According to the research report titled ‘Busbar Market Size By Material {Copper (Electrolytic Tough Pitch, Oxygen Free), Aluminum}, By Power Range (Low, Medium, High), By Application (Commercial, Residential, Industrial) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Russia, Italy, Spain, France, Germany, Sweden, Saudi Arabia, UAE, Iran, Qatar, Iraq, Oman, Turkey, South Africa, Egypt, Nigeria, Algeria, China, India, Japan, Australia, South Korea, Malaysia, Indonesia, Singapore, Thailand, New Zealand, Philippines, Brazil, Peru, Argentina), Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global busbar market is expected to exceed USD 24 billion by the year 2025.
 

According to the report, growing demand for reliable and continuous electricity along with shifting focus towards reducing distribution and transmission losses are major factors driving the busbar market growth. There has been an upsurge in investments for the development of power generation infrastructure. This factor along with growing urban population are further aiding the market expansion.
 

Busbars offer benefits such as bulk power transmission, eco-friendly, flexibility, fire risks reduction and faster installation. Increasing utilization of smart grid technology along with ongoing renovation of existing transmission networks are stimulating the industry outlook.
 

As per material type, the report cites that aluminum busbar market segment is expected to grow with a CAGR of 6% during 2019-2025. Aluminum busbars are in high demand due to their ability to carry heavy current, high mechanical strength, cost effectiveness, and lightweight properties.
 

On the other hand, oxygen free copper busbar market segment is poised to amass commendable gains in the ensuing years. It is ideal for plasma deposition processes as well as high vacuum devices. The factors such as low oxygen content, high thermal and electrical conductivity, and durability are fueling the demand for oxygen free copper busbars across the globe.
 

In terms of power range, the report states that low power busbar market segment is presumed to grow significantly during the estimated timeframe. The demand for low power busbar is on the rise owing to growing demand for distribution panels and switchboard in utility, industrial, and residential. Furthermore, surging investments towards development of industrial sector and rising remodeling and renovation of existing commercial facilities are boosting the segmental growth.
 

Based on the application spectrum, industrial segment held 40% share of the overall busbars market in the year 2018. Busbars require less space and are easy to install. This factor along with rising efforts to reduce energy consumption are facilitating the business scenario.
 

As per the regional analysis, the report cites that the U.S. busbar market was worth USD 2 billion in the year 2018. Growing usage of sustainable power distribution systems and ongoing grid modernization are the leading factors augmenting the demand for busbars across the country.
 

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On the other hand, France busbar market is projected to witness considerable growth in the forthcoming years. French government is promoting the adoption of green solutions to reduce the carbon footprint This factor along with growing demand for sustainable solutions that can carry heavy electrical loads are contributing towards the growth of the market.
 

The prominent companies operating in the busbar market are Littelfuse, Schneider Electric, Halcor, Methode Electronics Inc., MERSEN,Rittal GmbH & Co. KG, Southwire Co. LLC, Pentair ,Oriental Copper, Godrej & Boyce Mfg. Co. Ltd., Busbar System Belgium, Siemens AG, Legrand Group, ABB, Eaton Corporation, Bhagyanagar India, and C&S Electric.