Laminated Busbar Market by Material (Copper and Aluminum), Insulation Material (Epoxy Powder Coating, Polyester Film, Polyvinyl Fluoride Film, Polyester Resin, Heat-Resistant Fiber, Polyimide Film), End-User, and Region - Global Forecast to 2030
[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 busbars, 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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Report Metric |
Details |
|
Market Size available for years |
2018–2030 |
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Base year considered |
2022 |
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Forecast period |
2023–2030 |
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Forecast units |
Value (USD Million) |
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Segments covered |
By Material, By End User, By Insulation Material |
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Geographies covered |
Asia Pacific, North America, Europe, Middle East and Africa, and South America |
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Companies covered |
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), Suzhou West Deane Machinery (India), Electronics Systems Packaing LLC (US), Jans Copper Private Limited (India), Molex (US), Shenzhen Woer Electric Technology Co., Ltd. (China), Raychem RPG Private Limited (India), Zhejiang RHI Electric Co., Ltd. (China), Segue Electronics, Inc. (US), Kinto Group (China), EMS Industrial & Service Company (US) |
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 laminated busbar 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.
Frequently Asked Questions (FAQ):
What is the current size of the global laminated busbar market?
The global laminated busbar market is estimated to be USD 863 million in 2023.
What are the major challenges for laminated busbar market?
Volatility of raw material prices, especially copper, is a major challenge for laminated busbar market. The cost of raw materials is influenced by market dynamics specific to that industry segment. This holds substantial implications for the laminated busbar manufacturing sector. Given the absence of product differentiation and the pivotal role of product pricing in establishing supplier dominance, manufacturers face a critical challenge in absorbing cost fluctuations at the upstream level of the supply chain. An illustrative example is the susceptibility of companies to fluctuations in copper prices, a crucial raw material for laminated busbar production. Inability to pass on increased copper prices to end consumers may adversely impact their profit margins.
Which Insulation Material has the largest market share in the laminated busbar market?
Epoxy powder coating segment holds the largest market share. Epoxy powder coating, a thermosetting dry powder with exceptional dielectric strength, is recognized for its superior adhesion, resistance to chemicals and heat, impressive mechanical attributes, and electrical insulation properties. Its cost-effectiveness compared to alternative insulation materials enhances its appeal. Epoxy powder-coated laminated busbars find primary applications in switchgear and motor drive scenarios. The combination of these desirable properties positions epoxy powder-coated laminated busbars as increasingly favored by end-use industries, contributing to the anticipated surge in demand throughout the forecast period.
Which is the fastest-growing region during the forecast period in the laminated busbar market?
Anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) of 6.9% throughout the forecast period, the Asia Pacific market stands out for its robust growth. This growth is attributed to the coexistence of developing economies like China and India alongside advanced economies such as Japan and Australia. China, renowned as a major global manufacturing hub, has sustained industrial output constituting 45% of its GDP since the 1990s. The pivotal drivers for laminated busbar market growth in the region include escalating transmission & distribution network expansions and the progression of industrialization projects, particularly in emerging countries like India and China.
Which is the largest segment, by material in the laminated busbar market during the forecast period?
In 2022, the copper segment dominated the laminated busbar market by material. Recognized as the technically superior and extensively utilized material for laminated busbars, copper surpasses aluminum due to its heightened conductivity and superior load surge withstand capacity. Specifically designed for industrial and commercial facilities, copper-laminated busbars aim to minimize initial costs while ensuring safety. However, it's noteworthy that copper, despite its advantages, comes with a higher density, resulting in increased weight compared to aluminum-laminated busbars. Additionally, the cost of copper-laminated busbars is higher than their aluminum counterparts. Despite these considerations, the widespread adoption of copper conductors prevails due to their lower lifetime costs and relatively reduced maintenance requirements compared to aluminum alternatives, contributing to the anticipated rise in demand for copper-laminated busbars during the forecast period. .
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This study involved substantial endeavors to ascertain the current dimensions of the laminated busbars market. The process initiated with an extensive secondary research phase, collecting data concerning the market, related markets, and the broader industry. Subsequently, these findings, assumptions, and market size calculations underwent rigorous validation through primary research, consulting industry experts across the complete value chain. The overall market size was evaluated by conducting a country-specific analysis. Further segmentation of the market and cross-referencing of data were carried out to estimate the sizes of various segments and sub-segments within the market.
