Busbar Protection Market is Expected to Dominate by Asia-Pacific Until 2028
The increased demand for
electric vehicles is expected to drive the global busbar protection market
during the forecast period of 2024-2028.
According to TechSci Research
report, “Busbar Protection Market –Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018–2028”, the global busbar protection
market is anticipated to register a robust growth due to the increasing
cutting-edge innovations and modernization of power infrastructure, coupled
with the rising adoption of smart grid technologies. It is mainly a protection
scheme that protects the busbar from electrical faults and is largely
applicable to large buses.
The rapid economic growth and
industrialization have triggered the necessity to suffice the rising worldwide
energy demand. The mounting number of smart cities and growing government
intervention in energy development projects will foster industry growth.
Prolonged delays in grid expansion projects and the stringent regulatory
framework across many economies may act as a growth barrier for the busbar
protection market. However, the fast-growing pace of digital protection relays
and the surge in power-generation facilities are some of the other factors
propelling the business progression. Though, delays in electric grid expansion
and refurbishing projects, coupled with the high costs associated with the need
of busbar protection in major electrical grids are major factors hampering the
growth of the global busbar protection market.
The Russia-Ukraine conflict
created shock waves in global energy markets, resulting in supply shortages,
price volatility, economic uncertainty, and security issues, which have
intensified calls for an accelerated energy transition. A transformation after
the Russia-Ukraine war that would push countries away from increasingly
polluting fuels, often transmitted by certain key producers such as Hitachi
Energy Ltd. and ABB Ltd, to low-carbon energy sources such as renewables and
nuclear, will support business growth. However, poorer countries such as Sierra
Leone and Malawi are expected to bear the brunt of the unfavorable consequences
of the energy crisis, which may hamper the market performance in the
forthcoming years.
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in-depth TOC on "Global Busbar Protection Market”
Global busbar protection market
is segmented into type, impedance, end user, company, and region. Based on
type, the market is segmented into low (up to 125 A), medium (126 A to 800 A),
and high (above 801 A). Based on impedance, the market is segmented into high
impedance and low impedance. Based on end user, the market is segmented into
utilities, industrial, residential, and other. Based on region, the market is
segmented into North America, Asia-Pacific, Europe, South America, and Middle
East & Africa.
Based on region, Asia-Pacific
dominates in the global busbar protection market because the economy’s
digitalization, regulatory assistance, and quick technology advancements aid in
the economy's shift from the growing phase to the developed phase. In addition,
several significant manufacturing, chemical, utility, and other businesses that
employ busbar protection are present in the region. Due to the strong demand
for power in the region's commercial and residential sectors, the region's
growing population and rising infrastructure are also key factors driving the
busbar protection market. The expansion of the industry is also being fueled by
the construction of amusement parks, shopping centres, movie theatres, and
other facilities. The largest market growth contributors are China and India.
The presence of other nations like Australia, Japan, and South Korea is
essential for the expansion of the market.
Based on end-use, the busbar
protection market revenue from the utility sector will grow exponentially
through 2028, owing to the rising enhancements in power infrastructure. The
increasing penetration of power assets in utilities is a promising trend for
segment growth. On the other hand, the transportation sector will see a higher
market demand, propelled by the surge in investments in transmission as well as
the distribution infrastructure.
Some of the major market players
operating in the global busbar protection market are:
- Hitachi Energy Ltd.
- ABB Ltd.
- Schneider Electric Global
- GE Grid Solution
- Siemens AG
- Mitsubishi Electric Corporation
- NR Electric Co., Ltd.
- Toshiba Energy Systems & Solutions
Corporation
- Eaton Corporation
- ZIV Automation
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“The key factors driving the
busbar protection market are the rising investments in modernizing transmission
and distribution infrastructure and the intensifying focus on renewable energy
sources. The advancement of digital protection relays is another factor driving
the market's expansion. Another factor that is anticipated to increase demand
for busbar protection and, in turn, propel growth of the global busbar
protection market is the increasing adoption of smart grids and high voltage
direct current (HVDC) technologies in both, developed and developing economies,
which is a major and growing trend being observed in the global market.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Busbar Protection Market-
Global Industry Size, Share, Trends, Opportunities, and Forecast 2018-2028, Segmented By Type (Low (Up
To 125 A), Medium (126 A to 800 A), and High (above 801 A)), By Impedance (High
Impedance and Low Impedance), By End User (Utilities, Industrial, Residential,
and Others), By Region and Competition”, has
evaluated the future growth potential of global busbar protection market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global busbar protection market.
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