PUBLISHER: Inkwood Research | PRODUCT CODE: 1462424
PUBLISHER: Inkwood Research | PRODUCT CODE: 1462424
The global copper busbar market is projected to register a CAGR of 6.19% during the forecast period, 2024-2032. The growing investments in transmission & distribution infrastructure, the increasing utilization of urbanization, industrialization, and electricity, and the rising construction activities drive market growth.
Copper busbar is a common conductive metal used in busbars and various electrical utilities globally. Its resilience to higher temperatures offers extra security during short-circuit situations. The increased construction activities lead to a growing number of sites, which further raises the demand for copper busbars in the construction industry. As a result, the growing construction activities are one of the key growth drivers of the global copper busbar market.
Also, the construction sector is one of the largest sectors in the world economy. Additionally, global investments by tech companies in complex megaprojects offer growth opportunities. Besides, the residential construction expenditure was almost 25% in 2021 and is expected to increase by 7% in 2022. Such construction activities encompass copper busbar's use as a construction material and for electricity transportation and wirings. However, the global copper busbar market growth is hindered by fluctuations in raw material prices.
The global copper busbar market's geographical assessment includes the analysis of Europe, Asia-Pacific, North America, and Rest of Asia-Pacific. Asia-Pacific has the largest market share in the region, accredited to the wide adoption of renewable energy sources for power generation and the surging demand for reliable and uninterrupted power supply.
Product differentiation by market players contributes to the high competitive rivalry in the market. Some of the main companies operating in the market are Eaton Corp, Siemens AG, Luvata, ABB Ltd, etc.