Busbar: Key market research findings
- Growth in HVDC transmission market
- Rising solar power capacity
Technavio has released a new market research report on the global busbar market, which is expected to grow at a CAGR of 5% between 2016 and 2020. Busbars are essential components power generation, transmission, and distribution of electricity. Busbars are employed in power infrastructure such as substations, switchgear, transformers, and other T&D equipment. APAC dominates the global market for busbars, accounting for 41% of the total market share. Much of this region’s growth comes from the growing production of commercial vehicles in China, India, and Vietnam which has fuelled the demand for low and medium power rating busbars.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the busbar vendors are making huge investments in the research activities to design and manufacture busbars for high voltage direct current (HVDC) applications. High demand for additional generation capacity and changing load structures has necessitated the need to integrate HVDC systems into existing transmission grids. The HVDC technology is highly stable and easily controllable, and can be interconnected with AC power networks that are otherwise incompatible. The development of HVDC transmission networks worldwide will fuel the demand for busbars required in substations in the coming years,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
Busbars play an important role in conducting electricity between the cells of a solar panel. It separates the solar cells, and conducts the current collected by cells to solar inverters that convert DC power to AC power. The size of the busbar determines the maximum current that can be safely conducted. Moreover, the year-on-year increase in installed PV capacity offers significant potential to vendors in the global busbar market to meet the rising demand for busbars designed for use in solar panels.
The leading vendors in the global busbar market are ABB, Eaton, Legrand, Schneider Electric and Siemens. Intense competition prevails in this market especially among the global players. In developed countries, the international players have domination while in developing nations, the local players control the market. The local players have an advantage over global players in terms of price. They also have strong supply chains and distribution systems that help them dominate the market.
A more detailed analysis is available in the Technavio report, Global Busbar Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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