The busway market size is projected to reach US$ 20.76 billion by 2031 from US$ 8.45 billion in 2023. The market is expected to register a CAGR of 11.9 % in 2023—2031. Rising demand for electricity and growing industrialization are likely to remain key busway market trends.
Different growth trends are observed in different regions of this industry. The developed markets of North America (NA) and Europe (ELI) account for a significant portion of the global market share; however, developing countries in regions like Asia Pacific (APAC), the Middle East and Africa (ME), Africa, and South America (SAM) are growing rapidly due to a variety of factors like the need for electrification and the growth of new industries and infrastructure. Busway adoption is anticipated to increase rapidly in the upcoming years because of the expansion of power grids and the development of renewable energy plants globally.
The National Electrical Manufacturers Association (NEMA) defines a busway as a prefabricated electrical distribution system made up of straight lengths, fittings, devices, and accessories, all enclosed in a protective enclosure. Busways carry power and link it to electrical equipment like transformers, panel boards, and switchgear. In commercial and industrial applications, a busway is a great substitute for cable and conduit because it is easier to replace, less expensive to install, and requires less configuration work—especially in scenarios where load positions are likely to vary.
The use of electricity has increased over the past few decades and is now essential to modern economies. Due to rising disposable income, this demand is anticipated to increase in the upcoming years. Increased electricity consumption has resulted in a rise in the usage of electricity in end-user industries and automobiles. There are two different geographic patterns for the demand for electricity. Energy efficiency gains counterbalance future growth associated with increased electrification and digitization in advanced economies.
Growing industrialization leads to the development of new factories and manufacturing plants, which require robust electrical infrastructure for power machinery and equipment, creating a demand for busway systems to efficiently distribute electricity.
Key segments that contributed to the derivation of the busway market analysis are types and applications.
The geographic scope of the busway market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the busway market. High technology adoption trends in various industries in the North American region have fuelled the growth of the busway market. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has many busway market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the busway market.
The regional trends and factors influencing the Busway Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Busway Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 8.45 Billion |
| Market Size by 2031 | US$ 20.76 Billion |
| Global CAGR (2023 - 2031) | 11.9 % |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Types
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Busway Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Busway Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The busway market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Eaton, Press Release, 2021)
The "Busway Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global busway market is expected to reach US$ 20.76 billion by 2031.
The key players holding majority shares in the global busway market are Schneider Electric; Siemens, Eaton, LS Cables, and Systems; and Power Plug Busduct Sdn. Bhd.; ABB; Powerwell; Honeywell International Inc.; Furukawa Electric Co., Ltd.; WOER.
Increasing demand for electricity is the major factors that propel the global busway market.
Growing industrialization, which is anticipated to play a significant role in the global busway market in the coming years.
The global busway market was estimated to be US$ 8.45 billion in 2023 and is expected to grow at a CAGR of 11.9% during the forecast period 2024 - 2031.