Laminated Busbar Market Share, Size, Trends, Industry Analysis Report, By conductor (Copper and Aluminum); By Insulation Material; By Application; By Region; Segment Forecast, 2024- 2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM1382
- Base Year: 2023
- Historical Data: 2019 – 2022
Report Outlook
Laminated Busbar Market size was valued at USD 860.36 million in 2023. The market is anticipated to grow from USD 917.58 million in 2024 to USD 1,609.82 million by 2032, exhibiting a CAGR of 7.3% during the forecast period.
Industry Trends
A laminated busbar is a flat, layered structure that serves as a conductor for electrical power distribution. It is commonly utilized in switchgear, electrical power distribution systems, and other applications where dependable and efficient power distribution is essential. The busbar is made up of several conductive layers that are bonded together after being divided by insulating materials.
The primary purpose of a laminated busbar is to provide a compact and efficient means of conducting electrical current between various components in a system. The layers of conductive material are often made of copper or aluminum, as these materials offer good conductivity and are commonly used in electrical applications. The insulating layers between the conductive layers prevent electrical shorts and ensure proper insulation between the phases.
Laminated busbars offer several advantages, including reduced space requirements, improved thermal performance, and enhanced reliability. They are often employed in applications where high-power density and compact design are essential, such as in power distribution systems for industrial facilities, data centers, and renewable energy installations. The specific design and construction of laminated busbars can vary based on the application requirements and the desired electrical characteristics of the system.
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Efficient heat dissipation is crucial to maintaining the integrity and performance of the laminated busbar. The design should facilitate heat dissipation to prevent overheating and ensure reliable operation. Minimizing voltage drop across the busbar is important to maintain the efficiency of the power distribution system. The dimensions and materials of the busbar are optimized to keep voltage drop within acceptable limits.
The rising need for increasing energy costs, energy efficiency, and rising adoption of green energy sources drive the growth of the Laminated Busbar Market. There has been increasing adoption of power-efficient energy systems with low maintenance, which further supports market growth. Increasing demand for parallel battery connections and stringent government regulations regarding energy use boost the adoption of laminated busbars. The rising demand for laminated busbars from industrial applications and the increasing trend of using renewable energy fuel the growth of the laminated busbar market.
The market research report offers an in-depth analysis of the industry to support informed decision-making. It offers a meticulous breakdown of various market niches and keeps readers updated on the latest industry developments. Along with tracking the Laminated Busbar Market on the basis of SWOT and Porter’s Five Forces models, the research report includes graphs, tables, charts, and other pictorial representations to help readers understand the key insights and important data easily.
Other factors driving the market include increasing awareness, supportive government regulations, technological advancements, and growing demand for power electronics. Growing demand from emerging economies, rising adoption of smart cities electric vehicles, and increasing consumer awareness are factors expected to provide numerous growth opportunities for the Laminated Busbar Market during the forecast period.
Key Takeaways
- Asia Pacific dominated the largest market and contributed to more than 40% of share in 2023
- The North America projected to grow at the fastest CAGR during the forecast period
- By conductor category, in 2023, the Aluminium segment held the largest revenue share
- By application category, the industrial segment expected to witness the fastest CAGR during the forecast period
What are the Market Drivers Driving the Demand for Laminated Busbar Market?
Increasing Demand for Electricity Across the Globe is Projected to Spur the Product Demand
As the demand for electricity continues to grow globally, there is an increasing need for efficient power distribution systems. Laminated busbars are used in various applications, including switchgear and power distribution boards, to ensure reliable and compact power distribution. The growing emphasis on renewable energy sources, such as solar and wind power, has led to increased demand for laminated busbars in inverters and power conversion systems.
It plays a crucial role in these applications due to their efficiency and space-saving design. The trend toward electrification in the automotive and transportation sectors is driving demand for laminated busbars in electric vehicles (EVs) and hybrid electric vehicles (HEVs). Laminated busbars are used in the power distribution systems of these vehicles. These drive the market growth during the forecast period. The increasing adoption of industrial automation and smart manufacturing technologies requires reliable and compact power distribution solutions. Laminated busbars find applications in control panels and automation systems, supporting the growth of the market. Efforts to improve energy efficiency in various industries drive the demand for advanced electrical components.
Which Factor is Restraining the Demand for Laminated Busbar Market?
Fluctuation In Price of Raw Material Might Restrict Growth
Fluctuations in the prices of raw materials can significantly impact the growth of the laminated busbar market. The raw material prices, such as copper, aluminum, and insulating materials, can lead to uncertainties in production costs. Sudden increases in material costs can compress profit margins for manufacturers of laminated busbars.
Laminated busbar manufacturers may face challenges in maintaining stable and competitive pricing due to raw material price volatility. Frequent changes in prices can make it difficult for companies to set consistent and predictable rates for their products.
Furthermore, the significant rise in the prices of key raw materials can result in increased manufacturing costs. This may lead to higher overall production expenses and potentially hinder the growth of the laminated busbar market.
Report Segmentation
The market is primarily segmented based on product, insulation material, application, and region.
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By Conductor |
By Insulation Material |
By Application |
By Region |
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Category Wise Insights
By Conductor Insights
Based on conductor analysis, the market is segmented on the basis of copper and aluminum. In 2023, the Aluminum segment held the largest revenue share. However, electricity is transmitted on a huge scale using aluminum Laminated busbars. Its technological features include minimal weight and ease of application. Furthermore, deduced from its lightweight characteristics and excellent mechanical quality. The ability to transport heavier loads further and more affordable than with alternative options.
The primary market driver is the increased emphasis on energy saving and the preference for laminated busbars over cables. The geopolitical trade dispute between China and the United States may present challenges. Still, many of the benefits of smart city development and the expansion of the switchgear, energy, and power markets also present opportunities.
By Application Insights
Based on application analysis, the market is segmented on the basis of Datacenter, Telecom, Alternative Energy, Power Electronics and SiC, Transportation, and industrial. The industrial segment is expected to witness the fastest CAGR during the forecast period, primarily driven by the increasing number of populations globally, the use of electric vehicles, urbanization, and infrastructural development. However, these factors result in anticipating the market growth during the forecast period.
Ongoing urbanization and infrastructure development projects worldwide contribute to the demand for reliable electrical systems. Laminated busbars are employed in various infrastructure applications, including commercial buildings and industrial facilities. Continuous advancements in materials and manufacturing technologies enhance the performance of laminated busbars. Innovations in design and materials contribute to the market's growth by meeting the evolving needs of industries. The growing focus on electric vehicles, both in the automotive and public transportation sectors, creates a demand for efficient and compact power distribution solutions. Laminated busbars play a role in supporting the electrification of transportation. As a result, the industrial segment is poised for substantial growth during the forecast period.
Regional Insights
Asia Pacific
In 2023, Asia Pacific accounted for the largest market share in the Laminated busbar market, with India and China foremost in revenue. Ongoing infrastructure development projects in countries within the Asia-Pacific region, such as China and India, often require advanced and compact electrical distribution solutions. Laminated busbars, with their space-efficient design, could be favored in such projects. As there is a global shift towards renewable energy sources, the Asia-Pacific region has been actively investing in renewable energy projects. Laminated busbars are used in various renewable energy applications, such as solar and wind power systems. Applications in electric and hybrid vehicles for power distribution: With the growth of the automotive sector in the Asia-Pacific region, there could be an increased demand for laminated busbars.
North America
North America is projected to grow at the fastest CAGR during the forecast period in the laminated busbar market due to growing adoption in the automotive industry; however, it has outstanding corrosion resistance and temperature acceptance. North America has diverse manufacturing industries, and laminated busbars find applications in various manufacturing processes. Growth in manufacturing activities could be a factor driving the demand for laminated busbars. There has been a growing emphasis on energy efficiency and sustainability in North America. Laminated busbars, with their ability to reduce energy losses and enhance the efficiency of power distribution. With growing industrialization, North America is expected to dominate the market during the forecast period.
Competitive Landscape
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- Mersen
- Zhuzhou Crrc Times Electric
- OEM Automatic
- Electronic Systems Packaging
- Shennan Circuits
- Jans Copper
- Storm Power Conductors
- Ryoden Kasei
- Amphenol
- Methode Electronics
- Rogers
- Suzhou West Deane Machinery
Recent Developments
- In March 2019, during the APEC 2019 conference and exhibition, Rogers Corporation showcased its specialized materials designed for power electronics applications. The presented offerings encompassed a varied range, including laminated busbar solutions, ARLON Secure Thermal Transfer Adhesive, ceramic substrates, and HeatSORB phase change material.
Report Coverage
The Laminated Busbar market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, conductor, insulation material, application, and their futuristic growth opportunities.
Laminated Busbarmarket Report Scope
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Report Attributes |
Details |
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Market Size Value in 2024 |
USD 917.58 million |
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Revenue Forecast in 2032 |
USD 1609.82 million |
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CAGR |
7.3% from 2024 – 2032 |
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Base year |
2023 |
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Historical Data |
2019 – 2022 |
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Forecast Period |
2024– 2032 |
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Quantitative Units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments Covered |
By Conductor, By Insulation Material, By Application, By Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
We strive to offer our clients the finest in market research with the most reliable and accurate research findings. We use industry-standard methodologies to offer a comprehensive and authentic analysis of the Laminated Busbar Market. Besides, we have stringent data-quality checks in place to enable data-driven decision-making for you.
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FAQ's
The global laminated busbar market size is expected to reach USD 1609.82 Million by 2032
Key players in the market are OEM Automatic, Electronic Systems Packaging, Shennan Circuits, Jans Copper
Asia Pacific contribute notably towards the global laminated busbar market
Laminated Busbar Market is expected CAGR of 7.3% during the forecast period
The laminated busbar market report covering key segments are conductor, insulation material, application and region.
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