product portfolios, fresh investments from leading participants to incorporate a versatile technological platform has been a considerable breakthrough. The global market for busbar is set to cross USD 31.6 billion by 2032.
Report Attribute | Details |
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Base Year: | 2022 |
Busbar Trunking Systems Market Size in 2022: | USD 2.4 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 10.4% |
2032 Value Projection: | USD 6.4 Billion |
Historical Data for: | 2019 to 2022 |
No. of Pages: | 570 |
Tables, Charts & Figures: | 764 |
Segments covered: | Insulation, Power rating, Conductor, Application & Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Growing inclination of end consumer tendencies toward the deployment of energy efficient component with an aim to safeguard the living environment and enhance the life expectancy of the electric infrastructure have further added value to the busbar trunking systems market. Furthermore, the transforming electricity landscape due to the fourth industrial revolution is becoming more complex with evolving systems & solutions, thus leading to unprecedented shift in the electrical transmission & distribution systems.
Rapid digitalization across the industrial peripheral has appreciably infused a competitive business scenario due to the increasing energy demand from communication base stations & data centers. The data centers face the challenge of operating with a distinct approach for power distribution in mission-critical facilities. The challenge to mitigate financial losses due to system downtime issues necessitated the demand for a solution to provide a reliable distribution, thereby enhancing the adoption of busbar systems across these facilities.
COVID-19 pandemic has posed challenges to the large scale-disruptions of supply & demand from the consumers along with wide scale closure of industrial operations has significantly impacted the busbar trunking systems market growth specially manufacturing & cement application industry. In addition, operational disruptions in mining of raw materials significantly impacted metal processing & mining and chemical & petrochemical industries, thereby reduced the deployment & retrofitting of systems different industry verticals.
Increasing product demand in commercial and industrial sector where busbar trunking systems are widely used for power distribution is anticipated to increase the industry scenario led by increasing energy demand. The growing construction activities and infrastructure development in these sectors are driving the demand for these systems. Additionally, with the increasing emphasis on energy conservation and sustainability, the product is being designed and manufactured to be more energy efficient. Companies are incorporating advanced technologies and materials to reduce power losses and improve overall system efficiency.
Morover, rapid growth in renewable energy installation including solar and wind power is driving the busbar trunking systems market demand to efficiently distribute the generated power. These systems provide a reliable and safe solution for transferring electricity from renewable sources to the grid or local loads. Compliance with international safety standards ensures the reliability and safe operation of these systems.
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Lighting systems have current ratings ranging from 25A to 40A. These systems are adapted for socket circuits requiring single-phase power. Easy installation and lightweight property will make their deployment suitable across light commercial areas. The burgeoning demand for hassle-free power distribution systems in overhead & raised floor and false ceilings will make their adoption preferable, thereby expediting the industry growth. Adoption of low voltage systems in primary and secondary distribution channels along with favorable initiatives toward the expansion of distribution networks will further enhance the industry landscape.
Increasing concerns catering to energy consumption and environmental sustainability, there is a rising focus on energy-efficient solutions in the market. However, the integration of smart technologies in the lightning busbar trunking systems market is gaining traction. These systems are equipped with advanced monitoring and control capabilities, allowing real-time power monitoring, fault detection, and remote control. Smart features enabled better energy management, improved system reliability, and proactive maintenance.
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Increasing emphasis on the integration of wide-ranging frequency distribution links along with growing concerns for energy-efficiency will stimulate the demand for industrial busbar trunking systems. Electric power companies are tapping new technologies to serve the increasing industry demand. With the industrial sector focusing to combine more cost and utilization control, the adoption of these systems will further grow at a significant pace. The onset of the fourth industrial revolution is further marking the future demand for various cost-effective equipment and technologies, thereby continuously reshaping the entire industrial scenario.
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Surging electricity demand coupled with growing point of connection will augment the Asia Pacific busbar trunking systems market. Over the past decade, the power sector in the region witnessed a remarkable growth owing to increased population and rapid industrialization. However, power losses remain a major issue across the industry. China's power transmission losses amount to around five percent of total production output. In 2021, around 5.26 percent of all power generated was lost owing to transmission and distribution resistance. Technical inefficiency and electricity theft are the major reasons for T&D losses. To deal with the situation, several regulations and compliances have been introduced to manufacture energy-efficient distribution systems. Countries including China and India are considered as potential markets as they continue to modernize and expand their existing power capacities and infrastructure.
Electricity demand across the region has pre-dominantly been driven by its ongoing and planned commercial expansions. Henceforth, the demand for distribution components to cater to the energy demand has distinctly been high. Furthermore, growing focus towards the development of special economic zones coupled with subsequent investment flow will significantly drive the demand for distribution components, including BBT systems.
Major busbar trunking systems market players includes
Enhanced espousal of cost & energy efficient alternatives to obsolete cable power distribution systems will offer opportunities for the manufacturers to develop innovative products, thereby boosting the industry dynamics.
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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 regions across the regions.