Busway market is expected to grow from US$ 6050.8 Mn in 2016 to US$ 10811.7 Mn by 2025 at a CAGR of 6.66% between 2016 and 2025.
Cloud deployment model expected to continue its dominance. Currently, approx. 70% of the global busway market is captured by industrial, renewable energy, transportation market. Rise in industrialization especially in emerging countries such as India and China are driving the market. Automation also plays an important role in industrialization sector as manufacturing units need more power supply for automated plants.
Key trend which will predominantly effect the busway market in coming year is growing busway application in retrofitting of transmission and distribution channel of power supply. A trend that will likely take the busway market further is the overall utility sector transformation. This includes retrofit market or upgradation of old infrastructure and grid modernization. Upgrading aging infrastructure is expected to be one of the leading market segment in near future. Since most of the developed nations have power grid constructed about 40 to 50 years old and therefore most of them need upgradation. In 2016, IOUs spent about $44 billion for upgradation of the electric transmission and distribution system and modernizing the grid with new technologies.
Busway market by application is segmented as into air splicing busway (BMC), intensive insulation plug busway (CMC), high strength enclosed busway (CFW) and others. The growing high rise building in urban areas of developing economies are some of the trends contributing to the growing busway market. Almost all the end-user application segment are switching to busway from cables to meet their high efficiency and less complex power supply need.
The overall busway market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the busway market.
Some of the key players of Busway market include
Universal Electric Corp.
Asian Power System