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Jun 04, 2023

Flexible Busbar Market to Expand at 8.4% CAGR till 2031

PUNE, India, June 7, 2023 /PRNewswire/ -- According to a recent market study

PUNE, India, June 7, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Flexible Busbar Market Segments - by Type (Low Power (Below 125 A), Medium Power (125 A to 800 A), and High Power (Above 800 A), Application (Residential, Commercial, and Industrial), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031", the market size was USD 276 million in 2022 and is expected to surpass USD 570 million expanding at a CAGR of 8.4% by the end of 2031. The market growth is attributed to the increasing energy demand in the residential, commercial, and industrial sectors.

Key Market Players Profiled in the Report

Cembre S.p.A.

Interplex Holdings Pte. Ltd.

Methode Electronics

molex (KOCH)

Rittal GmbH & Co. KG

Salzer Electronics Limited

Schneider Electric

TE Connectivity

TORSION INDUSTRIES

Zhejiang RHI ELectric Co., Ltd.

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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include type, application, and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

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Highlights on the Segments of the Flexible Busbar Market

On the basis of region, the global flexible busbar market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific is projected to grow rapidly due to increasing energy consumption and demand for efficient energy solutions.

The rapidly growing urban infrastructure and industrialization in the region are creating the need for energy systems and solutions that are highly reliable and productive. As a flexible busbar requires smaller space and can replace many wires it is highly in demand by residential, commercial, and industrial end users belonging to Asia Pacific.

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Key Takeaways from the Study:

Busbar are integral parts of several power production and supply applications. A flexible busbar is comprised of laminates of pure electrolytic copper or aluminum which is covered with a protective PVC jacket. The flexible busbar can be easily shaped, bent, and twisted as each laminate within it can slide smoothly against one another.

Flexible busbars offer several benefits over the standard round cable. They are adaptable to use in different electrical components, are designed to save space, and can reduce the use of multiple wiring.

Flexible busbars due to their flexible nature can be suited to match a variety of panel layouts. This enables minimizing unnecessary spending and covering of extra space.

The growing demand for flexible busbars for high-voltage power generation and distribution components such as switchgear and transformers are one of the key driving factors of the market.

The energy demands are rising consistently from industrial, commercial, and residential users. The governments and energy companies are focusing on adopting various measures to enhance energy production and supply, thus, driving the demand for flexible busbars in the coming years.

Growing demand of electric vehicles is expected to create opportunities for the market players. Flexible busbars are beneficial for EVs owing to its convenience in installation, rare maintenance needs, and energy savings benefits, among others.

On the basis of type, the flexible busbar market divided into low power (below 125 A), medium power (125 A to 800 A, and high power (above 800 A). The Medium Power (125 A to 800 A) segment held the key share of the market in 2022, and is likely to expand at the robust CAGR during the projection period owing to their applications in multiple electronics.

In terms of application, the market is classified as residential, commercial, and industrial. The commercial segment is expected to held key share of the market during the assessment period. This is owing to its properties such as corrosion resistance and durability which makes it an ideal solution for commercial establishments.

Read 173 Pages Research Report with Detailed TOC on "Global Flexible Busbar Market Segments - by Type (Low Power (Below 125 A), Medium Power (125 A to 800 A), and High Power (Above 800 A), Application (Residential, Commercial, and Industrial), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031"

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Key Segments Covered

Type

Low Power (Below 125 A)

Medium Power (125 A to 800 A)

High Power (Above 800 A)

Application

Residential

Commercial

Industrial

Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, and secondary research & consumer surveys.

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