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(Wireless-NewsWire.Com, February 04, 2020 ) The laminated busbar market was valued at USD 723.6 million in 2016 and is expected to grow at a CAGR of 6.21%, from 2017 to 2022, to reach a projected USD 1,004.5 million by 2022 as per a report by MarketsandMarkets. The market is set to grow due to the increasing demand for electric vehicles and hybrid electric vehicles to reduce pollution in tier 1 and tier 2 cities around the world and the increased share of renewable energies in the primary energy mix globally.
Why growing number of smart cities continue to offer more opportunities?
The development of smart cities across the globe is paving the way for the growth of the laminated busbar market. Smart equipment installation helps to increase energy efficiency and results in energy savings. Smart equipment such as energy meters, parking meters, and intelligent traffic management systems use laminated busbars as their prime component. Commercial and residential construction, especially high-rise buildings, use busbars as they save space and eliminate the need for complex cabling. According to a research paper published by the Department for Business Innovation & Skills (UK), the global market for smart city solutions and the additional services required to deploy them is estimated to reach USD 408 billion by 2020. Various measures are being adopted by cities for increased efficiency, economic stability, optimization of energy, and higher environmental protection. In addition, government policies in favor of creating more smart cities are also driving the market. For instance, the government of India plans to construct 100 smart cities by 2020, for which USD 1.2 billion has been allocated during FY 2014 to 2015.
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Why instability of raw material prices remain a major challenge?
The price of raw materials such as copper insulating material (germanium or silicon) is dependent on the market subtleties within the insulation material segment. Copper or aluminum bars form the base of laminated busbars and have a significant impact on the busbar manufacturing sector. According to the IMF outlook 2015, in 2014 the average price of copper was USD 6,863.4 compared to USD 5,510.5 in 2015. As there is no product differentiation and the price of a product determines the dominance of a supplier in the market, absorbing cost variations upstream in the supply chain becomes critical for manufacturers.
Some of the top players in the laminated busbar market include Rogers Corporation (US), Amphenol Corporation (US), Mersen (France), Idealec SAS (France), and Sun King Power Electronics Group Limited (China).
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