Rockville, MD , Oct. 14, 2024 (GLOBE NEWSWIRE) -- The global Busbar Tunking System Market is estimated to be US$ 6,520.2 million in 2024. The market is projected to expand at a 6.1% CAGR through 2034. The market is projected to surpass US$ 11,787.3 million by 2034.
The increased demand for dependable and efficient power distribution systems across various industries. Busbar trunking systems have been praised for their high capacity, minimal maintenance requirements, and ease of installation, making them an excellent choice for power distribution in industrial and commercial environments.
The growing use of renewable energy sources and the demand for smart grid infrastructure have all contributed to market expansion. Furthermore, the development of advanced technologies such as intelligent monitoring systems and the incorporation of IoT into busbar trunking systems has accelerated the growth of this industry. Another factor fueling the industry's growth is an increasing focus on energy efficiency and sustainability.
The high initial cost of installing busbar trunking systems is one of the primary limitations limiting industry expansion. These systems necessitate a considerable initial investment for purchase and installation, which is predicted to be difficult for many companies and organizations, particularly those with limited resources.
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Key Takeaways from the Market Study:
- North America’s busbar trunking system market is expected to grow at a CAGR of 6.3% from 2024 to 2034.
- The market is projected to register a CAGR of 6.1% in the United States over the forecast period.
- China's busbar trunking system market is anticipated to rise at a CAGR of 6.8% through 2034.
- Based on application type, the diesel engine segment leads the market, with an expected market share of 75.7% in 2024.
“The busbar trunking system manufacturers offer a highly efficient and dependable solution to satisfy the rising demand, making it a popular option for businesses to strengthen their power infrastructure. Furthermore, the system's ease of installation, versatility, and low maintenance requirements have boosted its popularity." says a Fact.MR analyst.
Leading Players Driving Innovation in the Busbar Trunking System Market:
General Electric Company, Legrand, Schneider Electric SE, Rittal GmbH and Co. KG, Sati Italia S.p.A., ARJ Group, C and S Electric Limited, EAE Inc., Eaton Corporation, Siemens AG
These players are well-known for their high-quality products and exceptional customer service, which has helped them maintain a dominant market position. However, several smaller companies are gaining traction by providing more economical solutions to customers.
Busbar Trunking System Industry News:
- ABB completed the acquisition of GE Industrial Solutions in 2018. It is anticipated that this move will strengthen the company's electrification business segment, boosting revenue in the power distribution sector and strengthening ABB's standing in the electrification market.
- In 2021, ABB completed its acquisition of GE Industrial Solutions. This advancement is expected to strengthen the company's electrification business segment, increasing ABB's revenue in the power distribution industry and thereby improving the company's position in the electrification market.
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Segmentation of Busbar Trunking System Market Research:
- By Product Type:
- Low Voltage Rated Busbar Trunking Systems (Up to 1.1kV)
- Medium Voltage Rated Busbar Trunking Systems (3kV – 40 kV)
- By Application:
- Gasoline Engines
- Diesel Engines
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