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Premium Report Details
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.