According to the new research report titled Laminated Busbar Market - COVID-19 Impact and Global Analysis and Forecast to 2027, published by The Insight Partners, the global laminated busbar market was valued US$ 737.7 million in 2019 and is expected to reach US$ 1,330.8 million by 2027 with a CAGR growth rate of 7.8% during 2020-2027, the forecast period considered in the report.

Europe to hold significant market share during forecast period

The European continent comprises many emerging economies, including Germany, France, the UK, and Italy. Western Europe is renowned for its improved living standards, with residents experiencing higher income levels. It is one of the wealthiest regions on the European continent, with greater GDP per capita, than other parts. Europe has been at the forefront of the industrial revolution and a home to premium manufacturing. The region is further expected to dominate the global laminated busbar market from 2020 to 2027.Rising demand for power consumption, increasing investment in the energy sector, and growing construction activities are likely to drive the demand for laminated busbars in Europe. Steady growth in the generation and consumption of renewable energy are among the significant factors supporting largest share of Europe in the laminated busbar market. Renewable sources accounted for 86% of the new energy capacity added in the EU in 2016. The preference for and intermittency of these resources are intensively changing the role of conventional fuels, which has led European utilities to spend ~USD 1.08billion on grid balancing.

Further, the increasing penetration of electric and hybrid vehicles, are boosting the adoption of laminated busbars globally. The ever-increasing use of laminated busbars in home and building automation, and in power electronics to provide continuous power is expanding the growth of the covered busbar market. Furthermore, the increasing adoption of high-voltage transmission networks to cater to the constant hike in the demand for electricity would accelerate the European laminated busbar market growth during the forecast period. Increased investments in developing energy infrastructure projects to support power generation units would also complement the business growth. In January 2019, the EU announced that it would invest USD 896.1 million in energy infrastructure projects, where the smart grid and electricity accounted for USD 564.5 million.

Key findings of study:

The power electronics and silicon carbides segmentis expected to dominate the laminated busbar market, by application, during the forecast period. Higher switching speed attained by IGBTs lead to the demand for a low-inductance power path, which is uniquely delivered through the laminated busbar. Moreover, the laminated bus bar is the major component of the DC power circuit, which allows the electrolytic and film capacitor circuits and IGBTs to deliver desired power levels. Further, under power electronics and silicon carbides application, the laminated busbars are used in systems such as motor drives, high-frequency inverters, and high-frequency welding devices.

In line with the global trend of promoting greener energy through more strict standards and regulations, innovative and more efficient switching devices such as Silicon Carbide (SiC) devices are increasingly gaining acceptance in numerous markets from solar industries to transportation. In addition, the SiC devices offer higher operating temperatures and enhanced power density, thus making them an ideal alternative to the bigger and less efficient silicon family of devices. Since SiC devices are capable of operating at a much higher switching frequencies, the skin effect phenomena and parasitic inductance become crucial considerations for the bus bar designs. Owing to this, a few of the leading manufacturers such as Mersen SA are focusing on working closely with their customers for designing bus bars to compensate for skin effect as well as to further develop the most efficiently cooled power bus bar solutions for power electronics and silicon carbides application.

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