Laminated Busbar Market Poised for Strong Growth, Projected to Reach USD 1321 Million by 2030

 

According to industry analysts at Next Move Strategy Consulting, the global Laminated Busbar Market is projected to reach of USD 1321 million with a CAGR of 6% by 2030. Laminated busbars, integral components in electrical power distribution systems, are composed of multiple layers of conductive materials separated by insulating layers, offering key benefits such as enhanced power density, minimized inductance, superior thermal management, and streamlined assembly.

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Key Growth Drivers

The primary factors driving the growth of the laminated busbar market are the rising adoption of electric vehicles (EVs) and the growing shift toward renewable energy sources globally. Laminated busbars play a crucial role in high-current management, thermal regulation, and efficient power distribution in EVs, making them indispensable in the evolving automotive industry.

Additionally, the global transition to renewable energy is increasing the demand for laminated busbars in power distribution systems for solar photovoltaic (PV) arrays, wind turbines, and energy storage solutions. The IEA reported a 50% increase in the addition of renewable energy capacity globally in 2023, reaching nearly 510 gigawatts (GW). This expansion is expected to drive laminated busbar demand in clean energy systems, ensuring reliable power transfer and minimal energy losses.

Market Segmentation

The laminated busbar market is segmented by insulation, conductor material, end-user, and region. Insulation materials include epoxy powder coating, polyimide film, polyester resin, PVF film, and heat-resistant fiber. The market is also categorized by conductor type, with copper and aluminum being the primary materials. The end-user segments span power utilities, industrial, transportation, and residential & commercial sectors. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW), with Asia-Pacific anticipated to remain the dominant region due to strong renewable energy growth, particularly in China and India.

Asia-Pacific: The Dominant Region

Asia-Pacific is expected to continue to dominate the laminated busbar market share during the forecast period, primarily driven by the rapid expansion of renewable energy projects in countries like China and India. Additionally, the growth of industrial automation, particularly in China, Japan, and South Korea, is further boosting demand for laminated busbars in automated machinery and robotic systems. In 2022, China accounted for 52% of global robot installations, underscoring the growing need for effective power distribution solutions.

North America: Growing Demand in Energy Storage and Aerospace

In North America, the laminated busbar market is gaining momentum, driven by the increasing demand for energy storage systems, especially batteries and capacitors. The U.S. is expected to see a significant surge in battery storage capacity, with a predicted increase of 89% by 2024. Additionally, the expansion of the aerospace and defense sectors in the region is further fueling the market's growth, as laminated busbars are essential for reliable power distribution in aircraft and military vehicles.

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Competitive Landscape

The laminated busbar market is highly competitive, with key players such as Amphenol Corporation, Methode Electronics, Inc., Electronic Systems Packaging LLC (ESP), Rogers Corporation, Storm Power Components, Ryoden Kasei Co., Ltd, Mersen SA, Suzhou West Deane Machinery Inc., Zhuzhou CRRC Times Electric Co., Ltd., and OEM International AB leading the charge. Companies are adopting strategies such as new product launches and partnerships to strengthen their market position.

Conclusion

The laminated busbar market is poised for substantial growth over the next several years, driven by the increasing adoption of electric vehicles, the global transition to renewable energy, and the rising demand for power electronics in various industries. With key players investing in innovative technologies and new product developments, the market is expected to expand rapidly, offering numerous opportunities for growth and advancement.

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