Over the recent years, the busbar market share has been expanding at a phenomenal pace owing to the massive investments directed toward renovating and modernizing the existing grid networks across numerous emerging economies. With the escalating demand for reliable and uninterrupted power supply along with the onslaught of modern technological changes, the growth dynamics of the global busbar industry have witnessed enormous favorable shifts. The new age busbars have reduced trifling fire risks, are known to transmit bulk power over a long range of distances, ensure lesser heat dissipation, and have increased the overall flexibility of tap-off locations. This has, in consequence, led to an increase in energy efficiency levels in a plethora of established grid substations which has further embellished the growth potential of busbar market. A testament to the aforementioned statements is the estimation noted in the latest study of Global Market Insights, Inc., which claims that the overall busbar industry held a commendable valuation of over USD 13 billion in 2016.
Germany Busbar Market, By Power Range, 2016 & 2024 (USD Million)
The leading busbar market players have been struggling to come up with a range of innovative products to meet the increasing demand for energy-efficient busbars and to stay competitive in this highly competitive business space. It would be prudent to mention that majority of the existing transmission networks transfer electricity over short distances from power stations to consumers. However, owing to the recent shift from traditional energy sources toward renewable energy alternatives, the evolving needs of residential and commercial establishments would require advanced power grids that would offer cost-effective energy to leading urban centers. Moreover, in a bid to lower the configuration and engineering costs numerous busbar industry giants are moving away from stand-alone power distribution enclosures and have now set their sights on individual busbar systems that would cater multiple controllers.
In order to confront the emerging challenge of a new energy mix while augmenting the current transmission infrastructure, Rittal, the leading German multinational partaking in busbar industry, has recently unveiled a latest RiLine Compact busbar system. The new busbars are reportedly equipped with thorough contact hazard protection and do not require holders – characteristics that would save downstream installation time. Furthermore, the new system is likely to enhance operator safety given the fact that protective and switching tools can be connected seamlessly to these electrical bars in a lesser amount of time. Despite its size, the innovative product is said to be ideal for direct integration into large power grids and can also be installed in small controllers and switchgears as it distributes electricity effectively and complies with prevailing energy standards. Needless to mention, such remarkable product launches would subsequently spur the growth undercurrents of the busbar market in the ensuing years.
Elaborating further, various developed economies across the globe have been formulating comprehensive energy transition plans which has had a favorable impact on the overall busbar industry landscape. For instance, Germany has set an ambitious goal of transforming its energy sector by expanding its renewable energy resources and reduce climate-damaging CO2 emissions without relying on nuclear energy. The plan, christened as “Energiewende”, further aims to establish the nation as a low-carbon, nuclear-free economy by upgrading the existing grid network which would positively influence the regional busbar market growth in the upcoming years. Citing yet another instance of a significant government initiative, the Indian government has resolutely affirmed that it aims to provide electricity connections to more than four crore households in the rural and urban expanses by the end of 2018. The scheme, named as Pradhan Mantri Sahaj Bijli Har Ghar Yojana ‘Saubhagya’, would be operationalized by the Rural Electrification Corporation Limited and is likely to primarily target the unserved rural areas and the underserved urban pockets. Apparently, the aforementioned instances of dynamic and ambitious programs undertaken by various regional governments would prove to be the prominent factors to steer the growth potential of busbar industry over the estimated timeframe.
The burgeoning demand for electricity owing to the swift pace of urbanization across the globe coupled with swift technological developments to ensure a sustainable and energy-efficient transmission infrastructure would contribute significantly toward enlarging the busbar market size. Moreover, the recent shift toward clean energy with enormous investments in the renewable sector supplemented with various government initiatives to electrify rural hinterlands would translate into a meteoric rise in the revenue graph of busbar market, which is forecast to surpass a total of USD 20 billion by 2024.