Laminated Busbar Market

Global Laminated Busbar Market Size (2024-2029):

The Global Laminated Busbar Market was worth US$ 980 million in 2023 and is anticipated to reach a valuation of US$ 1440 million by 2029 and it is predicted to register a CAGR of 7.97% during the forecast period 2024-2029.

MARKET DRIVERS

Growing focus on reducing carbon emissions across the world to decrease the impact of global warming is majorly fuelling the laminated busbar market growth rate.

The surging temperature across the world is setting new records every year. The roaring temperatures are due to the increasing greenhouse gas emissions that trap the sun’s heat, causing an unusual balance of nature. Government authorities are finding new ways to decrease the effects of global warming, which is attributed to boosting the demand for electric vehicles.

Electric vehicles are proven to emit three times less emissions than other vehicles, which is surging the growth rate for the laminated busbar market. The laminated busbar plays an important role in electric vehicles, transferring the electrical energy generated in the EV batteries to the inverter. Therefore, the rising prevalence of electric vehicles is amplifying the demand for the use of laminated busbars across the globe. According to global data, the number of electric vehicle sales in 2022 reached 4,00,000 units, which is expected to reach 7.6 million units by the end of 2035.

The increasing popularity of laminated busbars' benefits in energy saving and efficiency additionally promotes the market size. Increasing support from government authorities through investments in the automotive industry is leveraging the market growth rate.

MARKET RESTRAINTS

The high cost of electric vehicles is one of the factors restraining the growth rate of the laminated busbar market.

Lack of proper charging station infrastructure in developing countries is also ascribed to hinder the market growth. Also, electric vehicles take a long time to get fully charged, which has a negative impact on growth time. For instance, according to the global charging infrastructure ecosystem, around 13 million people rely on EV charging points by the end of 2030. Major key players are working to fulfil the requirement by developing proper infrastructure for charging stations across the globe. The availability of low-cost busbar products locally will cause technical issues in real-time, which is causing safety concerns across the world. This negatively impacts the growth rate of the laminated busbar market.

MARKET OPPORTUNITIES

The trend toward rapid adoption of technological advancements is setting up new opportunities for the laminated busbar market. Increasing demand to launch innovative products with the operational benefits of the laminated busbar is likely to cause the growth rate of the market to flourish in the coming years. Key companies focusing on developing electric vehicles with fewer carbon dioxide emissions using batteries are likely to surge the growth rate for the market. Broad communications, aviation, and transportation industries are focusing on the adoption of the utilization of batteries, which is another factor anticipated to increase the market value in the coming years.

MARKET CHALLENGES

Busbar is an abundant mineral in the earth’s crust. Busbar has a significant advantage in seamlessly transferring Power from one point to other points in the system. There is an increasing demand from the end user for the use of a busbar due to its high conductivity and resistivity features. Therefore, due to the low availability of the busbar material, the cost of this metal is going higher, which is acting as a major barrier to the laminated busbar market growth.

COVID-19 IMPACT ON THE GLOBAL LAMINATED BUSBAR MARKET

Laminated busbar market share severely declined during the time of the pandemic. Lockdown restrictions and disruptions in the supply chain reduced the growth rate of the market as there was no airport connectivity and economic sustainability during the time of the COVID outbreak. The production rate of transportation vehicles due to less investment negatively impacted the demand for the laminated busbar. However, the market size started to rise once the government eased the lockdown restrictions across the globe. All the activities were resumed when the restrictions were lifted in every country, which enhanced the opportunities for the production rate of electric vehicles.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Laminated Busbar Market Analysis By Material

The copper segment is holding the largest shares of the laminated busbar market, whereas the aluminium segment is gearing up to hit the highest CAGR by the end of 2029. The copper material type of busbar is highly used by many industries due to its dominant feature of having the capacity to withstand high loads. Aluminium laminated busbars have very high resistance to corrosion. This property enhances the growth rate of this segment.

Global Laminated Busbar Market Analysis By Insulation

By insulation type, the Epoxy powder coating segment has the prominent growth rate during the forecast period. The epoxy powder coating has varied applications in the switchgear and motor drive that are essentially thriving the growth rate of the segment. The mylar segment is deemed to have huge growth opportunities in the coming years as it has the ability to withstand harsh climatic changes. 

In 2023, according to the BP Statistical Review of World Energy Statistics, the electricity generated in 2023 was 28,466.35 Terawatt-hours. Hence, the need for the use of laminated busbars in many industries is growing at a higher rate than expected. 

