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Europe and GCC Busway market Size, Share, Competitive Landscape and Trend Analysis Report
WILMINGTON, DE, UNITED STATES, September 24, 2024 /EINPresswire / -- The growth of the Europe and GCC busway market is driven by factors such as increase in urbanization coupled with rapid infrastructure development, expansion of industries & increase in
manufacturing activities, and surge in demand for power transmission systems.
Allied Market Research published a report, titled,“Europe and GCC Busway Market by Voltage (Medium-Voltage, and Low-Voltage); Conducting Material (Copper and Aluminum); Rating (16A-25A, 160A-1000A, 630A-6300A, and Others), Application (Datacenter, Industry, Residential, Hospital, Mall, Stadium, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”.
According to the report, the Europe and GCC busway industry generated $2.0 billion in 2022 and is anticipated to generate $3.4 billion by 2032, witnessing a CAGR of 5.7% from 2023 to 2032.
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Prime determinants of growth
The growth of the Europe and GCC busway market is driven by factors such as increase in urbanization rapid infrastructure development, expansion of industries & increase in manufacturing activities, and surge in demand for power transmission systems. However, fluctuation in prices of raw material and high initial cost hamper the growth of the market. On the contrary, surge in focus on renewable energy sources and smart building technologies are expected to offer remunerative opportunities for the expansion of the Europe and GCC busway market during the forecast period.
Impact of Russia-Ukraine War Scenario
On February 24, 2022, Russia initiated an invasion of Ukraine, marking a significant escalation in the ongoing Russo-Ukrainian War that commenced in 2014. the Russia-Ukraine war may disrupt supply chains, particularly for raw materials or components sourced from either Russia or Ukraine. It could lead to delays or shortages in the production of busway systems. This is expected to affect manufacturers in Europe and the GCC who rely on these inputs for their production processes. Moreover, geopolitical tensions and conflict in the region can lead to economic uncertainty, which may impact investment decisions and infrastructure projects, including those related to transportation and utilities.
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The medium voltage segment to maintain its leadership status throughout the forecast period.
Based on voltage, the medium voltage segment held the highest market share in 2022, accounting for more than half of the Europe and GCC busway market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there is a surge in demand for electrical distribution systems with increased voltage for handling increased power capacities aligns with the expansion and modernization of industries. Moreover, the medium voltage segment is projected to manifest the highest CAGR of 6.1% from 2023 to 2032, owing to use of medium voltage busways in utility and infrastructure projects necessitating power transmission across extended distances.
The copper segment to maintain its leadership status throughout the forecast period.
Based on the conducting material, the copper segment held the highest market share in 2022, accounting for more than half of the Europe and GCC busway market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is an increase in the use of copper in busways in various settings, including commercial buildings, industrial facilities, data centers. Moreover, the aluminum segment is projected to manifest the highest CAGR of 6.2% from 2023 to 2032, owing to the rise in demand for aluminum busbars due to their advantages such as cost-effectiveness, and increased corrosion resistance.
The 160A-1000A segment to maintain its lead position during the forecast period
Based on rating, the 160A-1000A segment accounted for the largest share in 2022, accounting for more one-fifth of the Europe and GCC busway market revenue, and is estimated to maintain its leadership status throughout the forecast period as there surge in adoption of busway with such rating in Sectors involving substantial machinery, extensive manufacturing, and commercial complexes. However, the 630A-6300A segment is projected to manifest the highest CAGR of 7.1% from 2023 to 2032, owing to increase in demand for busway systems falling within the 630A-6300A ratings in infrastructure projects requiring a robust and high-capacity electrical distribution system, such as the construction of power plants, data centers, and large-scale facilities.
The industry segment to maintain its lead position during the forecast period
Based on application, the industry segment accounted for the largest share in 2022, accounting for more than one-fourth of the Europe and GCC busway market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is rise in the expansion of industrial sectors and heightened manufacturing activities. However, the datacenter segment is projected to manifest the highest CAGR of 7.2% from 2023 to 2032, owing to the ongoing construction of new datacenters and the expansion of existing ones, along with the exponential growth of digital data, driven by trends such as cloud computing.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting more than four-fifth of the Europe and GCC busway market revenue, and is likely to dominate the market during the forecast period, as Europe is actively promoting smart building initiatives that involve the integration of advanced technologies for energy efficiency and automation, and rise in the introduction of advanced busway power distribution systems. Moreover, the GCC region is expected to witness the fastest CAGR of 6.7% from 2023 to 2032, owing to the rise in the demand for busway system in industrial sector in GCC, spanning areas such as petrochemicals, manufacturing, and technology.
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Leading Market Players: -
ABB
Eaton Corporation
Godrej and Boyce
General Electric
Qetaf Electrics
Powell Industries
Schneider Electric
Siemens AG
Legrand
EAE
Graziadio and C.S.P.A
Beshielding S.R.L
DKC
AlOjaimi Industry
Bahra Electric
Fuji Electric
Vertiv
Elsewedy Electric
The report provides a detailed analysis of these key players of the Europe and GCC busway market. These players have adopted various strategies such contract, partnership, agreement, expansion, acquisition, product launch, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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David Correa
Allied Market Research
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