DUBLIN, Ireland — The busbar market was valued at $11,721.2 million globally in 2014 and is projected to grow at a CAGR of 5.41% from 2015 to 2020.
The global market for busbars is projected to witness high growth due to rising energy demand, growing construction sector, and increased up-gradation of electrical infrastructure.
The Asia-Pacific region holds a majority of market share owing to urbanization and significant development in T&D and construction segment, followed by North America and Europe. In terms of individual countries, the U.S. and China show high growth potential. This growth can be attributed to the increasing demand for reliable power and investments for replacing aging T&D infrastructure in the U.S. and the progressive economic growth of China.
Amongst the end-users, the utilities sector is estimated to hold the major market share, owing to increasing installation of power infrastructure. The North American region is currently focusing on grid modernization and replacement of existing power infrastructure. Few countries in Europe are shifting towards renewable sources for power generation, which has boosted the busbar market in the region. Busbars find vast applications in the industrial and residential sectors as well.
In terms of growth strategies, market players have mainly been forming mergers and acquisitions in order to expand as well as strengthen their market foothold. Mergers and acquisitions are the most commonly adopted strategies and are followed by contracts and agreements, new product launches, and expansions. This shows a mix of both organic and inorganic growth strategies.
Leading players in the industry, based on their recent developments and other strategic industrial activities, include ABB Ltd. (Switzerland), Eaton Corporation Plc (Ireland), Legrand S.A. (France), Schneider Electric SE (France), and Siemens AG (Germany).
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