Global Busbar Trunking Systems Market Growth Analysis 2024, Forecast To 2033
25 Jul, 2024
The busbar trunking systems market has experienced rapid growth, expanding from $2.69 billion in 2023 to $2.99 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.5%. This growth during the historic period is attributed to rising demand for stable and reliable power distribution, expanded electrification in developing countries, benefits over conventional wiring systems, growth in renewable energy projects, and rapid urbanization and construction activities. Moving forward, the market is projected to reach $4.70 billion by 2028, with a CAGR of 11.9%. Key drivers for this growth include accelerated construction activities, increasing electricity demand, infrastructure development, industrialization, greater solar power capacity, and modernization of existing electrical infrastructure. Major trends expected in the forecast period include the adoption of smart busbar trunking systems, integration with building management systems, and the digitization of installation and maintenance processes.
Major Driver In The Busbar Trunking Systems Market
The rapid pace of construction activities is expected to drive growth in the busbar trunking systems market. Diverse construction projects are fueled by demographic shifts, economic factors, and technological advancements. Busbar trunking systems streamline electrical power distribution in buildings, offering reduced labor and material costs compared to traditional methods. The Office for National Statistics reported a 12.7% annual growth in the UK construction sector in 2021, with a 2.0% increase in monthly output in December 2021. This robust growth highlights the increasing adoption of busbar trunking systems, with market forecasts indicating values of $X billion in 2023, $Y billion in 2024, and $Z billion by 2028.
Request A Free Sample Of The Global Busbar Trunking Systems Market ReportBusbar Trunking Systems Market Competitive Landscape
Siemens AG, ALFA Technologies Pvt. Ltd., Schneider Electric SE, ABB Ltd., Eaton Corporation Plc, C&S Electric Limited, TE Connectivity, DBTS Industries Sdn Bhd, Molex LLC, Legrand S.A., WEG S.A., Phoenix Contact, LS Cable & System Ltd., Rittal GmbH & Co. KG, Hager Group, Lapp Group, ARJ Holding LLC, E&I Engineering Group, Anord Mardix Inc., Vass Electrical Industries, Terasaki Electric Co. Ltd., Power Plug Busduct Sdn Bhd, Godrej & Boyce Mfg. Co. Ltd., Vilfer Electric
Key Busbar Trunking Systems Market Trend
Major companies in the busbar trunking systems market are focusing on developing epoxy-insulated power busway systems to provide superior electrical solutions. These systems use epoxy insulation to offer a safe and efficient means of distributing electrical power. For instance, in February 2021, Davis, a Malaysia-based manufacturer of advanced power distribution systems, introduced a new maintenance-free epoxy-insulated power busway system. This system features a maintenance-free, robust, reliable, low impedance, and modular design, meeting the latest power distribution specifications. The new busway system is expected to deliver improved performance, efficiency, and reliability in power distribution.
Purchase The Global Busbar Trunking Systems Market Report Directly And Get A Swift DeliveryBusbar Trunking Systems Market Segmentation
The busbar trunking systems market covered in this report is segmented –
1) By Material: Aluminum, Copper
2) By Power Rating: Lighting, Low Voltage, Medium Voltage, High Voltage
3) By End-User: Transportation, Residential, Commercial, Industrial
By Geography:The regions covered in the busbar trunking systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the busbar trunking systems market in 2023.
The Busbar Trunking Systems Global Market Report 2024 furnishes information about the global busbar trunking systems market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.