SkyQuest report on the busbar electroplating market compiled using a robust methodology that includes SWOT analysis, technology assessment, economic evaluation, product benchmarking, recent developments, and accurate forecasting. This methodology ensures that the report provides reliable and accurate insights into the market. Overall, this market report offers a valuable resource for investors, industry professionals, and other stakeholders interested in the busbar electroplating industry.
Westford, USA, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific has emerged as the dominant region for the busbar electroplating market due to a significant rise in power demand across various residential, commercial, and industrial sectors. The need for efficient conductors with minimal energy loss during transmission has led to the adoption of highly conductive metal busbars, which have replaced traditional power distribution systems in many areas. In addition, the increase in industrial activity has resulted in a surge in the operation of electrical devices, further boosting the demand for reliable and efficient power transmission. To ensure an uninterrupted power supply, many outdated electric transmission systems are being upgraded, replacing multiple transformers with busbars.
SkyQuest's market report highlights a significant future growth potential for the busbar electroplating industry, driven by the projected increase in global electricity generation. The report predicts that by 2050, global electricity generation will have increased by 123% to 150%, reaching 53.6 billion MWh, up from 21.5 billion MWh in 2010.
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Busbar is a metallic strip or bar commonly used in power distribution systems, switchgear, and electric panel boards. It is made from highly conductive materials such as aluminum or copper and is known for efficiently transferring electric current. To further enhance the conductivity of the busbar, electroplating can be used to apply a layer of a highly conductive material such as silver or gold to the surface of the busbar. This results in an even higher level of conductivity, making the electroplated busbar an excellent choice for demanding applications that require the most efficient electrical transfer possible.
Prominent Players in Busbar Electroplating Market
Roy Metal Finishing Co Inc.
Jawaher Metal Factory Plating and Fabrication
H&W Global Industries Inc.
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Aluminum Substrate Segment to Drive Higher Sales Thanks to Its Lower Transportation and Installation Costs
The aluminum substrate is the dominant segment in the busbar electroplating market, accounting for the majority of market share and valued at USD 1,936.23 million in 2021. The demand for aluminum electroplated busbars is attributed to their cost savings compared to other substrates. The lightweight properties of aluminum also provide significant cost savings in handling costs. The transportation and installation costs of aluminum busbars are significantly lower than copper busbars, reducing the overall cost of the busbar electroplating system.
The Asia Pacific region is currently the dominant player in the global busbar electroplating market, and this growth trend is predicted to continue over the forecast period. The region is projected to grow at the fastest CAGR of 6.6% over the forecast period and was valued at USD 1006.83 million in 2021. The lower labor costs in the region have enabled manufacturers to produce busbars at a lower cost, making them more affordable and accessible to a wider range of consumers. This, in turn, has increased the demand for busbars and fueled the market's growth.
Power Generation Segment Emerges as the Key Revenue Contributor owing to the Key Application of Busbar in the Industry
The power generation sector is the key segment in the busbar electroplating market and was valued at USD 1898.30 million in 2021. Busbars play a vital role in power applications, serving as an interface between the power module and the distribution. The market's dominance by the power generation sector reflects the growing demand for efficient and reliable power distribution systems worldwide. Furthermore, with an increasing focus on renewable energy and sustainable power sources, the use of busbars is projected to rise further during the forecast period.
As of 2022, North America has emerged as the second-largest market, and it is expected to continue experiencing stable growth from 2023 to 2028. The regional market growth is being driven by the increasing demand for sustainable energy systems, the rapid growth of the data center industry, and the increased adoption of smart grids across the region. In addition, the region is witnessing many companies and organizations adopting renewable energy sources and implementing sustainable energy systems.
The global busbar electroplating market is the focus of a new research report that provides an in-depth analysis of the market's size, share, and key players. In addition, the report offers a comprehensive assessment of the current market scenario and considers the impact of significant events and market conditions in various regions. The report also highlights the major players operating in the market and their market share, strategies, and key developments.
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Key Developments in Busbar Electroplating Market
Aptiv PLC, a leading technology company with a strong focus on improving mobility, has recently announced its agreement to acquire an 85% stake in Intercable Automotive Solutions. This subsidiary of Intercable S.r.l. is known for its cutting-edge technology solutions that cater to the automotive industry. The company's product portfolio covers advanced technologies, including seven generations of high-voltage busbar technology, solid-state electrical centers, battery cell interconnect systems, and other high-voltage power distribution solutions.
BASF, a leading global chemical company, has introduced a new addition to its Elastollan product line - a thermoplastic polyurethane (TPU) called Elastollan R 2600 FHF. This new TPU is specifically designed for busbar holders and offers several advantages over standard engineering plastics. Its linear thermal expansion coefficient is similar to copper and other comparable conductor materials, reducing the risk of cracks forming during temperature changes. This improved thermal stability increases the safety standard and provides a more reliable solution for busbar holders.
Bintai Kinden Corporation Bhd, a leading engineering and construction company in Malaysia, has announced that its subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd (KBK), has been awarded a project valued at RM14.2 million by Tenaga Nasional Berhad (TNB). The project involves the installation of two 132kV transformer bays with air-insulated switchgear, along with other related works. The scope of work includes constructing a 33kV building, two 300kVA 33/0.415kV local transformers, and a 33kV GIS single busbar.
Enovix Corporation, a leading developer of advanced 3D Silicon Lithium-ion batteries, has announced a breakthrough technology called BrakeFlow. This technology is designed to enhance the safety and reliability of Lithium-ion batteries by significantly increasing their tolerance against thermal runaway from internal shorts. The architecture enables multiple parallel cell-to-busbar connections, which in turn allows the inclusion of a resistor with a set value at the busbar junction.
Key Questions Answered in Busbar Electroplating Market Report
How do various trends impact the growth rate and valuation estimations of the target market, and what are the main drivers and barriers of these trends?
Which specific sub-segments of the target market are projected to outperform the overall market growth, and what are the key factors driving this growth?
How do the leading players in the market differentiate themselves from their competitors, and what are the main factors contributing to their success or challenges?
What are the regional variations in market demand and supply, and how do they influence the revenue growth of the target market across different regions?
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