Global Laminated Busbar Market is Expected to Foresee Significant Growth During the Forecast Period. Asia-Pacific to Witness the Highest Growth
- Himanshu Patni
- March 30, 2022
- CHEMICAL, NEWS
- Laminated Busbar Market, Laminated Busbar Market growth, Laminated Busbar Market share, Laminated Busbar Market size, Laminated Busbar Market trends
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The global Laminated Busbar market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 6.5% during the forecast period (2021-2027).
Emerging demand for energy coupled with the rising electricity traffic across countries is one of the prominent reasons which is driving the demand for laminated busbar. As per IEA, After falling by about 1% in 2020 due to the impacts of the Covid-19 pandemic, global electricity demand is set to grow by close to 5% in 2021 and 4% in 2022 – driven by the global economic recovery. Moreover, The IEA’s price index for major wholesale electricity markets almost doubled compared with 2020 and was up 64% from the 2016-2020 average. In Europe, average wholesale electricity prices in the fourth quarter of 2021 were more than four times their 2015-2020 average. Besides Europe, there were also sharp price increases in Japan and India, while they were more moderate in the United States where gas supplies were less perturbed. Also, For 2022-2024, the report anticipates electricity demand growing 2.7% a year on average, although the Covid-19 pandemic and high energy prices bring some uncertainty to this outlook. Renewables are set to grow by 8% per year on average, serving more than 90% of net demand growth during this period.
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It is projected that electricity generated by most energy sources worldwide, except for liquids, will increase in the coming years. Electricity from renewable sources is expected to experience the largest growth of up to 21.66 trillion kilowatt-hours in 2050, from almost 7 trillion kilowatt-hours in 2018. This projection sees increased consumption from all fuel sources, except for coal, where demand seems to have plateaued. Conventional sources like coal are increasingly being replaced by natural gas, renewables, and nuclear power. Therefore, the growing emphasis on renewable energy coupled with the demand for reducing energy consumption is creating the demand for laminated busbars across the globe.
Laminated busbar finds its application in numerous industries including the automotive industry. Asia-Pacific has been witnessing some evolutionary changes in the form of adopting electric vehicles at a large scale. According to Electric Vehicles Asia, 54% of the new cars sold globally in 2040 will be electric vehicles. Moreover, 56% of the value being generated from the sales of the electric vehicle is anticipated to remain in East Asia only. All these factors are likely to drive the market for laminated busbars in the region. In Automobiles, a properly engineered laminated bus bar provides the lowest overall system inductance and the most balanced and distributed capacitance, making it the perfect match for the high demands of the transportation equipment industry. Moreover, the laminated bus bars help transportation equipment manufacturers achieve their reliability goals.
For a detailed analysis of the COVID-19 Impact on Laminated Busbar browse through – https://univdatos.com/report/laminated-busbar-market/
COVID-19 brought a significant decline in energy generation using fossil fuel, while renewable power gained new momentum. As the lockdown measures were introduced, global energy demand dropped precipitously at levels not seen in 70 years. As per IEA, the overall energy demand contracted by 6% and energy-related emissions will decrease by 8% for 2020. Oil demand is expected to drop 9% and coal 8% for this year, while crude oil is at record-low prices. Also, Renewable energy consumption in the US increased by 40% and by 45% in India during the first ten weeks of lockdown in 2020. Global renewable energy generation rose by 3%, primarily driven by new solar and wind projects that came online in the last year.
Based on the material, the market is fragmented into copper and aluminum. The copper segment grabbed XX% market share in 2020. Moreover, the market of this segment would reach USD XX Mn by 2027. Copper Laminated Busbars comprise flexible laminated copper connections that are produced using highly conductive electrolytic grade copper foil & sheets. However, the aluminum segment would emerge in the forthcoming years.
Based on the insulation material, the market is fragmented into Epoxy Powder Coating, Polyester Film, PVF Film, Polyester Resin, and Others. The Epoxy Powder Coating segment grabbed the major market share and dominated the market in 2020. Epoxy powder coating is the perfect insulation for conductors that are oddly shaped, have unique sizes, or maybe known to undergo stress during installation.
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Additionally, the report provides detailed initiatives that are being taken in the field of Laminated Busbar. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and the Rest of APAC), Rest of World has been conducted. Asia-Pacific region grabbed XX% market and captured USD XX Mn market share in 2020. A rise in the industrial sector coupled with the emerging demand for electric vehicles led to the growth of the market. However, the Europe region would witness a considerable CAGR during the forthcoming years.
Global Laminated Busbar Market Segmentation
Market Insight, by Material
Market Insight, by Insulation Material
- Epoxy Powder Coating
- Polyester Film
- PVF Film
- Polyester Resin
Market Insight, by End-User
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
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