Busbar Market Size, Share and Trends 2024 to 2034

Busbar Market Size and Forecast 2024 to 2034

The global busbar market size is calculated at USD 19.02 billion in 2024 and is predicted to reach around USD 28.82 billion by 2034, expanding at a CAGR of 4.24% from 2024 to 2034. The rising demand for power generation and distribution in economically developing countries is driving the growth of the busbar market.

Busbar Market Key Takeaways

• Asia Pacific dominated the busbar market in 2023.
• North America expects the fastest growth in the market during the forecast period.
• By material, the copper segment led the market in 2023.
• By material, the aluminum segment is predicted to witness significant growth in the market over the forecast period.
• By application, the industrial segment accounted for the largest growth in the market in 2023.
• By application, the commercial segment experienced substantial growth in the busbar market during the predicted period.

Market Overview

The busbar is the electric device; it is the conductor or group of conductors that helps in efficiently distributing the power in the different electrical devices. The busbar is a metallic device with high conductivity. Busbar plays an important role in the central link for multiple electric connections. It streamlines the power distribution process with affordability and easy adaptability. The busbar can be found in different metals and in different sizes, depending on the process and operations. The rising industrialization and digitization across the industries are driving the expansion of the busbar market.

How Can AI Impact the Busbar Market?

The integration of AI into electric or power supply management streamlines operational efficiency. It helps reduce utility and consumer costs and computational time and ensures reliability in the power supply system. Artificial intelligence resolves frequency system frequency changes, minimizes fault rate, and maintains voltage profile. It also helps reduce total electricity costs.

• In July 2024, Vertiv launched the Trinergy, next-generation uninterruptible power supply (UPS) for supporting high capacity and availability power demand driven by high-performance computing (HPC) and artificial intelligence (AI) applications. 

Busbar Market Growth Factors

• Rising industrial infrastructure: The increasing economic stability in the various regional countries accelerates the industrial infrastructure that drives the higher demand for efficient power distribution and supply that drives the demand for the busbar market.
• The rise in electricity demand: The increasing population and the rising disposable income are driving the demand for increased electricity, which causes the high-quality power distribution and supply medium that drives the growth of the market.
• Infrastructural development: The rapid growth in urbanization and the development of commercial and residential infrastructure in economically developed and developing countries drive the demand for efficient and effective power supply sources, which is driving the expansion of the market.

Market Scope

Market Dynamics

Driver

The rise in infrastructural development

The economic development in many countries that drive the infrastructural development, such as the increasing number of residential, commercial, and industrial infrastructure, is driving the demand for high-end power supply management or systems that can conduct electricity efficiently in the different electrical appliances. Additionally, the rising cases of replacement of old wiring and connectivity are driving the demand for the busbar market.

Restraint

High prices

The increased and fluctuating prices of raw materials like copper, aluminum, and other conductive materials are limiting production and elevating production costs, which makes the system higher in cost and restrains the growth of the busbar market.

Opportunity

Technological advancements in the busbar

The significant advancement in busbar technologies that help improve performance and sustainability drives future opportunities for market expansion. The integration of the smart grid into the busbar is one of the significant advancements in the technology. The smart busbar includes sensors in it for providing real time insights on temperature, current flow, and other critical parameters. With the integration of IoT into the busbar, the electric system becomes more responsive and adaptive to changing conditions. Additionally, the diversion of people towards sustainability is driving the adoption of co-friendly material for manufacturing busbars, which also contributed to the growth of the market.

Material Insights

The copper segment led the busbar market in 2023. The wide adoption of the copper busbar from various end-use industries such as hospitals, manufacturing industries, data centers, and others is due to the several industries driving the demand for the segment. The copper busbar includes several benefits, such as increased efficiency, durability, cost-effectiveness, and flexibility. It requires lower maintenance, weather resistance, and compact designs, making it more convenient to use. The high-quality busbar is corrosion-resistant and plays an important role in the electrical flow of different electric appliances. The copper busbar can be found in different spaces such as flat, hollow, round, custom-shaped busbar, and others. The flow of electricity depends highly on the shape of the busbar.

The aluminum segment is predicted to witness significant growth in the busbar market over the forecast period. There is an increased use of aluminum busbars in different industries and applications. These can be used in transformers, electric panel boards, and distribution boards. Aluminum has larger surface areas and lower conductivity than aluminum; they are economically affordable and lighter in weight. It is cost-effective, used in multiple applications in different electrical panels, easy to install and transport by weight, and provides great heat exchange and efficient thermal dissipation.

