The report "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",
The busbar protection market is expected to grow from an estimated USD 3.20
Billion in 2018 to USD 4.31 Billion by 2023, at a CAGR of 6.10%, during the
forecast period. The market is set to witness growth due to the adoption of
smart grids and HVDC technology in the utilities sector and create new revenue
pockets for the market during the forecast period. Furthermore, favorable
government policies coupled with increasing emphasis on renewable energy
sources globally would boost the growth of the busbar protection market during
the forecast period. Delays in grid expansion projects act as a restraint for
the busbar protection market.
Browse 68 market data Tables and 32 Figures spread through 137
Pages and in-depth TOC on "Busbar Protection Market -
Global Forecast to 2023"
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The utilities market is expected to be the largest busbar protection
market, by end-user, in 2018.
The utilities segment accounted for the largest share of
the market in 2017, while the transportation segment is projected to grow at
the fastest pace among all the end-user segments. Growth in demand for the
reliable delivery of electric power led to increased investments in the
transmission & distribution infrastructure, which is likely to create the
demand for busbar protection systems in the utilities segment.
The low-impedance segment is expected to hold the largest share of the
busbar protection market, by impedance, during the forecast period.
The low-impedance segment is the fastest growing market
during the forecast period and is projected to dominate the market during the
forecast period. Development of microprocessor-based low-impedance relay is the
main driver for the growth of the low impedance busbar protection market.
Countries such as the US, India, China, the UK, and Norway are investing in
developing HVDC, UHVDC, and UHV network for transmitting power from remote
locations to conventional power plants as well as renewable power plants, which
is expected to create the demand for low-impedance busbar protection systems
during the forecast period. Furthermore, increasing investment in the smart
grid and smart substation is expected to create the demand for
microprocessor-based low-impedance busbar protection systems.
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Asia Pacific: Key market for busbar protections market during the
forecast period.
The Asia Pacific market was the largest market, by value,
for busbar protections in 2017, driven largely by China. Asia Pacific is the
most populated region in the world and consequently witnesses high demand for
electricity. A rise in investments in smart grid technologies and smart cities
is creating demand for necessary transmission & distribution
infrastructure, which in turn, is likely to create demand for the busbar
protection market in the region. China accounted for the highest installed
generation & distribution capacity in the Asia Pacific region, resulting in
an increased demand for transmission & distribution infrastructure. Despite
the fall in feed-in tariffs for solar energy, Japan is becoming a hub for renewable
power and is attracting foreign investors in the power sector. For instance,
Goldman Sachs is expected to invest approximately USD 487 million in Japanese
renewable projects. These developments in the Japanese power sector are likely
to enhance its power generation capacity. These investments in Japan are
expected to improve the operation of utility firms and help secure the
reliability of grid networks from power outages.
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To enable an in-depth understanding of the competitive
landscape, the report includes the profiles of some of the top players in the
busbar protection market. These players include ABB (Switzerland), Schneider
Electric (France), GE (US), Siemens (Germany), Mitsubishi Electric (Japan), NR
Electric (China), Toshiba (Japan), Eaton (Ireland), and ZIV (Spain).
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Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
