Siemens, ABB, Schneider Electric, Eaton Corporation, and Mersen, among others, are some of the major players in the global busbar market.
The global busbar market reached a value of about USD 15 billion in 2020. The industry is further expected to grow at a CAGR of about 5.25% in the forecast period of 2021-2026 to reach a value of around USD 20.4 billion by 2026. As per the analysis by Expert Market Research, the market is expected to be driven by the adoption of smart cities and other similar projects, as they are more convenient to be used without any hassle of wires.
The demand for busbar will increase as the business landscape becomes more urbanised and commercialised, as this would raise the demand for electricity in these sectors. Conventional power distribution methods have been replaced with highly conductive metal busbars due to the need for an effective conductor and lower energy loss during transmission. Also, because the busbar replaces cables and other related components, it reduces installation costs, which is driving the busbar market forward.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Busbars are safe, reliable, and ecologically friendly, all of which contribute to the busbar market's growth. The industry's growth is limited by the availability of cheap, low-quality goods. Furthermore, the busbar market's growth is hampered by a lack of R&D activities and high raw material prices. Due to increased investments in developing nations by key players in the busbar market, the Asia Pacific is the largest market in terms of share. China leads the Asia Pacific busbar market, followed by India.
Headquarters: Munich, Germany
Siemens is a German multinational conglomerate corporation and the most significant industrial manufacturing company in Europe with branch offices abroad. The principal divisions of the corporation are energy, industry, healthcare, and infrastructure, and cities. As of 2020, the company had around 293,000 employees worldwide. Siemens offers a wide range of electrical engineering and electronics-related products. Its products can be broadly segmented into the following categories: buildings-related products; energy-related products; drives, automation, and industrial plant-related products; lighting; medical products; and transportation and logistics-related products.
Headquarters: Zurich, Switzerland
ABB, formerly ASEA Brown Boveri, is a Swiss multinational corporation operating mainly in power, robotics, heavy electrical equipment, and automation technology areas. The company has about 110,000 employees in over 100 countries. ABB specialises in motors and generators, e-mobility, smart buildings, turbocharging, renewable energy, utilities, transport, infrastructure, semiconductors, oil, gas, and chemicals, among others.
Headquarters: Rueil Malmaison, France
Schneider Electric is a global company providing energy and digital automation solutions for efficiency and sustainability. It addresses homes, data centres, buildings, infrastructure, and industries, by combining real-time automation, energy technologies, software, and services. Schneider Electric has operations in over 100 countries and employs around 135,000 people. In 2021, Schneider Electric was ranked the most sustainable company in the world out of 8000 companies assessed by Corporate Knights. The company specialises in power management, industrial software design, industrial automation, simulation and optimisation, and energy management, among others.
Headquarters: Dublin, Ireland
Eaton Corporation is an American Irish-domiciled multinational power management company with 2020 sales of USD 17.9 billion, founded in the United States with corporate headquarters in Dublin, Ireland. Eaton has approximately 92,000 employees and sells products to customers in more than 175 countries. The company specialises in power management, manufacturing, sustainability, aerospace, hydraulics, hybrid power, and plastic extrusion, among others.
Headquarters: La Défense, France
Mersen is a French multinational company in advanced materials and electric power. The company is based in 35 countries worldwide with 53 production facilities and around 7000 employees. The company also has 15 R&D centres. The company specialises in electrical protection, high-temperature applications, anti-corrosion equipment, and electrical applications, among others.
*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.