Laminated Busbar Market Size, Share, Growth, Analysis

[192 Pages Report] The global laminated busbar market in terms of revenue was estimated to be worth $863 million in 2023 and is poised to reach $1,296 million by 2030, growing at a CAGR of 6.0% from 2023 to 2030. The infrastructure modernization, growing electricity demand, renewable energy projects, energy efficiency prioritization, technological advancements and adoption of electric vehicle are driving the market growth.

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Laminated Busbar Market Dynamics

Driver: Increasing focus on renewable energy

Countries, both developed and developing, are modifying their energy policies to incorporate a substantial portion of power generation from renewable sources such as solar and wind. Financial incentives provided by government entities, coupled with promising returns, are attracting investments in renewable energy projects. Photovoltaic and wind generators, key contributors to renewable power, necessitate a dedicated protection system. Laminated busbars play a crucial role in connecting power-generating stations to switchyards and electrical grids, emerging as a vital component within electrical systems. Functioning as a pivotal element, laminated busbars ensure power system protection, regulate power supply by de-energizing equipment, and address faults in the system, thereby ensuring a dependable power supply. The escalating demand for clean energy has propelled the market for renewable generation and distribution, subsequently driving the global laminated busbar market.

Restraints: High initial costs of laminated busbars

The manufacturing process of laminated busbar, which involves intricate steps such as shaping insulation materials like epoxy-glass or silicone rubber to specific dimensions, positioning copper or aluminum conductors precisely within insulation layers, and bonding these layers through heat, pressure, or adhesive resins, contributes to their higher cost compared to traditional busbar designs. Rigorous testing is performed on each laminated busbar to ensure both its electrical properties and mechanical integrity. The utilization of specialized materials and the complexity of the manufacturing process collectively contribute to the elevated cost of laminated busbars. This higher initial cost can pose a significant barrier to adoption, particularly in applications where pricing is a crucial factor or in regions with limited budgets. Consequently, this challenge may impede the widespread acceptance of laminated busbars and decelerate market growth.

Opportunities: Adoption of High-Voltage Direct Current (HVDC) technology

Governments, driven by escalating environmental concerns, are increasingly investing in power generation based on renewable energy sources. Facilities generating renewable power—such as solar, onshore and offshore wind, biomass, hydroelectric, and geothermal plants—are often situated in remote areas. To connect these distant power generation sites and mitigate transmission losses, companies employ High Voltage Direct Current (HVDC) systems, known for their efficiency in long-distance power transmissions. The IEEE Transmission and Distribution Committee has compiled a list of HVDC projects, indicating plans for over five 800 kV HVDC projects to be commissioned globally by 2019. A growing trend in new or developing projects involves integrating renewable power generation sources with HVDC transmission links. The seamless operation of these HVDC projects necessitates laminated busbars for HVDC converter stations, ensuring a consistent power supply to the entire system, minimizing losses, and providing protection against faults. This trend presents a notable opportunity for manufacturers of laminated busbars in the market.

Challenges: Environmental concerns

Like other electrical components, environmental considerations arise in the manufacturing, usage, and disposal phases of laminated busbars. The production process of laminated busbars may involve the utilization of potentially hazardous materials like solvents, resins, and adhesives. If not managed correctly, these materials can release volatile organic compounds (VOCs), impacting air quality and contaminating water sources. Furthermore, the energy consumption associated with manufacturing can contribute to greenhouse gas emissions. In operational phases, laminated busbars, like all electrical conductors, generate heat, potentially contributing to overall energy consumption and causing thermal pollution that affects the surrounding environment. When reaching the end of their useful life, responsible disposal of laminated busbars is crucial. Improper disposal methods, such as landfilling, can result in the leaching of hazardous materials into the environment.

Laminated Busbar Market Value Chain

The market is characterized by the involvement of prominent companies that are well-established, financially sound, and possess considerable expertise in laminated busbar production. These firms exhibit a substantial market presence and offer a diverse range of products. Leveraging advanced technologies, they maintain extensive global sales and marketing networks. Key players in this market include Amphenol Corporation (US), Methode Electronics, Inc. (US), Mersen Group (France), Rogers Corporation (US), Sun.King Technology Group Limited (China), and Zhuzhou CRRC Times Electric Co., Ltd. (China).

Polyester film segment, by insulation material, to capture the second-largest market share from 2023 to 2030.

 In 2022, the polyester film category constituted an 18.4% share of the laminated busbar market in terms of insulation material. Polyester film, characterized as a crystalline thermoplastic polyester, serves various purposes such as a wrapping material for food and drugs and a functional material for industrial components. Primarily utilized as a blending material to enhance the performance of polyethylene terephthalate (PET), it offers improved moisture barrier, gas barrier, heat resistance, and UV ray absorption. Polyester film finds applications in cosmetic and medical product containers due to its scratch- and heat-resistant properties. Notably, it possesses anti-hydrolysis and low oligomer extraction characteristics, factors that are anticipated to propel the polyester film segment throughout the forecast period.

Commercial segment, by end user, to emerge as third-largest segment of laminated busbar market.

In 2022, the commercial sector constituted a 23.6% share of the laminated busbar market. Laminated busbars find widespread application in power distribution equipment across various commercial establishments, including shopping malls, hotels, hospitals, office buildings, and data centers. Their preference over power cables is notable, especially in layouts where space is limited. Laminated busbars exhibit lower inductance compared to conventional wiring and cables, resulting in reduced power supply noise. This characteristic makes them particularly suitable for applications in low-noise operational environments, such as hospitals and hotels. Consequently, a high demand for laminated busbars is anticipated within the commercial segment.

Asia Pacific to capture the second-largest market size during forecast period.

In 2022, the Asia Pacific region held a significant 25.2% share in the laminated busbar market. This region, comprising China, India, Japan, South Korea, and the Rest of Asia Pacific (including Australia, Indonesia, and Singapore), is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period. The robust growth is attributed to the coexistence of developing economies like China and India alongside advanced economies such as Japan and Australia. China, a pivotal global manufacturing hub, has sustained industrial output constituting 45% of its GDP since the 1990s. The market in Asia Pacific is flourishing due to escalating transmission & distribution network expansions and the progression of industrialization initiatives, particularly in emerging nations like India and China. According to the Indian Electrical and Electronics Manufacturer Association (IEEMA), India's electricity generation capacity is projected to surge from 200 GW in 2010 to surpass 800 GW by 2032 to meet escalating demands, necessitating an investment of approximately USD 300 billion in the next 3-4 years. India is actively engaged in numerous smart grid and substation projects to address the rising energy needs, thereby fostering demand for laminated busbars in the Asia Pacific region.

Key Market Players

Amphenol Corporation (US), Methode Electronics, Inc. (US), Mersen Group (France), Rogers Corporation (US), Sun.King Technology Group Limited (China), Zhuzhou CRRC Times Electric Co., Ltd. (China), Ryoden Kasei Co., Ltd. (Japan), Shanghai Eagtop Electronics Technology Co., Ltd. (China), Shenzhen Busbar Sci-Tech Development Co., Ltd. (China), Storm Power Components (US)

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Scope of the Report

 

The market is classified in this research report based on material, insulation material, end-user, and region.

Based on material, the laminated busbar market has been segmented as follows:

• Copper
• Aluminium

Based on insulation material, the market has been segmented as follows:

• Epoxy Powder Coating
• Polyester Film
• PVF Films
• Polyester Resin
• Heat-Resistant Fiber
• Polymide Film

Based on end user, the market has been segmented as follows:

• Utilities
• Industrial
• Commercial
• Residential

Based on regions, the market has been segmented as follows:

• North America
• Asia Pacific
• South America
• Europe
• Middle East and Africa

Recent Developments

• In April 2023, Amphenol acquired the North American Cable and related Services Business from Radio Frequency Systems (RFS).
• In April 2023, Methode Electronics acquired Nordic Lights Group Corporation, a premium provider of high-quality lighting solutions.
• In September 2022, Amphenol acquired ICA (Integrated Cable Assembly), a manufacturer of cable assemblies.
• In July 2020, Mersen Group acquired the felt insulation business assets of the American company Americarb.

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