Secondary Research
In conducting this research, a diverse array of secondary sources was employed, encompassing directories, databases, and reputable references such as the Indian Electrical and Electronics Manufacturers' Association (India), The Organisation for Economic Co-operation and Development (OECD) (US), Factiva, World Bank, the US Department of Energy (DOE), International Wrought Copper Council (US), and the International Energy Agency (IEA). These sources played a pivotal role in acquiring valuable data for a comprehensive analysis of the global laminated busbar market, addressing technical, market-oriented, and commercial aspects. Additional secondary sources comprised annual reports, press releases, investor presentations, whitepapers, authoritative publications, articles authored by esteemed experts, information from industry associations, trade directories, and diverse database resources.
Primary Research
The market encompasses diverse stakeholders, including raw material suppliers, manufacturers, distributors, and end-users within the supply chain. The utility sector predominantly propels market demand, with additional contributions from growing industrial needs. To obtain comprehensive qualitative and quantitative insights, interviews were conducted with various primary sources representing both the supply and demand sides of the market. The breakdown below outlines the primary respondents engaged in the research study.
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Market Size Estimation
Both top-down and bottom-up methodologies were employed to determine and validate the dimensions of the global laminated busbar market and its associated submarkets. Through secondary research, key application areas within the market were identified, and their regional market shares were assessed using a combination of primary and secondary research methods. The information integrated into the study is derived from the annual and financial reports of leading market players, along with insights from interviews with industry experts such as CEOs, VPs, directors, sales managers, and marketing executives. These interactions provided essential quantitative and qualitative perspectives on the market. The subsequent sections detail the comprehensive process utilized to estimate the overall market size in this study.
Global Laminated Busbar Market Size: Bottom-Up Approach
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Data Triangulation
The process of establishing the overall market size followed the earlier described methodologies, incorporating the segmentation of the market into multiple segments and subsegments. To conclude the comprehensive market analysis and garner precise statistics for each market segment and subsegment, the application of data triangulation and market segmentation techniques was deemed appropriate. Data triangulation was achieved by scrutinizing various factors and trends from both demand and supply perspectives within the switchgear market ecosystem.
Market Definition
A busbar serves as a strip of either aluminum or copper conductor, upheld by insulators, facilitating the connection between electrical loads and power supplies in an electrical network. Predominantly present in distribution panels, switchboards, and switchgears, its application extends to nearly all establishments requiring electricity. Various types of busbars exist, including single conductor busbars, multiple conductor busbars, rigid busbars, flexible busbars, strain busbars, insulated phase busbars, and laminated busbars. A laminated busbar results from multiple layers of conductive metal (either copper or aluminum) separated by paper-thin dielectric layers, heated and compressed into an integrated component. Renowned for providing heightened safety and reliability compared to counterparts, laminated busbars also offer a more cost-effective solution than alternative busbars.
Key Stakeholders
- Assembly and testing vendors
- Consulting companies in the energy and power sector
- Copper and aluminum raw material suppliers
- Electric control panel manufacturing companies
- Energy management, audit, and green building consulting companies
- Environmental and industrial associations
- Government and research organizations
- Investment banks
- Laminated busbar manufacturers, dealers, and suppliers
- Organizations, forums, alliances, and associations
- Renewable power generation and equipment manufacturing companies
- Public & private power generation, transmission & distribution companies (utilities)
- Substation equipment manufacturing companies
- Smart grid project developers
- Switchgear and power cable manufacturing companies
- State and national regulatory authorities
- Venture capital firms
Objectives of the Study
- To define, describe, segment, and forecast the laminated busbar market based on material, end-user, insulation material, and region
- To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze the market with respect to individual growth trends, future expansions, and contribution of each segment to the market
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
- To analyze the value chain of the market
- To forecast the growth of the market with respect to the main regions (Asia Pacific, Europe, North America, South America, and the Middle East & Africa)
- To strategically profile key players and comprehensively analyze their market ranking and core competencies*
- To track and analyze competitive developments such as contracts & agreements, investments & expansions, new product developments, and mergers & acquisitions in the market
Available Customization
With the given market data, MarketsandMarkets offers customizations based on the company’s specific needs. The following customization options are available for the report:
Product Analysis
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Company Information
- Detailed analyses and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Laminated Busbar Market
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