The global busbar protection market is expected to grow at a CAGR of 6.10%, from 2018 to 2023, to reach a market size of USD 4.31 Billion by 2023. The addition of new transmission & distribution line along with the refurbishment of the old transmission & distribution line is expected to drive the busbar protection market during the forecast period. The adoption of the HVDC technology and huge investments in smart grids and energy systems offer a huge opportunity to the busbar protection market during the forecast period.
The extra high-voltage segment is estimated to be the fastest growing segment of the busbar protection market, by voltage, from 2018 to 2023. This growth can be attributed to the increasing usage of busbar protection systems in transmission & distribution, grid interconnection, and other energy industries. Moreover, the increase in power-generating capacity and growth of offshore wind farms are expected to offer new growth opportunities in the extra high-voltage market. Furthermore, the adoption of smart grids and distribution transmission in the utilities sector would boost the growth of the busbar protection market and create new revenue pockets for the market during the forecast period.
The report further segments the busbar protection market, by impedance, into low and high impedance. The low-impedance segment is expected to grow at the fastest rate from 2018 to 2023. The development of modern microprocessor-based low-impedance busbar protection relays, which utilizes sophisticated algorithms to detect faults in the busbar schemes, is the major factor for the growth of the low-impedance segment.
The industries segment of the busbar protection market, by end-user, is estimated to grow at a faster rate than the other end-user segments from 2018 to 2023. This growth is attributed to the growing demand for the reliable delivery of electric power, which in turn, is likely to lead to increased investments in the transmission & distribution infrastructure. This is likely to create the demand for busbar protection systems in the industries segment. The necessity of uninterrupted power delivery to machines in industries such as oil & gas, metals & mining, cement, and chemicals drives the market for this segment during the forecast period. The implementation of busbar protection systems not only protect expensive instruments but also help to maximize their lifespan and efficiency.
The Asia Pacific region is projected to grow at the fastest rate, from 2018 to 2023, followed by Middle East & Africa and Europe. Countries such as the US, China, the UK, Saudi Arabia, Russia, Germany, and India are the largest markets for busbar protection. India and China are rapidly developing large economies. Both countries are implementing policies to boost their industrial sectors. The busbar protection market in India is projected to grow at the highest CAGR of from 2018 to 2023. Indian government takes initiatives to increase the country’s power generation capacity by using conventional as well as renewable energy sources; this would require grid connected and local distribution networks. Also, China has witnessed exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. These factors would boost the growth of the busbar protection market in the Asia Pacific region. Meanwhile, the high growth rate in the European region can be attributed to the increased focus on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable the more efficient power and energy trading in the recent past. Moreover, countries such as the UAE are investing heavily in diversifying their energy mix and are trying to tap into renewable sources. The upgrading process would create substantial opportunities for substation automation companies. These investments are bound to boost the market for busbar protection in the country.
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
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