Busway Market Forecast and Growth 2031

Busway Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Types (Air Splicing Busway (BMC), Intensive Insulation Plug Busway (CMC), High Strength Enclosed Busway (CFW) and Others), and Application (Commercial Buildings, Residential Buildings, Industrial Infrastructure and Others), and Geography

  • Report Code : TIPTE100000372
  • Category : Electronics and Semiconductor
  • Status : Data Released
  • No. of Pages : 150
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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

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  • Get Top Key Market Trends of this report.
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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 Regional Insights

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.

busway-market-global-geography
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Busway Market Report Scope

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
  • Air Splicing Busway
  • Intensive Insulation Plug Busway
  • High Strength Enclosed Busway
By Application
  • Commercial Buildings
  • Residential Buildings
  • Industrial Infrastructure
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Schneider Electric
  • Siemens
  • Eaton
  • LS Cables and Systems
  • Power Plug Busduct Sdn. Bhd.
  • ABB
  • Powerwell
  • Honeywell International Inc.
  • FURUKAWA ELECTRIC CO., LTD.
  • WOER

  • Busway Market Players Density: Understanding Its Impact on Business Dynamics

    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:

    1. Schneider Electric
    2. Siemens
    3. Eaton
    4. LS Cables and Systems
    5. Power Plug Busduct Sdn. Bhd.
    6. ABB

    Disclaimer: The companies listed above are not ranked in any particular order.


    busway-market-speedometer

    • Get the Busway Market top key players overview

    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
    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset
    Report Coverage

    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered

    Segment Covered

    Types , and Application

    Regional Scope

    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope

    Country Scope

    US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

    Frequently Asked Questions


    What will be the market size for the global busway market by 2031?

    The global busway market is expected to reach US$ 20.76 billion by 2031.

    Which are the key players holding the major market share of the busway market?

    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.

    What are the driving factors impacting the global busway market?

    Increasing demand for electricity is the major factors that propel the global busway market.

    What are opportunities of the global busway market?

    Growing industrialization, which is anticipated to play a significant role in the global busway market in the coming years.

    What is the estimated market size for the global busway market in 2023?

    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.

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