According to the new research report published by The Insight Partners, titled “Busway Market - Global Analysis and Forecast to 2025”, The global busway market is expected to grow at a CAGR of 6.66% during the forecast period 2018 – 2025, to account to US$10,811.7 Bn by 2025.
A busway (also called bus duct), is a sheet metal duct containing either copper or aluminum bus bars for the purpose of conducting a substantial current of electricity. It is an alternative of conducting electricity to power cables or cable bus. Busway enable the stakeholders particularly, end-user from residential, commercial and industrial sector to enhance power carrying efficiency, reduce costs related to installation, reduction in down time, improved end-user experience, and with less complexity in maintenance. Busway applications in different sector are replacing the tradition wire cable use with advanced technology. The market for busway is steadily growing with rising power transmission and distribution sector either competing with each other or collaborating with tech companies to offer enhanced and advanced solutions.
The demand of energy in both developed as well as developing countries is rising exponentially. In order to fulfill their need, power generation is gradually shifting from fossil fuel and other age old method to renewable energy and natural gas sector. Asper REN21 report, total renewable power generating capacity saw its largest annual increase in 2015, with an estimated addition of 147 GW of renewable capacity in a year.
Also, for the large-scale deployment of renewables and other carbon-free solutions, the introduction of advanced new technologies such as energy storage and smart grids needs to be accelerated. Government is also taking various initiative to promote renewable energy plants. For example, wind power was the most cost-effective option for new grid-based power in 2015 in many markets, including Canada, Mexico, New Zealand, South Africa, Turkey, and parts of Australia, China and the United States. Rising new power grids and renewable energy plants are sequentially up surging new and energy efficient electrical equipment market including busway market.
Key findings of the study:
Schneider Electric, Siemens, Eaton, ABB Ltd and GE are few of the major players operating in the market and offering a wide solution portfolio. APAC with large number of emerging countries along with high rate of industrializing and growing urbanization is leading the busway market. North America, being saturated market stood at the second largest adopter of Busway system owing to the retrofit market and some new projects in renewable energy application.
The users of Busway includes technology companies, power sector stakeholders including transmission and distribution companies, system integrator, distributor etc. and patients. Government authorities and research institutions, R&D are also using busway system for developing cost-effective and advanced products and solutions.