Market Trends of Busbar Trunking Industry
This section covers the major market trends shaping the Busbar Trunking Market according to our research experts:
Industrial Sector to Dominate the Market
- The industrial sector is expected to dominate the busbar trunking market in the forecast period, owing to factors like the increased adoption of energy efficiency practices, government mandates to save electricity, increasing demand for safe supply of electricity, and rise in focus on energy efficiency in the sector.
- Global energy consumption grew by almost 5.27% during 2017-2021 from around 566.66 ExaJoules in 2017 to around 595.15 ExaJoules in 2021. The energy consumption of the industrial sector is more than 50% of the total global energy consumption. With the rise in energy demand came the need for a safe supply of electricity, where busbar trunking has become irreplaceable.
- The majority of the energy consumption in the industrial sector comes from energy-intensive manufacturing industries involved in the manufacturing of basic chemicals, iron, and steel, food, non-ferrous metals, non-metallic minerals, refining, and paper. Energy-intensive industries are expected to occupy half of the share of the industrial sector energy consumption during the forecast period.
- India and China maintain a major share in the energy-intensive manufacturing sector. Both the countries combined had an total energy consumption of 193 ExaJoules in 2021, accounting for nearly 33% of the total global energy consumption.
- Therefore, with the increase in electricity demand from the industrial sector and rise in the industrial sector, especially in countries like India and China, the market for busbar trunking is expected to grow with it, due to its higher heat absorption capability, better resistance, and flexibility.
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Asia-Pacific to Dominate the Market Growth
- Asia-Pacific is expected to be the fastest-growing market in the forecast period. Asia-Pacific is one of the fastest-growing regions in the world because of the increasing population, urbanization, and industrialization. As a result, the demand for guaranteed power supply is high. To address these demands, many countries are investing in the renewable energy sector and transmission and distribution infrastructure.
- As of 2021, Asia-Pacific is the largest global energy market globally, and the region had a total installed capacity of 1500.85 GW, up from 950.05 GW in 2017. China is the world's largest energy consumer, and the country is investing heavily in expanding its electricity generation capacity, especially in the renewable energy sector. As of 2021, China is the largest renewable energy market globally, with a total installed renewable energy capacity of 1020.34 GW, up from 620.86 GW in 2017
- India is also investing heavily in the renewable sector heavily and is one of the largest renewable energy markets in the world. As of 2021, India had a total installed renewable energy capacity of 147.12 GW, up from 105.25 GW in 2017.
- Additionally, both China and India hold a significant share of the world's industrial sector, mainly the energy-intensive manufacturing sector. While China's industrial energy consumption is the highest in the world, India is rapidly catching up with steady growth in its industrial sector.
- Hence due to rising industrial energy consumption and the rising integration of renewable energy, busbar trunking is expected to be the most obvious choice for these developments owing to factors like low cost of maintenance and high safety. Therefore, the aforementioned factors are expected to drive the market in the forecast period.
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