Busbar Trunking System Market Growth Rate, Competitive Landscape, Financial Overview and Growth Prospects Predicted by 2023
Global Busbar Trunking System market is predicted to grow at approximately 6.5% by 2023. Busbar Trunking System Market Analysis
The global busbar trunking system market is predicted to have a healthy growth at a 6.5% CAGR over the forecast period (2017-2023), reveals the latest Market Research Future report (MRFR). Busbar trunking system (BTS) is a prefabricated electrical distribution system comprising of busbars within a protective enclosure, which includes accessories, devices, fittings, and straight lengths. BTS has a wide range of applications including hotels, hospitals, IT, apartments, industries, assembly lines in factories, and airports.
Various factors are pushing the growth of the busbar trunking system market. These factors, in accordance to the Market Research Future (MRFR) report, include recent technological advancements, wide use in numerous data centers, growing demand for uninterrupted and reliable electricity supply, growing adoption of smart grid, the significant investment made by regulatory authorities, and increasing demand for power. Cost advantages and growth in urbanization, industrialization, and mechanization has led to the development of numerous business sectors, end user satisfaction, and customer relationship that is again pushing the growth of the busbar trunking system market. Moreover, stringent rules and regulations laid down by the government, prompting numerous multi-facility infrastructures and industries to make efficient use of electricity, are also driving the market growth.
The Market Research Future report offers a wide segmental analysis of the Busbar Trunking System Market on the basis of conductor, insulation, power rating, and end user.
Based on the conductor, the busbar trunking system market is segmented into aluminum and copper. Of these, the copper conductor segment will have the largest share in the market over the forecast period.
Based on insulation, the busbar trunking system market is segmented into sandwich and air. Of these, sandwich insulation will lead the market over the forecast period.
Based on the power rating, the busbar trunking system market is segmented into low, medium, high, and lighting.
Based on end user, the busbar trunking system market is segmented into transportation, large residential, commercial, and industrial.
Based on the region, the busbar trunking system market report covers growth opportunities and the latest trends across the Asia Pacific, Europe, North America, and Rest of the World. Of these, Asia Pacific will outweigh others in the market over the forecast period. This is owing to growth in urbanization, industrialization, substantial economic growth, modernization, and growing population. Rapid technological advancement and the increasing number of data centers are also contributing to the growth of the market in this region. Europe as well as North America are also predicted to remain key contributors in the market over the forecast period. This is owing to the widespread growth of both the commercial and industrial sector in these regions. Moreover, government subsidies provided to consumers and industries to save electricity are also predicted to have a positive effect on the market in these regions.
Leading players profiled in the busbar trunking system market report include DBTS Industries SDN. BHD (Malaysia), Busbar Services (South Africa), Godrej & Boyce Manufacturing Company Limited (India), Legrand SA (France), C&S Electric Limited (India), General Electric (U.S.), Siemens AG (Germany), Larsen & Toubro (India), Eaton Corporation, Plc (Ireland), Schneider Electric (France), ABB, Ltd. (Switzerland), and others.
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