Busway Market Forecast and Growth 2031

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.

Busway Market Analysis

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.

Busway Market Overview

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.

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Busway Market: Strategic Insights

Busway Market

• 
  CAGR (2023 - 2031)

  11.9 %
• Market Size 2023
  US$ 8.45 Billion
• Market Size 2031
  US$ 20.76 Billion

Market Dynamics

GROWTH DRIVERS

• Increasing Demand for Electricity to Favour the Market

FUTURE TRENDS

• Demand for Sustainable Transportation Solutions

OPPORTUNITIES

• Growing Industrialization

Key Players

• Schneider Electric
• Siemens
• Eaton
• LS Cables and Systems
• Power Plug Busduct Sdn Bhd
• ABB
• Powerwell
• Honeywell International Inc
• FURUKAWA ELECTRIC CO LTD
• WOER

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Types

• Air Splicing Busway

Application

• Commercial Buildings
• Residential Buildings
• Industrial Infrastructure
• Others

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Busway Market Drivers and Opportunities

Increasing Demand for Electricity to Favour the Market.

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

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.

Busway Market Report Segmentation Analysis

Key segments that contributed to the derivation of the busway market analysis are types and applications.

• Based on types, the busway market is divided into air splicing busways (BMC), intensive insulation plugs busways (CMC), high-strength enclosed busways (CFW), and others).
• By application, the market is segmented into commercial buildings, residential buildings, industrial infrastructure, and others.

Busway Market Share Analysis by Geography

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.

Busway Market Report Scope

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Busway Market News and Recent Developments

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:

• In June 2021, Power management company Eaton announced it had completed the acquisition of a 50 percent stake in Jiangsu YiNeng Electric’s busway business, which manufactures and markets busway products in China and had sales of US$60 million in 2020.

(Source: Eaton, Press Release, 2021)

Busway Market Report Coverage and Deliverables

The "Busway Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter's Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles