Busbar Trunking System Market
Busbar Trunking System Market Study by Low Voltage Rated Busbar Trunking Systems (Up to 1.1kV) and Medium Voltage Rated Busbar Trunking Systems (3kV to 40 kV) from 2024 to 2034
Analysis of Busbar Trunking System Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Busbar Trunking System Market Overview (2024 to 2034)
The global busbar trunking system market size is expected to be worth US$ 6,520.2 million in 2024. The market is anticipated to expand at a CAGR of 6.1% from 2024 to 2034. The market is predicted to surpass a valuation of US$ 11,787.3 million by 2034. There is a growing demand for reliable and efficient power distribution systems across various industries. Busbar trunking systems are known for their high capacity, low maintenance, and easy installation, making them an ideal choice for power distribution in industrial and commercial settings.
The increasing adoption of renewable energy sources and the need for smart grid infrastructure have contributed to the market's growth. Furthermore, the development of advanced technologies such as intelligent monitoring systems and the integration of IoT in busbar trunking systems has further propelled the growth of this market.
Another factor driving the industry's growth is the increasing focus on energy efficiency and sustainability. Busbar trunking Systems are designed to minimize energy losses and reduce carbon footprint, making them a preferred choice for businesses that prioritize sustainability. Moreover, the ease of maintenance and flexibility make them an attractive option for industries with rapidly changing power requirements. In addition to these factors, the growing demand for data centers and the increasing use of electric vehicles have contributed to the growth of the busbar trunking system market.
|Estimated Market Value (2024E)
|US$ 6,520.2 million
|Forecasted Market Value (2034F)
|US$ 11,787.3 million
|Global Market Growth Rate (2024 to 2034)
|Diesel Engines Growth Rate (2024 to 2034)
|North America Market Share (2024)
|East Asia Market Share (2024)
|Key Companies Profiled
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What Factors Have Contributed to a Rise in Global Demand for Busbar Trunking Systems?
“The Growing Need for Reliable and Efficient Power Distribution in Various Industries Is Expected To Drive the Growth of the Market”
One of the main drivers behind the growth of the busbar trunking system is the need for reliable and efficient power distribution in various industries. With the rise in industrialization and urbanization, the electricity demand has increased significantly. This has led to a greater need for efficient power distribution systems that meet the growing demands of the various industries. The busbar trunking system offers a highly efficient and reliable solution to meet this demand, making it an attractive option for businesses looking to improve their power infrastructure. Additionally, the system's ease of installation, flexibility, and low maintenance requirements have further contributed to its popularity.
“The Rising Adoption of Renewable Energy Sources is Projected to Create Attractive Prospects for Busbar Trunking Systems.”
The adoption of renewable energy sources, such as wind and solar, has been increasing globally to reduce carbon emissions. This has led to a rise in renewable energy generation facilities requiring a reliable and efficient power distribution system. Busbar trunking systems offer a cost-effective solution for power distribution, as they are flexible, easy to install, and require less maintenance than traditional cable systems.
The need for smart grid infrastructure is likely driving the demand for busbar trunking systems. Smart grids require a reliable and efficient power distribution system that manages the flow of electricity from various sources, including renewable energy sources. Busbar trunking systems likely play a key role in enabling the development of smart grids, as they are likely to be easily integrated with monitoring and control systems.
Which Factor is Impeding the Growth of Busbar Trunking System Demand?
“The High Initial Cost of Installation is Expected to Hamper the Market Growth For the Forecast Period”
The high initial cost associated with the installation of busbar trunking systems is one of the major factors limiting the market's growth. These systems require a significant upfront investment for purchase and installation, which is expected to be challenging for many businesses and organizations, particularly those with limited budgets. Additionally, maintenance and repairs are likely to be expensive, further adding to the total cost of ownership over time. As a result, some potential customers may be hesitant to invest in these systems, which is expected to slow down the overall growth of the busbar trunking system market.
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North America is estimated to account for 39.5% of the global market share. From 2024 to 2034, the region's market is expected to rise at a stable CAGR of 6.3%, with a share of 40.2% by 2034.
East Asia busbar trunking system industry is predicted to hold a share of 36.5% in 2024. East Asia's market is expected to rise at a steady 6.7% CAGR, with the region retaining 38.8% of the share by 2034.
What Factors Influence the Continued Growth of the United States Busbar Trunking System?
“Rising Number of Construction Industry in The United States are Likely to Fuel Market Growth Throughout the Projection Period.”
The value of the busbar trunking system market industry in the United States for 2024 is estimated to be US$ 1,846.6 million. Over the forecast period, the market is expected to register an encouraging CAGR of 6.1% in the country, reaching a value of US$ 3,331.2 million by 2034.
The United States is one of the largest economies with a highly developed infrastructure and diverse industries. The country is known for its advanced technology, skilled workforce, and robust economy. The construction industry has been experiencing significant growth in recent years due to the increasing demand for new commercial and residential buildings. This growth is expected to drive the busbar trunking system market in the United States, as these systems are widely used in electrical power distribution for high-rise buildings, industrial complexes, and commercial establishments. Additionally, the United States has a well-established manufacturing industry, which contributes to the demand for busbar trunking systems as they are widely used in manufacturing facilities.
Why is China Known as the Key Market for Busbar Trunking Systems?
“Increasing Industrialization in China to Propel the Market Growth”
China is currently undergoing a phase of rapid industrialization. With the growth of industries, the demand for electricity has increased, which has led to the adoption of efficient power distribution systems like busbar trunking systems. These systems are being widely implemented in China due to their high efficiency, low maintenance, and easy installation. Additionally, the government's favorable policies and initiatives to support the growth of the manufacturing sector have contributed to the increasing demand for busbar trunking systems in the country. As a result, China's busbar trunking systems market is expected to witness significant growth throughout the forecast period.
Based on application type, the diesel engine segment is expected to account for 75.7% of the market share in 2024.
Why do Diesel Engines Dominate the Market for Busbar Trunking Systems?
“Diesel Engines Witnesses Rise in Demand Due to Advantages Such as High Efficiency, Durability, and Low Maintenance”
The diesel engines segment is expected to contribute 75.7% of the market share by application type in 2024. The diesel engines are anticipated to witness a rise in demand for the busbar trunking system market at a CAGR of 6.6% through 2034. The diesel engines are widely used in various industrial applications such as power generation, marine, oil and gas, and mining. Busbar trunking systems are extensively used in these industries to provide safe and reliable power distribution to various equipment and machines.
Diesel engines are preferred in these applications due to their high efficiency, durability, and low maintenance requirements. Additionally, diesel engines are capable of generating high power output, making them ideal for heavy-duty applications. As a result, the demand for busbar trunking systems powered by diesel engines is expected to grow significantly in the coming years.
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Key players in the busbar trunking system market are General Electric Company, Legrand, Schneider Electric SE, Rittal GmbH and Co. KG, Sati Italia S.p.A., ARJ Group, C and S Electric Group, EAE Inc., Eaton Corporation, Siemens AG.
These players are known for their high-quality products and excellent customer service, which has helped them maintain a strong market position. However, several startups are starting to gain traction by offering more affordable options for customers. As the demand for busbar trunking systems continues to grow, the competition in this space is expected to intensify.
In 2018, ABB finalized its acquisition of GE Industrial Solutions. This development is projected to improve the company's electrification business segment, contributing to ABB's revenue in the power distribution industry and, as a result, improving the company's position in the electrification market.
Segmentation of Busbar Trunking System Market Research
By Product Type:
- Low Voltage Rated Busbar Trunking Systems (Up to 1.1kV)
- Medium Voltage Rated Busbar Trunking Systems (3kV – 40 kV)
- Gasoline Engines
- Diesel Engines
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What is the Market Outlook for the Busbar Trunking System Market?
Busbar trunking system sales outlook is likely to be valued at US$ 6,520.2 million in 2024.
What is The Growth Projection for Busbar trunking System Market Adoption?
The adoption of the busbar trunking system market is projected to rise at a CAGR of 6.1% through 2034.
Which is the Leading Application Type in the Busbar Trunking System Market?
Diesel engines are the leading application type, with an expected market share of 75.7% in 2024.
How fast is the North America Market Expected to Grow?
The North America busbar trunking system market is forecasted to expand at a CAGR of 6.3% through 2034.
What is the Busbar Trunking System Market Forecast over the Next Decade?
Demand for the busbar trunking system market is projected to reach US$ 11,787.3 million by 2034.