Allied Market Research published a research report on the busbar market. The findings of the report states that the global market for busbar generated $14.0 billion in 2018, and is anticipated to generate $23.6 billion by 2026, witnessing a CAGR of 6.1% from 2019 to 2026. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Increase in need for efficient conductor that minimizes energy loss during transmission, adoption of smart and green city concepts, and significant surge in the wind power generation & distribution industry are expected to drive the growth of the global busbar market. On the other hand, availability of low-quality products is expected to hinder the growth to some extent. However, seamless and rapid installation of busbar is expected to provide tremendous opportunities in the industry.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the busbar market globally. The outbreak of Covid-19 has had a negative impact on the growth of the global busbar market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the closure of various manufacturing facilities across the globe, including those of busbar due to the stringent restrictions imposed by the government to curb the spread of the virus during the pandemic. In addition, suspension of all construction activities and infrastructure projects across the globe further aggravated the impact on the market.
“Busbars have found use in power distribution systems such as in electricity distribution, electronics & electricals and many more. They are replacing the cables used in most industrial, commercial or residential applications. The concept of smart & green city boosts the market growth owing to cost saving, space saving and reduced installation time. The market offers lucrative opportunities in switchgear application. However, lack of R&D activities and fluctuating raw material prices impact the market growth,” said Eswara Prasad, Manager, Energy & Power at Allied Market Research.
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The report offers a detailed segmentation of the global busbar market based on material type, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
Based on material type, the copper segment generated the highest revenue in 2018, garnering half of the global market. The aluminium segment, however, is expected to cite the fastest CAGR of 6.7% during the forecast period.
Based on application, the industrial segment held the majority share in 2018, accounting for more than two-fifths of the global market. The commercial segment, on the other hand, is expected to exhibit the fastest CAGR of 6.8% during the forecast period.
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Based on region, the market across Asia-Pacific held the lion’s share in 2018, garnering more than half of the global market. The North America region, on the other hand, is expected to cite the fastest CAGR of 6.8% during the forecast period. Other regions analyzed in the report include Europe and LAMEA.
The leading market players analyzed in the global automotive cybersecuritymarket report include Friedhelm Loh Group, Mersen S.A., Chint Group, Siemens AG, ABB Ltd., Schneider Electric SE, TE Connectivity Ltd., Legrand S.A., Eaton Corporation Plc., Rogers Corporation.
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