Copper Busbar Market: Market Insights Round-Up for 2022-2030
By Akhil Nair
Copper is an intrinsic part of renewable energy systems and equipment, given its performance, reliability, and efficiency. The use of copper bearings, wirings, busbars, etc., helps such systems sustain their operations longer and at higher efficiencies. According to the US Energy Information Administration, electricity consumption has increased and is estimated to grow at 1% annually until 2035.
Accordingly, renewable energy technologies based on solar and wind energies are essential to meet the increasing electricity demands. As per Inkwood Research, the global copper busbar market is predicted to project a CAGR of 6.94% during the forecast period, 2022-2030.
Benefits of Copper Busbars
The copper surface naturally oxidizes and forms a thin layer on the surface. This oxide film is conductive and does not affect the quality of clamped or bolted joints. The use of copper busbars aids in avoiding contact between dissimilar metals and the inherent corrosion and jointing issues.
The high thermal conductivity and melting point of copper restrict the possibility of damage due to accidental flashovers and hotspots in service.
The other benefits of copper busbars include streamlined mounting & fixing, cost savings, and minimal skin impact.
Copper Busbar Market: Key Growth Areas
Renewable Energy Projects
Copper busbars are extensively used in energy solutions to monitor solutions for minimizing energy waste and energy production costs. This is because they have several benefits and are an essential part of electrical distribution systems, particularly for simplifying the process of electrical power distribution, cost reduction, and enabling flexibility.
Copper busbars come in different coatings and sizes. The shape or size of the busbar determines the ampacity as per the material used. Ampacity or ampere capacity is the maximum current a conductor carries before it weakens.
Growing Electric Vehicle Demands
The technological advancements in electric vehicles in recent years have boosted their demands. Also, electric vehicles’ enhanced speed and range have contributed to their growth prospects. Copper busbars in automotive electrical systems help in efficient power distribution, need less space, and effectively manage vehicle motor control center application.
In addition, their low thermal and electrical resistance boosts their adoption of electric vehicles. Further, prominent automotive manufacturers are launching new vehicles with electric and hybrid power delivery systems. This is set to facilitate growth opportunities for copper busbars, supplemented by consumer demands for modern safety equipment and technologies.
Smart City Projects
Smart city projects are increasingly adopted across several countries to maximize the power and energy from renewable resources. Cables take up space and are a mismatch in terms of the look of infrastructure and buildings. Copper busbars have minimized space usage in smart city initiatives since they are small in size and offer efficient conductivity.
Our analysis suggests that switchboard is the fastest-growing application in the global copper busbar market, set to record a CAGR of 7.14% by 2030.
ETP (Electrolytic Tough Pitch Copper Busbar): Leading Type
Electrolytic Tough Pitch, also known as ETP Copper or tough pitch copper, is the most widely used copper due to its conductivity. It has a vast range of applications based on workability, corrosion resistance, and conductivity. It accounts for more than 50% of usage globally, given its universal applications in electrical power utilities, distributions, and generation. Moreover, it has superior tensile strength, corrosion resistance, and a shining appearance.
Copper Busbar Market: Geographical Insights
Our geographical assessment of the global copper busbar market includes the growth analysis of Europe, Asia-Pacific, and North America.
Asia-Pacific is evaluated to have the highest growth potential given the abundance availability of raw materials and the rising production of hybrid and electric vehicles across South Korea, Japan, and India. Also, as per our evaluation, China has a substantial market share in the Asia-Pacific copper busbar market.
As per our analysis, Asia-Pacific is set to harbor the largest revenue share of 54.46% by 2030 in the global copper busbar market.
With regard to Europe, government initiatives are boosting electric vehicles’ adoption, which, in turn, drives the copper busbar market growth in the region. Besides, the high volume production of commercial vehicles and passenger cars offers growth opportunities. Whereas in North America, the favorable government initiatives and the expanding automotive industry propel market demands.
According to Inkwood Research, North America is the fastest-growing region in the global copper busbar market, projecting a CAGR of 8.42% by 2030.
Why Copper Busbars?
Busbars are used in electrical installations to distribute power from a supply point to several output circuits. Copper busbars find use in electrical distribution inside busway enclosures, panel boards, and switchgear for local high current power distribution.
In terms of busbars, the properties of conductive material are integral to achieving a stable and long service life at minimal costs. These include high mechanical resistance, high resistance to fatigue failure, high corrosion resistance, high potential recovery value, etc. Therefore, copper busbars are made of either copper or aluminum.
However, copper is evaluated as superior to aluminum due to its high conductivity and strength. Yet, its only disadvantage is higher density, which means higher weight. Also, the hardness of copper enables better resistance to mechanical damage compared to aluminum. In addition, copper busbars are less likely to develop issues in clamped joints given the cold metal movement under the continuous application of high contact pressure. Such aspects boost the global copper busbar market demands.
Which is the fastest-growing deployment in the global copper busbar market?
Industrial is the fastest-growing deployment in the global copper busbar market.
Which is the largest revenue-generating application in the global busbar market?
Power Distribution Panels are the largest revenue-generating application in the global busbar market.
Which are the key players in the global busbar market?
Siemens AG, Luvata, ABB Ltd, Eaton Corp, etc., are among the key players in the global busbar market.