Global Laminated Busbar Market Analysis By Application

The power electronic segment is ruling with a significant share of the laminated busbar market, whereas the alternative energy segment is likely to have a prominent growth rate during the forecast period 2024-2029. The growing prevalence of the distribution of power generation is ascribed to fuel the growth rate of this segment. A laminated busbar has an effective role in distributing the generated Power from one point to various parts of the system. The growing population and surging demand for electricity generation are bolstering the demand for the laminated busbar. The data centres segment is next on leading the largest market share owing to increasing focus on bitcoin mining that surges the need to increase the generation of more electricity.

REGIONAL ANALYSIS

North America's laminated busbar market is leading with the highest share from the past few years and is expected to continue the same flow throughout the 2024-2029 period. Rapid urbanization and a growing focus on innovative features in vehicles are major factors prompting the growth of the market in this region. The US and Canada are two major countries that contribute the highest share of the laminated busbar market. High disposable income and growing expenditure on high-end vehicles are accounted for in gearing up the demand for the laminated busbar. High investments in the energy sector are another attribute that propels the laminated busbar market growth rate. With the rising number of industries, the demand for power supply is also increasing drastically. The need to supply consistent and high-quality electricity to industries can be directly fulfilled with the use of the laminated busbar element, which is efficient in distributing the energy appropriately.

Europe is next in leading the prominent share of the laminated busbar market. Developed countries like Germany and the UK are sustained to adopt hybrid and electric vehicles to reduce global warming. Climatic change is hugely impacting the human population in the UK. The UK has increased its financial expenditure on developing innovative technologies to lower carbon emissions in 2022. The UK also introduced a strategy known as net zero to bring back the greenery in 2022. This strategy implemented many policies to curb carbon emissions and reduce the effects of the increasing global warming. The policies include all sectors pledging to adopt clean energy to meet the net zero target by 2050. Also, rising concerns about having protection from lightning strikes are accelerating the market value in the coming years.

The Asia Pacific laminated busbar market is projected to have the fastest growth rate during the forecast period. Increasing industrialization across the region is leveling up the need for a continuous power supply. Therefore, the demand for laminated busbars is growing at a higher rate in this region. India and China are major countries that have the strongest growth opportunities in the laminated busbar market. Growing population and increasing focus on grid development with high investments are two major factors for the market to grow in these countries. The trend towards the production of clean energy is increasing with the surging demand from government authorities to reduce the effects of global warming, which is enhancing the market size in India. The manufacturing of electric vehicles has caused a surge in the demand for the use of laminated busbars to increase efficiency in the distribution of the energy generated.

In India, the Ministry of Power approved 23 Interstate Transmission System Projects so as to distribute the Power from the power surplus region to the deficit region. These projects enhance the use of laminated busbars in various industries, thus increasing market growth in India.

Latin America and Middle East & Africa laminated busbar market demand is constrained to have a high growth rate of the laminated busbar market.

KEY PLAYERS IN THE GLOBAL LAMINATED BUSBAR MARKET

Companies playing a prominent role in the global laminated busbar market include Rogers Corporation, Methode Electronics, Inc., Mersen, Sun.King Power Electronics Group Limited, Storm Power Components, Amphenol Corporation, Idealec SAS, EMS Industrial & Service Company, Zucchini S.r.l., Shenzhen Mingshang Industrial Co., Ltd., and Others.

RECENT HAPPENINGS IN THE GLOBAL LAMINATED BUSBAR MARKET

• In 2023, Rogers Corporation continued to innovate its laminated busbar solutions, focusing on improving thermal management and reliability, particularly for electric vehicle (EV) applications. 
• In 2023, Methode Electronics expanded its product offerings, catering to the automotive, data center, and renewable energy sectors, with an emphasis on energy efficiency and compact designs. 
• In 2023, Mersen invested in research and development to enhance the electrical and thermal performance of its laminated busbars, meeting the evolving needs of various industries. 

DETAILED SEGMENTATION OF THE GLOBAL LAMINATED BUSBAR MARKET INCLUDED IN THIS REPORT

This global laminated busbar market research report has been segmented and sub-segmented based on material, insulation, application, and region.

By Material

• Copper 
• Aluminum  

By Insulation

• Epoxy Powder Coating 
• Kapton    
• Mylar    
• Nomex     
• Tedlar  
• Others 

By Application

• Power Electronics 
• Alternative Energy 
• Data Centers 
• Aerospace and Defense 
• Transportation 
• Industrial 
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa