The global laminated busbar market size is expected to grow from US$ 1.01 billion in 2023 to US$ 1.87 billion by 2031; it is anticipated to expand at a CAGR of 8.0% from 2024 to 2031. The expansion of power electronics and silicon carbide applications is likely to remain a key laminated busbar market trends.
Laminated Busbar Market Analysis
The need for laminated busbars is being driven by the integration of renewable energy sources, such as solar and wind power, into the electrical grid. Additionally, there is an increasing awareness of the need for energy-efficient and cost-effective electrical distribution systems, which further propels the laminated busbar market.
Laminated Busbar Market Overview
A laminated busbar is an engineering component made of manufactured metal layers separated by extremely thin dielectric materials and laminated into a single, cohesive structure. Bus bars help lower the total cost of the system, increase capacitance, improve dependability, and remove wiring faults. They also aid in reducing the system's impedance and inductance. The physical structure of the busbars provides outstanding qualities for the mechanical design of the busbars.
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Laminated Busbar Market: Strategic Insights
Market Size Value in US$ 737.7 Million in 2019 Market Size Value by US$ 1,330.8 Million by 2027 Growth rate CAGR of 7.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Laminated Busbar Market: Strategic Insights
| Market Size Value in | US$ 737.7 Million in 2019 |
| Market Size Value by | US$ 1,330.8 Million by 2027 |
| Growth rate | CAGR of 7.8% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Laminated Busbar Market Drivers and Opportunities
Growth of Sustainable Energy System to Favor Market
Government rules addressing the consequences of CO2 emissions on the environment as a result of improper fossil fuel burning necessitate the development of a sustainable energy system. In solar, wind, and fuel cells, DC energy is supplied directly into an insulated-gate bipolar transistor (IGBT) and capacitor circuit via low-inductance laminated bus bars, resulting in safe and efficient power. The laminated bus bar is designed for maximum packing efficiency. Designing all electrical connection points for IGBTs, capacitors, I/O, and monitoring devices into a single clean bus bar improves system dependability while also assuring optimal electrical performance. Furthermore, reduced emissions from laminated busbar-based batteries used in a variety of domestic applications would fuel future market expansion.
Technological Advancements in HVDC Technology
High-voltage direct current (HVDC) technology has advanced significantly in recent years, driving up demand for laminated busbars. HVDC technology has advanced in terms of possible voltage levels, transfer capacities, and transmission distances. Increasing demand for renewable energy, power transfers between asynchronous networks, underwater cables, and long-length transmission overhead lines have all contributed to these improvements. One of the primary benefits of HVDC systems is their superior controllability and stability as compared to high-voltage alternating current (HVAC) transmission systems. HVDC systems link two asynchronous or synchronous AC power systems using current source converters (CSCs) or voltage source converters (VSCs). This system needs a less costly busbar framework than HVAC systems.
Laminated Busbar Market Report Segmentation Analysis
Key segments that contributed to the derivation of the laminated busbar market analysis conductor, insulation material, and application.
- Based on conductor, the market is divided into copper and aluminum. The copper segment held a larger market share in 2023.
- Based on insulation material, the market is divided into polyester film, heat-resistant fiber, epoxy powder coating, polyamide film, and epoxy glass. The epoxy powder coating segment held a larger market share in 2023.
- Based on application, the market is divided into datacenter, telecom, alternative energy, power electronics and silicon carbides, transportation, aerospace & defense, industrial, and others. The power electronics and silicon carbides segment held a larger market share in 2023.
Laminated Busbar Market Share Analysis by Geography
The geographic scope of the laminated busbar market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Europe dominated the laminated busbar market in 2023. The presence of important firms in the European region investing in key application areas is one of the primary reasons leading to the region's market dominance. Furthermore, rising power consumption, increased investment in the energy sector, a strong automotive and transportation industry, and expanding building activities are expected to boost the European laminated busbar market in the coming years.
Laminated Busbar Market Report Scope
Laminated Busbar Market News and Recent Developments
The Laminated Busbar 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 January 2023, Mersen was chosen to deliver smart laminated busbars for batteries for ACC. These busbars are critical components that link lithium-ion cells and communicate with the battery management system. Mersen will build the busbars in Auvergne-Rhône-Alpes before delivering them to ACC’s gigafactory in Billy-Berclau Douvrin. This deal has the potential to generate 60 employees in France.
(Source: Mersen, Press Release, 2023)
Laminated Busbar Market Report Coverage and Deliverables
The "Laminated Busbar 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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Conductor Insulation Material ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The laminated busbar market size is expected to grow from US$ 1.01 billion in 2023 to US$ 1.87 billion by 2031; it is anticipated to expand at a CAGR of 8.0% from 2024 to 2031.
The need for laminated busbars is being driven by the integration of renewable energy sources, such as solar and wind power, into the electrical grid.
The expansion of power electronics and silicon carbide applications is likely to remain a key laminated busbar market trends.
The key players holding the majority of shares in global laminated busbars are Electronic Systems Packaging LLC (ESP), Methode Electronics, Inc., Ryoden Kasei CO., Ltd., OEM International AB, and Storm Power Components.
The global laminated busbar market is expected to reach US$ 1.87 billion by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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