(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 06, 2021, 00:18 /Comserve / -- The busbar protection market is projected to grow from an estimated USD 3.20 billion in 2018 to USD 4.31 billion by 2023, at a CAGR of 6.10%, from 2018 to 2023.
COVID-19 has reformed the way we work and has impacted various aspects of the businesses worldwide. Keeping in mind the multi-faceted challenges and the impact on economies post pandemic, companies are focusing on the risks and probabilities for sustainability, growth, and development from this transition.
The busbar protection market is projected to grow from an estimated USD 3.20 billion in 2018 to USD 4.31 billion by 2023, at a CAGR of 6.10%, from 2018 to 2023. The growth of the market is mainly attributed to the increasing investment in transmission & distribution network in countries such as China, India, and the US in the extra high voltage segment. Asia Pacific and North America are expected to be the largest markets for busbar protection during the forecast period.
Modernization of existing transmission & distribution network in developed countries of Europe and North America, along with operational benefits of low impedance busbar protection system such as dynamic bus replica, protection, external-monitoring self-monitoring, and remote access of busbar, is expected to create the demand for the busbar protection market during the forecast period. Delays in grid expansion projects due to government regulations and environmental clearances is the main restrain for the busbar protection market.
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Extra high voltage is the largest segment of the busbar protection market, by voltage type, in terms of value. Extra high-voltage power transmission infrastructure transmits the power generated by offshore wind and solar plants. The increasing installation of offshore wind farms and solar farms is creating an opportunity for busbar protection systems in the extra high-voltage segment.
Asia Pacific is projected to be the fastest growing market during the forecast period. This high growth rate can be attributed to increased investments in infrastructure development, T & D spending, growing focus on renewable sources of power generation, and infrastructural activities in the recent past. China has the highest installed generation & distribution capacity, resulting in an increased demand for transformers, which in turn, is likely to augment the demand for busbar protection systems. Moreover, the focus of the governments to increase the power generation capacity by using conventional as well as renewable energy sources has further supported the growth of the market.
Fill This Form and get the Sample Copy of This Report:
The Final Report will cover the impact analysis of COVID-19 on this industry: Busbar Protection Market Insights by Latest Trends, CAGR Status, and SWOT Analysis Insights by Regions Global Forecast to 2023
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1—44%, Tier 2—30%, Tier 3—26%
By Designation: C-Level—46%, D-Level—27%, Others—27%
By Region: North America—34%, Europe—20%, Asia Pacific—27%, South America—8%, Middle East & Africa—11%,
Research Coverage:
The report provides a complete view of the busbar protection market across the various industries and regions. It aims at estimating the market size and future growth potential of the market across different segments such as voltage, impedance, end-user, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
The market has been segmented on the basis of voltage, impedance, end-user, and region. The market ranking analysis of the top players and company profiles comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the busbar protection market.
TABLE OF CONTENTS
1 INTRODUCTION 12
1.1 OBJECTIVES 12
1.2 MARKET DEFINITION 12
1.3 MARKET SCOPE 13
1.3.1 MARKET COVERED 13
1.3.2 REGIONAL SCOPE 14
1.3.3 YEARS CONSIDERED FOR THE STUDY 14
1.3.4 CURRENCY 15
1.4 STAKEHOLDERS 15
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