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The global busway-bus duct market size was valued at $12.1 billion in 2021, and is projected to reach $21 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031. Busway also known as bus duct is a combination of a metal duct consisting of either copper or aluminum solid conductors also known as busbar for the purpose of conducting a substantial current. The entire busduct system includes a few indistinguishable parts; housing, busbars, and support insulators.
Industries are becoming complex and volatile with the rise in disposable income, which drives the demand for various products across the world, such as automotive, cement, metal, and others across the world. In order to address this complexity and volatility, industries need to be flexible in all the aspects, such as production, supply chain, power utilization, and others, to adapt to the ever-changing market situations. Thus, in order to be flexible in regards to electricity distribution in the facilities, busduct systems are used. These can be interlinked in a very short time with the existing power distribution channel with relatively less cost and labor efforts, which is not easily possible with the conductor cables. Such and other advantages of busducts are driving the busway-bus duct market growth.
Global population is rising at a rapid pace. It is estimated that the total world population will rise to more than 9.5 billion by 2050, from about 7.5 billion in 2021. This factor drives the demand for residential buildings. Moreover, rise in urbanization and rise in number of service sector employees are driving the demand for commercial buildings such as hospitals, shopping malls, large retail shops, office spaces and others. Residential and non-residential buildings make significant use of busway-bus duct for power distribution from transformers and/or generators to the switch gears and others. Furthermore, growth in population also drives the demand for electricity and other forms of energy, which eventually propels the growth of industrial sectors such as oil & gas, power plants, and others. Moreover, chemical, automotive, pharmaceuticals, consumer goods and various other industrial sectors are witnessing rise in demand. Such factors are expected to be a major busway-bus duct market opportunity.
Major players in the industry offer a wide range of busway-bus duct systems for applications in various industries. Furthermore, they have launched new and advanced systems to stay competitive in the market. For instance, in February 2020, Siemens AG, launched a new busbar trunking system for the data centers.
The novel coronavirus rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and later became a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted the production of many components of busway-bus duct systems, due to lockdown. The economic slowdown initially resulted in reduced spending on various busway-bus duct systems by industrial and commercial users. However, owing to introduction of various vaccines, the severity of COVID-19 pandemic has significantly reduced. As of mid-2022, the number of COVID-19 cases have significantly reduced. This has led to the full-fledged reopening of busway-bus duct manufacturing companies at their full-scale capacities. Furthermore, it has been more than two years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery.
Furthermore, the increased globalization and rise of internet and other remote technologies have significantly contributed to the rapid growth of the IT sector. Computers, servers and other electronic machineries of the IT sector, uses large amount of electricity. This is also playing a considerable role in propelling the growth of busway-bus duct market. In addition, growth of industries in emerging economies is expected to provide lucrative growth opportunities for busway-bus duct market
The busway-bus duct market is segmented into Type, Voltage and End User Industry. By type, the market is categorized into isolated phase bus duct, segregated phase bus duct, and non-segregated phase bus duct. On the basis of voltage, it is categorized into high-voltage, medium-voltage, and low-voltage. And on the basis on end-user industry, the market is categorized into residential, commercial, and industrial. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the largest busway-bus duct market share 2021, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to increase in manufacturing activities across the region.
Key companies profiled in the busway-bus duct market forecast report include ABB, Accu-Panels Energy Pvt. Ltd., C&S Electric Limited, Current Midwest, DBTS IND, Eaton Corporation PLC, General Electric Company, Godrej and Boyce Company Limited, Huapeng Group Company, Ltd., L&T Electrical & Automation, LS Cable & System Ltd., Powell Industries Inc., Schneider Electric, Siemens AG, TAIAN-ECOBAR TECHNOLOGY, Tricolite Electrical Industries, and Vidhyut Control India Pvt. Ltd.
Accu-Panels Energy Pvt Ltd, Tricolite Electrical Industries, Powell Industries Inc, LS Cable & System Ltd., DBTS IND, Vidhyut Control India Pvt. Ltd., L&T Electrical & Automation, Schneider Electric, Huapeng Group Company, Ltd., Eaton Corporation PLC, ABB, C&S Electric Limited, Godrej and Boyce Company Limited, TAIAN-ECOBAR TECHNOLOGY, Current Midwest, General Electric Company, Siemens AG
The rise in industrial sectors, especially in countries such as the U.S., Canada, India, China and Germany, has fueled the demand for busway-bus duct. In addition, growth in global population has driven the demand in residential building construction sector; this has increased the demand for busway-bus duct. Furthermore, urbanization is contributing to the growth of commercial buildings. In addition to this, rise in global population has increased power demand, thereby fueling the use of power transmission systems. Moreover, Africa is a region with the least percentage of population having access to electricity. This offers an opportunity for significant growth of the busway-bus-duct market.
Along with this, various favorable initiatives aimed toward developing domestic industries by the governments across the world is expected to significantly develop industries. This is expected to provide lucrative growth opportunities for the busway-bus duct market
Development of cost effective busway-bus ducts is a major trend in the market.
Busway-Bus Ducts are extensively used for power transmission in commercial and industrial applications.
Asia-Pacific is the largest regional market for Busway-Bus Duct.
$12,059.1 Million is the estimated industry size of Busway-Bus Duct.
ABB, Accu-Panels Energy Pvt. Ltd, C&S Electric Limited, Current Midwest, DBTS IND, Eaton Corporation PLC and General Electric Company are some of the top companies to hold the market share in Busway-Bus Duct.
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
The Busway-Bus Duct market is projected to reach $ 20,972.7 million by 2031.
Based on type, the non-segregated phase bus duct holds the maximum market share of the Busway-Bus Duct market in 2020.
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aluminum dense busway Global Opportunity Analysis and Industry Forecast, 2021-2031