The busbar trunking system market is expected to grow at a CAGR of 6.88%, from 2017 to 2022, to reach a market size of USD 8.85 billion by 2022. Increased adoption of energy efficiency practices, various operational and technical advantages to the potential end-users, and growing demand for power are the major drivers of the busbar trunking system market.
The busbar trunking system market is dominated by a few major players that have a wide regional presence and are established brand names. Leading players in the busbar trunking system market, such as ABB, Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric (France), General Electric (U.S.), and Eaton Corporation, Plc (Ireland), have either acquired regional companies or made a joint venture with the ones operating in the busbar trunking system market to bolster their product portfolio and to enhance their global reach.
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With regard to the end-user segment, the industrial sector is expected to constitute the fastest growing market from 2017 to 2022. There are several key areas in the industrial sector where busbar trunking systems are installed. For instance, they are used to deliver consistent power supply to the production floor. It is used by manufacturers of motor drives, fork lift trucks, welding machines, power generators, and industrial testing machines among others.
The report segments the busbar trunking system market, based on conductor type, into copper and aluminum conductors. The copper conductor would account for the maximum share in the busbar trunking system market. The energy efficient and compact nature of copper busbar trunking system makes it more suitable for applications such as high-rise buildings, shopping complexes, IT parks, manufacturing, and process industries. The aluminum conductor on the other side is cost effective as compared to copper busbar trunking systems, which makes it suitable for small and medium enterprises.
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Asia-Pacific is estimated to be the fastest growing market for busbar trunking systems from 2017 to 2022. Escalating demand for electricity and increasing government mandates in countries such as Japan, Australia, China, South Korea, and India are driving the demand for busbar trunking systems in this region. The growing power sector in India is also expected to spur the growth of the market and represents a promising opportunity for major busbar trunking system providers. India is expected to grow at the fastest rate during the forecast period. Countries such as Japan and China are also expected to witness a significant growth during the same period.