CHICAGO, Jan. 10, 2024 /PRNewswire/ -- Laminated Busbar Market is expected to reach USD 1,296 million by 2030 from USD 863 million in 2023 at a CAGR of 6.0% during the 2023-2030 period according to a new report by MarketsandMarkets. The Laminated Busbar Market is set for significant expansion in the coming years, driven primarily by the advancement of power distribution infrastructure in response to the escalating demand for electricity. Additionally, the surge in renewable energy-based capacity and heightened investments in electric vehicles production are expected to contribute to the increased demand for laminated busbars.
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207 - Tables
40 - Figures
192 - Pages
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Laminated Busbar Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $863 million |
Estimated Value by 2030 | $1296 million |
Growth Rate | Poised to Grow at a CAGR of 6.0% |
Largest Market | Europe |
Market Size Available for | 2018-2030 |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Million) Volume (Kiloton) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Material, By End User, By Insulation Material |
Geographies Covered | Asia Pacific, North America, Europe, Middle East and Africa, and South America |
Key Market Opportunities | Adoption of High-Voltage Direct Current (HVDC) technology |
Key Market Drivers | Increasing focus on renewable energy |
Copper segment, by material, to capture majority of Laminated Busbar Market share.
In 2022, the copper segment dominated the Laminated Busbar Market. Technically, copper stands out as the optimal and most extensively utilized material for crafting laminated busbars. Its superiority over aluminum lies in higher conductivity and superior load surge withstand capacity. Tailored for industrial and commercial facilities, copper-laminated busbars aim to minimize initial costs while ensuring safety. However, it's important to note that copper's higher density results in a heavier product compared to aluminum-laminated busbars, and copper-laminated busbars tend to be more expensive. Despite these considerations, the widespread adoption of copper conductors persists due to their lower lifetime costs and relatively reduced maintenance requirements compared to aluminum counterparts. These factors are anticipated to drive the demand for copper-laminated busbars in the forecast period.
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Industrial segment, by end user, to be second-largest and fastest market.
The industrial segment held a substantial share in the Laminated Busbar Market in 2022. Essential for a spectrum of industrial activities, spanning from factories and refineries to mines and offshore oil & gas platforms, a dependable electricity supply and secure connection networks are imperative. Laminated busbars find application across diverse industries, including chemicals & petroleum, metals & mining, and manufacturing & processing. Given the distinct energy requirements of these industries for their manufacturing plants, separate substations are typically installed for power supply. Power, sourced from distribution utilities or power-generating companies, is then transmitted to various load points within the manufacturing facilities. Laminated busbars play a crucial role in electricity distribution systems, ensuring a consistent power supply to the production floor. The uninterrupted delivery of power to machines holds paramount importance in all industries, as any disruption or breakdown could lead to substantial losses due to increased nonproductive time. Consequently, the demand for laminated busbars is anticipated to rise significantly within the industrial sector.
Europe to emerge as the largest Laminated Busbar Industry.
In 2022, Europe claimed the largest stake in the Laminated Busbar Market, encompassing countries such as the UK, Germany, Russia, France, and the Rest of Europe. The region is actively working towards phasing out nuclear and coal-based power generation, making substantial investments in renewable energy-based power generation. Aligned with the European Union's (EU) environmental targets, member countries introduced systems to achieve the 20-20-20 goals in the energy sector. These goals, focusing on security of supply, competitive markets, and sustainability, include a 20% reduction in CO2 emissions compared to 1990 levels, 20% of energy consumption from renewable sources, and a 20% increase in energy efficiency.
Europe faces a significant challenge in transitioning its power sector to clean energy sources to meet ambitious climate goals. This transition demands substantial investments across various areas of the power sector. The European Commission aims for a 55% renewable energy share by 2030, requiring an annual investment of approximately USD 660 billion. Grid infrastructure upgrades are estimated at USD 380 billion annually by 2030, while enhancing interconnectivity between European countries demands around USD 60 billion annually. Research and development investments in clean energy technologies are projected at USD 50 billion annually by 2030. The European Commission has committed USD 1.2 trillion between 2021 and 2027 through its Green Deal initiatives, with the European Investment Bank (EIB) allocating USD 100 billion to support climate action and clean energy projects from 2021 to 2025. Private sector investment in European renewable energy reached USD 55 billion in 2022. Given the significant investments in renewables, grid modernization, and interconnectivity, there is an increased need for more efficient and reliable power distribution systems, potentially driving demand for laminated busbars.
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Key Market Players
Key players in the global Laminated Busbar Companies include Amphenol Corporation (US), Methode Electronics, Inc. (US), Mersen Group (France), Rogers Corporation (US), Zhuzhou CRRC Times Electric Co., Ltd. (China), and Sun.King Technology Group Limited (China).
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