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busway-bus-duct-market-opportunities-challenges-in-latest-research-report-for-business-growth-2031
Development of cost effective busway-bus ducts is a major trend in the market.
WILMINGTON, DELAWARE, March 1, 2024 /EINPresswire.com/ — Rise in industries and commercial buildings in developing and developed nations and increase in demand from energy sector have boosted the growth of the global busway-bus duct market. In addition, rise in urbanization and growth of the service sector supplement the market growth. Moreover, developments in the chemical, automotive, consumer goods, and pharmaceuticals sectorswould open new opportunities in the future. The report offers a detailed analysis of the changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
The global busway-bus duct industry was pegged at $12.1 billion in 2021, and is expected to reach $21 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
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Commonly observed types of busway-bus duct are isolated phase bus duct, segregated phase bus duct, and non-segregated phase bus duct. Among these, the non-segregated phase bus duct segment accounted for the largest busway-bus duct market share in 2021, owing to surge in the number of small- and large-scale manufacturing industries along with increased number of commercial buildings. The market is analyzed with respect to voltage ratings of the busway-bus duct systems, such as high-voltage, medium-voltage, and low-voltage.
Among these, medium-voltage segment accounted for the highest market share in 2021, owing to its wide range of usage. And by end-user industry, the market is categorized as residential, commercial, and industrial. The market is mainly driven by rise in industries such as automotive industry, oil & gas, power generation sector, plastic industry, and others. However, fluctuating cost of raw material used for manufacturing busway-bus duct is restraining the growth of the market.
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In 2021, Asia-Pacific dominated the global busway-bus duct market growth, in terms of revenue, followed by North America and Europe. Moreover, the market in LAMEA is expected to grow with high CAGR, owing to rapid industrial growth in the region.Growth in industries in emerging economies is expected to be a major busway-bus duct market opportunity.
Key manufacturers have launched many stationary busway-bus duct. For instance, in March 2021, Tai Sin Electric Limited, introduced Busbar Trunking System. It has improved performance with its higher power efficiency, low voltage drop, high tensile strength and safety features.
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Top Players:
Key companies profiled in the busway-bus duct market forecast report include ABB, Accu-Panels Energy Pvt. Ltd., C&S Electric Limited, Current Midwest, DBTS IND, Eaton Corporation PLC, General Electric Company, Godrej and Boyce Company Limited, Huapeng Group Company, Ltd., L&T Electrical & Automation, LS Cable & System Ltd., Powell Industries Inc., Schneider Electric, Siemens AG, TAIAN-ECOBAR TECHNOLOGY, Tricolite Electrical Industries, and Vidhyut Control India Pvt. Ltd.
David Correa
Allied Market Research
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March 1, 2024
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