According to ReportLinker, the busbar protection market is projected to grow from an estimated US $3.20 billion in 2018 to US $4.31 billion by 2023, at an annual rate of 6.1 per cent until 2023.
The growth of the market is mainly attributed to the increasing investment in the transmission and distribution network in countries such as China, India, and the U.S. 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 are the main drags for the busbar protection market.
Extra high-voltage segment is expected to hold the largest share of the busbar protection market, by type, during the forecast period.
Extra high voltage is the largest segment of the busbar protection market, by voltage type, in terms of value. 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: The fastest market for busbar protections
Asia Pacific is projected to be the fastest growing market during the forecast period, and this high growth rate can be attributed to increased investments in infrastructure development, T&D spending, a 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.
(ReportLinker)
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