According to the new research report published by The Insight Partners, titled “Busway Market – Global Analysis and Forecast to 2025”, The global busway market is expected to grow at a CAGR of 6.66% during the forecast period 2018 – 2025, to account to US$10,811.7 Bn by 2025.
A busway (also called bus duct), is a sheet metal duct containing either copper or aluminum bus bars for the purpose of conducting a substantial current of electricity. It is an alternative of conducting electricity to power cables or cable bus. Busway enable the stakeholders particularly, end-user from residential, commercial and industrial sector to enhance power carrying efficiency, reduce costs related to installation, reduction in down time, improved end-user experience, and with less complexity in maintenance. Busway applications in different sector are replacing the tradition wire cable use with advanced technology. The market for busway is steadily growing with rising power transmission and distribution sector either competing with each other or collaborating with tech companies to offer enhanced and advanced solutions.
Schneider Electric, Siemens, Eaton, ABB Ltd and GE are few of the major players operating in the market and offering a wide solution portfolio. APAC with large number of emerging countries along with high rate of industrializing and growing urbanization is leading the busway market.
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Key findings of the study:
- Asia-Pacific is anticipated to account the largest busway market share.
- Based on type, the intensive insulation plug busway segment is projected to dominate the busway market.
- Industrial infrastructure segment held the second largest position by application.
The reports cover key developments in the Busway Market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market payers from Busway Market are anticipated to lucrative growth opportunities in the future with the rising demand for Busway Market in the global market.
Few of the recent strategies by some of the players in busway market landscape are listed below-
2017: ABB in partnership with POWERGRID India was awarded a project contract to deliver transmission link in order to distribute electricity to more than 80Mn people with the project cost estimated to be worth US$ 640 Mn.
2017: The tiny houser project that was developed by Home Builder Institute in Florida, Orlando would deploy electrical solutions from power management company Eaton.
2016: ABB supplied low voltage power distribution solutions to the new car manufacturing factory of Renault-Nissan and Daimler’s strategic joint venture located in Aguascalientes, Mexico.
Also, for the large-scale deployment of renewables and other carbon-free solutions, the introduction of advanced new technologies such as energy storage and smart grids needs to be accelerated. Government is also taking various initiative to promote renewable energy plants. For example, wind power was the most cost-effective option for new grid-based power in 2015 in many markets, including Canada, Mexico, New Zealand, South Africa, Turkey, and parts of Australia, China and the United States. Rising new power grids and renewable energy plants are sequentially up surging new and energy efficient electrical equipment market including busway market.
The report segments the global busway market are as follows:
Busway Market – By Type
- Air Splicing Busway (BMC)
- Intensive Insulation Plug Busway (CMC)
- High Strength Enclosed Busway (CFW)
Busway Market – By Application
- Commercial Building
- Residential Building
- Industrial Infrastructure
Busway Market – By Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Hong Kong
- Rest of APAC
- Middle East & Africa (MEA)
- Saudi Arabia
- Rest of MEA
- South Africa
- Rest of Africa
- South America (SAM)
- Rest of SAM
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