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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Busway Market: Strategic Insights
-
CAGR (2023 - 2031)11.9 % -
Market Size 2023
US$ 8.45 Billion -
Market Size 2031
US$ 20.76 Billion
Market Dynamics
- Increasing Demand for Electricity to Favour the Market
- Demand for Sustainable Transportation Solutions
- 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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
| 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
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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$60 million in 2020.
(Source: Eaton, Press Release, 2021)
Busway Market Report Coverage and Deliverables
The "Busway Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Types , and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global busway market is expected to reach US$ 20.76 billion by 2031.
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.
Increasing demand for electricity is the major factors that propel the global busway market.
Growing industrialization, which is anticipated to play a significant role in the global busway market in the coming years.
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.
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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