Laminated Busbar Market

Laminated Busbar Market Overview

The global Laminated Busbar Market size was valued at USD 872.5 million in 2023 and is predicted to reach USD 1321.2 million by 2030 with a CAGR of 6.1% from 2024-2030Laminated busbar or laminated power bar market comprises the production and application of busbars integrated in electrical power distribution systems, comprising multiple layers of conductive material that are separated by insulating layers. The components offer essential attributes such as high-power density, minimized inductance, superior thermal management, streamlined assembly, and heightened safety. 

These layers are joined together to form a compact and stable unit and their customizable design helps in adaptation of busbars in various industries to specific application requirements, ensuring optimal performance, reliability, and safety in power distribution systems enabling smooth energy transfer, propulsion in vehicles, clean energy conversion, industrial automation, and reliable operation of critical infrastructure.

Market Dynamics and Trends

The rising adoption of electric vehicles across the globe is significantly driving the demand for laminated busbar as these components are crucial for power distribution, high-current management, and thermal regulation in electric vehicles (EVs). Their compact and lightweight design enhances power density and reduces weight compared to traditional wiring configurations. International Energy Agency states that, in 2022, global EV market exceeded 10 million. The global acceleration of adoption of electric vehicle, rises demand for laminated busbars due to their essential role in EV functioning.

Moreover, adoption of renewable energy sources worldwide increases the demand for laminated busbars that are used in power distribution within solar PV arrays, wind turbines, and energy storage setups. They improve performance and reliability by ensuring stable connections and minimizing energy losses in clean energy systems. 

As per International Energy Agency, in 2023, there was 50% increase in the addition of renewable energy capacity to global energy systems, reaching nearly 510 gigawatts (GW). This shift towards renewable energy accelerates the laminated busbars market globally.

Furthermore, the rising demand for power electronics applications across various industries such as automotive, industrial automation and telecommunication is significantly driving the laminated busbar market expansion. These industries increasingly rely on power electronics for efficient energy management, and laminated busbars emerge as an indispensable component, offering optimal solutions for handling high currents and ensuring reliable power distribution within these complex systems and thereby increasing the task efficiency. However, the presence of alternative power distribution solutions, such as traditional wiring harnesses made from different materials, may restrain the laminated busbar market growth.

On the other hand, rising emphasis on energy storage solutions, such as batteries and capacitors, to enhance renewable energy integration and ensure grid stability, creates ample opportunities of the market in forthcoming years. Laminated busbars play a critical role in these systems by efficiently distributing power, thereby ensuring optimal operation and extending the longevity of energy storage solutions.

Market Segmentation and Scope of Study

The laminated busbar market report is segmented on the basis of insulation, conductor, end-user and region. On the basis of insulation, the market is categorized into epoxy powder coating, polyimide film, polyester resin, PVF film, heat resistant fiber, others. Based on conductor, the market is sub- divided into copper and aluminium. On the basis of end-user, the market is categorized into power utilities, industrial, transportation, and residential and commercial. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia-Pacific dominates the laminated busbar market share and is expected to remain dominant throughout the forecast period due to the growth in renewable energy installations, in countries such as China and India. International Energy Agency, states that, in 2023 China installed as much solar photovoltaic (PV) capacity as the entire world did in 2022, and its installation in wind energy also increased by 66% compared to 2021. Such expansion in renewable energy demands for efficient power distribution solutions such as laminated busbars, thereby propelling the market growth.

Also, the expansion of industrial automation especially in regions such as China, Japan and South Korea is creating a demand for laminated busbars to enable effective power distribution within automated machinery, robotic systems, and control panels, ensuring reliable and efficient operation. 

According to recent report published by Information Technology and Innovation Foundation, China accounted the largest share of robot installations worldwide amounting to 52 percent in 2022.  With such large installation of automation into industries, the demand for laminated busbars is on rise. 

On the other hand, North America shows a steady rise in the laminated busbar industry during the forecast period due to the increasing demand for energy storage systems, especially batteries and capacitors. Laminated busbars are used for efficient power distribution and smooth electricity flow between battery cells, maximizing system efficiency. Energy Information Administration indicated that, battery storage in U.S. would increase by 2024 at a significant rate of 89%. Surge in battery storage capacity in this region highlights the growing importance of laminated busbars market.

Moreover, the expansion of aerospace and defence sector in this region is further driving the demand for laminated busbars.  These components are used for efficient power distribution and operational performance in aircraft as well as reliable power delivery in harsh environments for military vehicles, ultimately improving mission readiness. 

According to recent report published by Aerospace Industries Association, the aerospace and defense (A&D) industry contributed USD 418 billion to the U.S. economy, accounting for 1.65 percent of the total nominal GDP. Such high contribution of this sector creates demand for advanced energy efficient components to deliver operational tasks reliably.

Competitive Landscape 

The laminated busbar sector includes several key market players such as Amphenol Corporation., Methode Electronics, Inc., Electronic Systems Packaging LLC (ESP), Rogers Corporation, Storm Power Components, Ryoden Kasei CO., Ltd, Mersen SA, Suzhou West Deane Machinery Inc., Zhuzhou CRRC Times Electric Co., Ltd., OEM International AB and others. 
These market players are adopting various strategies such as product launch to maintain their dominance in the global laminated busbar market. For instance, in January 2023, Mersen partnered with ACC Ltd. to supply smart laminated busbars for ACC's electric vehicle (EV) batteries. This partnership aims to boost battery performance and efficiency, addressing the rising demand for advanced battery technologies in the EV market. 
Moreover, in July 2022, Mersen SA launched bus bar calculator to calculate essential electrical specifications of laminated bus bars in power converter design. This freely accessible online resource provides designers with all the necessary data to develop bus bars for a diverse array of converters.

Key Benefits

• The report provides quantitative analysis and estimations of the laminated busbar market from 2024 to 2030, which assists in identifying the prevailing industry opportunities.

• The study comprises a deep-dive analysis of the current and future laminated busbar market trends to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the laminated busbar industry is provided in the report. 

• Competitive analysis of the key players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated on the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Laminated Busbars Market Key Segments

By Insulation

• Epoxy Powder Coating

• Polyimide Film

• Polyester Resin

• PVF Film

• Heat Resistant Fiber

• Others

By Conductor

• Copper

• Aluminium 

By End- User

• Power Utilities

• Industrial

• Transportation

• Residential

• Commercial

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East 

  • Africa

Key Players

• Amphenol Corporation

• Methode Electronics, Inc.

• Electronic Systems Packaging LLC (ESP)

• Rogers Corporation

• Storm Power Components

• Ryoden Kasei CO., Ltd

• Mersen SA

• Suzhou West Deane Machinery Inc.

• Zhuzhou CRRC Times Electric Co., Ltd.

• OEM International AB

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 872.5 Million
Revenue Forecast in 2030	USD 1321.2 Million
Growth Rate	CAGR of 6.1% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Million (USD)
Growth Factors	The increase in adoption of electronic vehicles is driving the market growth. Increasing global adoption of renewable sources of energy is propelling the growth of the market. The increasing demand for power electronics fuels market expansion.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.