The global laminated busbar market is expected to grow from an estimated market size of USD 861 million in 2020 to USD 1,183 million by 2025, at a CAGR of 6.6% during the forecast period. The market is set to witness growth, due to the demand for safe and secure electrical distribution systems, cost-efficiency and operational benefits of laminated busbars, and focus on renewable energy.
Utilities is expected to be the largest segment in the Laminated Busbar Market
The utilities segment dominated the Market during the forecast period. A laminated busbar is a vital component in power generation plants and transmission & distribution substations, where it finds applications in distribution boards, switchgears, motor controls, and transformers. Utilities are investing in upgrading transmission & distribution networks to meet new-age demands and improve the efficiency of grid networks, thereby helping the Laminated Busbar Market to grow during the forecast period.
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Europe expected to be the leading market for laminated busbar
Europe is expected to dominate the global Market from 2020 to 2025. Rising power demand, increasing investments in the energy sector, and growing construction activities in the region are likely to drive the demand for laminated busbars in Europe.
The major players in the Laminated Busbar Market include Rogers (US), Amphenol (US), Mersen (France), Methode (US), and Sun.King Power Electronics (China).