- The industrial sector is expected to hold the largest share of the busbar trunking system market, by end-user, during the forecast period.
- The sandwich busbar trunking system sub-segment, within the insulation segment, is expected to hold the largest share of the market.
- Asia-Pacific is expected to dominate the global busbar trunking system market.
The busbar trunking system market is expected to grow from an estimated $6.35 Billion in 2017 to $8.85 Billion by 2022, registering a CAGR of 6.88%, from 2017 to 2022. The global market is set to witness a significant growth due to the increasing demand for electricity, multiple operational and technical advantages to attracted end-users, and stringent regulatory requirements to save power.
The industrial segment is expected to grow at the fastest rate during the forecast period. This segment is primarily driven by the increasing number of manufacturing activities in South Asian countries and increasing renewable sector in the North American countries. This is expected to create new revenue pockets for the busbar trunking system market during the forecast period. Busbar trunking systems plays a critical role in the T&D sector and distributes electricity to the production floors in various manufacturing as well as process industries.
The sandwich busbar trunking system segment is expected to grow at the fastest rate during the forecast period. In the sandwich insulation type busbar trunking system, busbars are coated with epoxy or cast resin insulation material. This structure is more compact, energy efficient, flexible, reliable, fire retardant, and economical as compared to air insulated system. Hence, it is more preferred and used in applications such as wind power generation, data centers, high-rise buildings, IT parks, large retail outlets, warehouses, manufacturing, and process industries. The growing number of commercialization in developing economies, such as China, Japan, Australia, and India, is expected to create new revenue pockets for the busbar trunking system market during the forecast period.
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Asia-Pacific is expected to dominate the global busbar trunking system market, given an increased adoption of energy efficient practices in countries such as Australia, India, China, Japan, and South Korea.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the busbar trunking system market. These players include ABB, Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric (France), General Electric (U.S.), and Eaton Corporation, Plc (Ireland). The leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.