Laminated Busbar Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Laminated Busbar Market was worth US$ 775.6 Mn and is expected to grow at a CAGR of 6.3% over the forecast period. The market is expected to hit US$ 1,428.8 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 5.2%, the market underwent significant growth.
The increasing necessity for hybrid and electric vehicles will propel the market’s growth rate during this period. The rapid transition from battery-operated to combustion engines and hydrogen fuel cells for increased vehicular power drives the industry’s high-value addition (EVA).
THE GROWING DEMAND FOR TRANSPORTATION AND DISTRIBUTION OF POWER DRIVES THE MARKET
Busbar trunking systems are ideal solutions for the transport and distribution of energy in environments with high-capacity requirements. The laminated busbar system’s enclosed design offers a high level of reliability at an affordable price point. These busbars are tested and manufactured by IEC 61439-1-6. Other showcases, such as fire and seismic resistance, high short-circuit ratings, excellent ingress protection, and superior insulation technology, help ensure safe operations. These are some of the factors driving demand for laminated busbars globally.
HIGH MANUFACTURING COSTS HAMPER THE MARKET GROWTH
The cost of raw materials is increasing with the cost of laminated busbars. Manufacturers are finding solutions for cutting costs by implementing a hybrid busbars system. In this study, we have analyzed these three segmentations and eliminated the overhead cost incurred due to the usage of different materials for laminated busbars to improve their efficiency.
RISING REQUIREMENT IS CREATING NEW OPPORTUNITIES
As governments and manufacturers continue to require increased production of clean energy, the design of power converters has become important in providing the best efficient conversion of energy to high voltage DC voltages. The HVDC circuit topology comprises transformerless power generators connected to rectifiers that generate IGBTs with both collector-feeding bus bars. This paper investigates the impact of IGBT packet size on its efficiencies in design aspects like winding gap, planarity, cross-sectional geometry, surface finish, and contact electrification for optimum performance.
Market Segments Covered in Report
By Conductor :
By Insulation Material :
By Application :
By Region and Country:
Why is Copper Type Laminated Busbar projected to have the highest market?
Copper is the most extensively used and technically the best material for making laminated busbars as it offers higher conductivity and better load surge withstand capacity. On the other hand, aluminum is used for its high dielectric strength, which occupies a significant market share. Aluminum laminations are considered an ideal substitute for copper laminations as they offer low manufacturing cost, easy availability, and good insulation properties. The market size of aluminum laminated busbars is projected to grow positively during the forecast period owing to their increasing demand from various industries across various regions.
Why is the utility segment expected to expand the fastest during the forecast period?
The utility segment is estimated to hold the largest market share during the forecast period. Manufacturers are investing in research and development, expanding product portfolios, and launching to drive growth. New product offerings are expected to gain traction with end-users amid rising demand for digital transformation, smart grid modernization, and renewable energy sources. The utility segment holds the largest share and is expected to maintain its position during the forecast period.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
While the global laminated busbar market is fragmented with the presence of various vendors, the product offerings vary in terms of type, specification, and application. Some vendors dominate in some geographical regions, while others are dominant in other parts. Players who excel in infrastructure construction, electrical engineering, and industrial process automation are positioned well to grow in the global laminated busbar market.
A list of some of the key suppliers present in the market are:
Global Laminated Busbar Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Conductor, Insulation Material, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.3%.
Hybrid and electric vehicles are becoming more popular among consumers. The increasing demand for hybrid and electric cars will propel the market’s growth, resulting in a growing number of hybrid vehicles coming into use across different regions.
Major global Laminated Busbar Market players are Zhuzhou CRRC Times Electric Co., Ltd., Storm Power Components., Suzhou West Deane Machinery Inc., ELECTRONIC SYSTEMS PACKAGING, LLC, EMS Industrial & Service Company, Shennan Circuits Company Limited, Amphenol Corporation, MERSEN PROPERTY, Rogers Corporation., Sun. King Power Electronics Group Limited, RYODEN KASEI CO., LTD., Jans Copper Private Limited., Molex, Raychem RPG Private Limited, Segue Electronics, Inc., Zhejiang RHI ELectricCo., Ltd, Methode Electronics, Ideal Heating, AC, & Refrigeration, Inc., and OEM Automatic Ltd.
The manufacturing industry faces many challenges, such as rising labor costs and the non-availability of raw materials. Also, the growth rate of demand in the manufacturing sector is slow due to increasing competition from unorganized sectors and delays in grid expansion projects.
The Europe region is expected to account for the largest market revenue share in the Global Laminated Busbar market.
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst