Busbar Protection Market by Voltage (Medium Voltage, High Voltage, and Extra High Voltage), Impedance (Low Impedance and High Impedance), End-User (Utilities, Industries, and Transportation), and Region - Global Forecast to 2023
“The busbar protection market is projected to grow at a CAGR of 6.10%, from 2018 to 2023.”
The busbar protection market is projected to grow from an estimated USD 3.20 billion in 2018 to USD 4.31 billion by 2023, at a CAGR of 6.10%, from 2018 to 2023. The growth of the market is mainly attributed to the increasing investment in transmission & distribution network in countries such as China, India, and the US in the extra high voltage segment. Asia Pacific and North America are expected to be the largest markets for busbar protection during the forecast period. Modernization of existing transmission & distribution network in developed countries of Europe and North America, along with operational benefits of low impedance busbar protection system such as dynamic bus replica, protection, external-monitoring self-monitoring, and remote access of busbar, is expected to create the demand for the busbar protection market during the forecast period. Delays in grid expansion projects due to government regulations and environmental clearances is the main restrain for the busbar protection market.
“Extra high-voltage segment is expected to hold the largest share of the busbar protection market, by type, during the forecast period.”
Extra high voltage is the largest segment of the busbar protection market, by voltage type, in terms of value. Extra high-voltage power transmission infrastructure transmits the power generated by offshore wind and solar plants. The increasing installation of offshore wind farms and solar farms is creating an opportunity for busbar protection systems in the extra high-voltage segment.
“Asia Pacific: The fastest market for busbar protections.”
Asia Pacific is projected to be the fastest growing market during the forecast period. This high growth rate can be attributed to increased investments in infrastructure development, T&D spending, growing focus on renewable sources of power generation, and infrastructural activities in the recent past. China has the highest installed generation & distribution capacity, resulting in an increased demand for transformers, which in turn, is likely to augment the demand for busbar protection systems. Moreover, the focus of the governments to increase the power generation capacity by using conventional as well as renewable energy sources has further supported the growth of the market.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1-44%, Tier 2-30%, Tier 3-26%
By Designation: C-Level-46%, D-Level-27%, Others-27%
By Region: North America-34%, Europe-20%, Asia Pacific-27%, South America-8%, Middle East & Africa-11%,
Note: The tier of the companies has been defined on the basis of their total revenue as of 2016: Tier 1 = >USD 5 billion, Tier 2 = From USD 1 billion to USD 5 billion, and Tier 3 = <USD 1 billion
The key players in the busbar protection market include ABB (Switzerland), Schneider Electric (France), GE (US), Siemens (Germany), Mitsubishi Electric (Japan), NR Electric (China), Toshiba (Japan), Eaton (Ireland), and ZIV (Spain).
The report provides a complete view of the busbar protection market across the various industries and regions. It aims at estimating the market size and future growth potential of the market across different segments such as voltage, impedance, end-user, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
The market has been segmented on the basis of voltage, impedance, end-user, and region. The market ranking analysis of the top players and company profiles comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the busbar protection market.
The report provides insights on the following pointers:
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the busbar protection market
Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for busbar protection across regions.
Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global busbar protection market.
Why Buy this Report?
1. The report identifies and addresses key markets for the deployment of busbar protection in various industries, which would help manufacturers review the growth in demand.
2. The report helps solutions providers understand the pulse of the market and provide insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.