Application Insights

The industrial segment accounted for the largest growth in the busbar market in 2023. The busbar is used in different industrial applications, such as power distribution. It efficiently distributes the power to each of the electrical devices in the industry. The busbar plays an important role in distributing power to industrial machinery such as motors and other things. It provides power to the renewable energy system, data centers, electrolysis processes, and others.

The commercial segment saw substantial growth in the busbar market during the predicted period. The rising economic growth drives the rise in urbanization and drives the demand for efficient electric supply and distribution devices that drive the demand for the busbar in commercial applications. The rising commercial infrastructure, such as the rising construction of commercial buildings such as corporate offices, malls, hospitals, restaurants, schools, and others, is creating the demand for an electric supply system that helps in the seamless distribution of electricity for effective operations.

Regional Insights

Asia Pacific dominated the busbar market in 2023. The growth of the market is attributed to the rising infrastructural development and the rise in the demand for electric supply. The rapidly growing residential, industrial, and commercial infrastructure is anticipated to increase demand for effective electric distribution and supply, which are contributing to the increased demand for the busbar. Additionally, the rising population and the economic stability in the regional countries are driving the demand for electric applications, and the rising presence of the factories is collectively driving the growth of the busbar market in the region.

• India is the third largest consumer and producer of electricity globally, with a 442.85 GW installed power capacity as of April 30, 2024. The power consumption in India in FY23 accounted for a 9.5% growth to 1,503.65 billion units owing to the rapidly growing population and rising per capita usage.
• India's installed capacity of renewable energy accounted for 203.19 GW, representing 45.5% of the overall installed power capacity.
• The power generation industry in India had the highest growth rate in the last 30 years in FY23. The highest power demand in the nation increased to 249.85 GW in June 2024.

North America expects the fastest growth in the market during the forecast period. The growth of the market is attributed to the rising presence of the factories and the commercial applications. Regional countries like the United States and Canada are the most economically stable countries with increased commercial and industrial infrastructure development, which are anticipated to drive the demand for the busbar for the efficient supply and distribution of energy. Additionally, the ongoing technological advancement in electricity and electric appliances is accelerating the growth of the busbar market across the region. The total generation of electricity from utility-scale generators in the U.S. is 4,178 billion kilowatt-hours (kWh).

• In the United States, approximately 60% of the utility-scale electricity generation is produced from fossil fuel, including natural gas, coal, and petroleum, 21% from renewable energy, and 19% from nuclear energy.

Busbar Market Companies

• Siemens AG
• Connectivity
• Mersen
• Schneider Electric
• Rogers Corporation
• Legrand S.A.
• Eaton Corporation plc
• CHINT Group
• Friedhelm Loh Group
• ABB

Latest Announcements by the Industry Leaders

• Siemens got the agreement to acquire the Trayer Engineering Corporation (Trayer), a California-based leader in designing and manufacturing medium voltage secondary distribution switchgear suitable for below-ground and outdoor applications.
• Rogers Corporation signed a lease on a factory in Monterrey, Mexico, for the manufacturing of advanced busbar and engineering services. Rogers’ advanced ROLINX® busbars provide power distribution solutions to a number of applications in renewable energy, electric and hybrid-electric vehicles (EV/HEV), mass transit, and industrial markets.
• In November 2024, Eaton launched the new xEnergy Elite low voltage motor control and power distribution center with a capacity of up to 7,500 A and 690 VAC design to provide enhanced flexibility and uptime with maintenance cost savings and for industries with critical applications such as mining.

Recent Developments

• In June 2024, JA Solar, a leading high-performance photovoltaic (PV) product, launched the two latest products, the Anti-Dust Single-Glass Lightweight Module and Zero Busbar (0BB) module. The products are made to transform the standard in PV technology, liability, efficiency, and adaptability in different applications.
• In April 2024, Huasun, a Chinese manufacturer, introduced the two latest module series for utility-scale applications; the product consists of a facility factor of over 85% and a temperature coefficient of -0.24% per C.
• In September 2022, Vertiv introduced its Busbar Power Distribution System that supports the complicated digital infrastructure of data centers and other dynamic environments.

Segments Covered in the Report

By Material

• Aluminum 
• Copper
• Brass

By Application

• Industrial
• Commercial
• Residential

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa