PUBLISHER: Inkwood Research | PRODUCT CODE: 1462423
PUBLISHER: Inkwood Research | PRODUCT CODE: 1462423
The Asia-Pacific copper busbar market is set to record a CAGR of 6.70% during the forecast period, 2024-2032. The region has a surging middle-class population and growing urbanization that offer growth opportunities. Also, rapid technological advancements, economic digitization, and rising disposable income boost market prospects.
The Asia-Pacific copper busbar market growth assessment includes the evaluation of South Korea, Indonesia, Japan, India, China, Australia & New Zealand, and Rest of Asia-Pacific. In India, the market growth is attributed to the ongoing efforts to reduce T&D losses and meet the power supply & demand mismatch. Also, government initiatives like restricting transmission and distribution losses, the launch of several rural electrification schemes, and the emerging demand for sustainable energy contribute to the growth prospects of the India copper busbar market.
In South Korea, the government had announced to provide the equivalent of almost $900 million in e-mobility subsidies as part of new EV subsidies for 2020. This will also entail expenditure on infrastructure. The country aims to increase the number of electric battery vehicles and fuel cell vehicles. Such initiatives are set to offer growth opportunities for the copper busbar market in South Korea.
Furthermore, Vietnam is a potential market for busbar vendors. In addition, the automobile industry is projected to witness fast-paced growth in Southeast Asia in the coming years. The increased sales of vehicles are attributed to the growing consumer demand, government support, and a young & skilled workforce.
Some of the leading companies in the market include Schneider Electric SE, Promet AG, Luvata, Oriental Copper Ltd, etc.