The global busbar
protection market is expected to grow at a CAGR of 6.10%, from 2018 to
2023, to reach a market size of USD 4.31 billion by 2023. The addition of new
transmission & distribution line along with the refurbishment of the old
transmission & distribution line is expected to drive the busbar protection
market during the forecast period. The adoption of the HVDC technology and huge
investments in smart grids and energy systems offer a huge opportunity to the busbar
protection market during the forecast period.
Browse 68 market
data Tables and 32 Figures spread through 137 Pages and in-depth TOC on
"Busbar Protection Market by Voltage (Medium Voltage, High Voltage, and
Extra High Voltage), Impedance (Low Impedance and High Impedance), End-User
(Utilities, Industries, and Transportation), and Region - Global Forecast to
2023"
Download PDF
Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=264637340
The extra high-voltage segment is estimated to be the
fastest growing segment of the busbar protection market, by voltage, from 2018
to 2023. This growth can be attributed to the increasing usage of busbar
protection systems in transmission & distribution, grid interconnection,
and other energy industries. Moreover, the increase in power-generating
capacity and growth of offshore wind farms are expected to offer new growth
opportunities in the extra high-voltage market. Furthermore, the adoption of
smart grids and distribution transmission in the utilities sector would boost
the growth of the busbar protection market and create new revenue pockets for
the market during the forecast period.
The report further segments the busbar protection market,
by impedance, into low and high impedance. The low-impedance segment is
expected to grow at the fastest rate from 2018 to 2023. The development of
modern microprocessor-based low-impedance busbar protection relays, which
utilizes sophisticated algorithms to detect faults in the busbar schemes, is
the major factor for the growth of the low-impedance segment.
The industries segment of the busbar protection market,
by end-user, is estimated to grow at a faster rate than the other end-user
segments from 2018 to 2023. This growth is attributed to the growing demand for
the reliable delivery of electric power, which in turn, is likely to lead to
increased investments in the transmission & distribution infrastructure.
This is likely to create the demand for busbar protection systems in the
industries segment. The necessity of uninterrupted power delivery to machines
in industries such as oil & gas, metals & mining, cement, and chemicals
drives the market for this segment during the forecast period. The
implementation of busbar protection systems not only protect expensive
instruments but also help to maximize their lifespan and efficiency.
Request Sample Pages
of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=264637340
The Asia Pacific region is projected to grow at the
fastest rate, from 2018 to 2023, followed by Middle East & Africa and
Europe. Countries such as the US, China, the UK, Saudi Arabia, Russia, Germany,
and India are the largest markets for busbar protection. India and China are
rapidly developing large economies. Both countries are implementing policies to
boost their industrial sectors. The busbar
protection market in India is projected to grow at the highest CAGR of from
2018 to 2023. Indian government takes initiatives to increase the country’s
power generation capacity by using conventional as well as renewable energy
sources; this would require grid connected and local distribution networks.
Also, China has witnessed exponential growth in the demand for electricity in
the past couple of decades, fueled by industrialization and infrastructural
developments. These factors would boost the growth of the busbar protection
market in the Asia Pacific region. Meanwhile, the high growth rate in the
European region can be attributed to the increased focus on upgrading its aging
infrastructure, integrating renewable energy sources such as solar and wind
power, and building interconnections to enable the more efficient power and
energy trading in the recent past. Moreover, countries such as the UAE are
investing heavily in diversifying their energy mix and are trying to tap into
renewable sources. The upgrading process would create substantial opportunities
for substation automation companies. These investments are bound to boost the
market for busbar protection in the country.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on
30,000 high growth niche opportunities/threats which will impact 70% to 80% of
worldwide companies’ revenues. Currently servicing 7500 customers worldwide
including 80% of global Fortune 1000 companies as clients. Almost 75,000 top
officers across eight industries worldwide approach MarketsandMarkets™ for their
painpoints around revenues decisions.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
