LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global busbar trunking market is expected to grow at a CAGR of more than 6% during the forecast period.
“The growing population coupled with rapid urbanization and industrialization are responsible for the rising consumption of power. The demand for power drives the need for more T&D networks, which will, in turn, increase the demand for busbars”
This research report titled ‘Global Busbar Trunking Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Anju Ajaykumar, a lead analyst at Technavio for unit operations research, “Busbar trunking systems are used to transmit electricity from one point to the other. Customized busbar trunking systems are preferred by end-users as they increase the ease of usage and efficiency of the equipment, and provide cost-effective results. The widest application of busbar trunking systems is in the power generation sector, mostly in renewable sources.”
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The market research analysis categorizes the global busbar trunking market into three major end-user segments. They are:
- Power generation
Power generation sector
The global busbar trunking system market in the power generation sector is expected to grow at a CAGR of 7.16% during the forecast period. Following the Kyoto Protocol and the implementation of stringent EU emission standards, governments of many nations are working to develop renewable energy sources, such as wind and solar energy. These renewable energy sources require alternative electricity transmission systems. The upsurge in the construction of these energy sources has boosted the demand for busbar trunking systems. In fact, it is seen that the busbar trunking systems improve the efficiency of wind turbines.
“The growing population coupled with rapid urbanization and industrialization are responsible for the rising consumption of power. The demand for power drives the need for more T&D networks, which will, in turn, increase the demand for busbars,” says Anju.
The industrial sector comprises of manufacturing units. As these manufacturing setups, at large, need electricity for transmission, they use busbar trunking systems. In APAC, the manufacturing sector is expected to grow at a faster pace compared with the developed economies. In India, the Make in India initiative is expected to drive the manufacturing sector to reach USD 1 trillion by 2025.
The commercial sector comprises of commercial buildings like office setups, data centers, and hotels. Commercial construction ventures in developing markets are likely to grow at a much quicker rate than those in advanced economies. The developing markets represent more than half of the global construction market because of changing trends of urbanization and industrialization. APAC's share of the global development industry will continue to rise. In addition, significant opportunities exist in the Middle East market as well.
The top vendors highlighted by Technavio’s heavy industry market research analysts in this report are:
- Schneider Electric
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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