The Laminated Busbar Market is expected to reach USD 1.41 Million by 2028, growing at a CAGR of 6.5% from 2022 to 2028. Laminated busbars provide various benefits such as eliminating wiring errors, improving reliability, reducing system costs, and increasing capacitance. Thus, demand for laminated busbars is increasing nowadays. Factors such as increasing demand for secure electrical distribution systems, more focus towards renewable energy concept cost-efficiency & operational benefits of busbars are driving the growth of the Laminated Busbar Market in the coming years.
- The copper segment is the major contributor in the Laminated Busbar Market. Copper provides better load surge withstand capacity and high conductive properties, thus, it is the best material for the development of laminated busbars. This is the reason for the high demand for copper material in the growth of the Laminated Busbar Market.
- The utility segment is accounted to witness the substantial growth of the Laminated Busbar Market during the forecast period. This surge is owing to the increasing demand for renewable energy generation and increasing investment towards power distribution infrastructure.
- Asia Pacific is accelerated the highest share of the Laminated Busbar Market than others. The construction activities in this region is increasing rapidly, thus, increasing the demand for the Laminated Busbar Market in the region.
Major players of Laminated Busbar Market include - Rogers (US), Mersen (France), Amphenol (US), Sun.King Power Electronics (China), and Methode (US)..
One of the major factors that fuel the growth of the Laminated Busbar Market is the use of laminated busbars in power management applications. This feature optimizes and manages the power consumption of hardware by saving energy and money. Many manufacturers are considering this aspect in the development of laminated busbars. For example, Methode Electronics, an American Multinational company, introduced ROLINX CapLink Solutions. In this solution, capacitors are united to a laminated busbar, which is ideal for power management applications.
Asia Pacific is expected to dominate the fastest growth of the Laminated Busbar Market during the forecast period. Because of the increasing population, Asia Pacific is the fastest-growing region across the globe. Thus, the requirement for power supply in this region is more. For fulfilling these requirements, many countries started investing in distribution & transmission infrastructure and renewable energy-related projects. According to International Energy Agency (IEA), China started to install 36% of total worldwide hydroelectricity generation capacity and 40% of all global wind energy between 2015-2021. China already has over 259,000 MW of new coal plants in various stages of development and accounts for more than one-third of the global coal plant pipeline.