Busbar Protection Market size will witness growth on account of rising per capita electricity consumption along with surging adoption of renewable technologies. In addition, growing awareness for safety & security of electrical networks coupled with increasing investments toward smart grid technologies will positively influence the product demand. In 2018, according to the World Energy Investment, global energy spending has raised to USD 1.85 trillion as compared to USD 1.8 trillion in 2017.
Increasing investment to modernize & upgrade the existing transmission & distribution electricity infrastructure across developed nations will propel the busbar protection market growth. Quick response, operational feasibility, enhanced reliability and functional stability are some of the prime factors positively influencing the business outlook.
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Growing digital infrastructure in line with increasing demand for long distance transmission network will stimulate the busbar protection market. Shifting focus toward development of energy efficient establishments comprising shopping complexes, public apartments, educational premises, & business centers will further enhance the business landscape.
High voltage busbar protection market is anticipated to witness growth on account of increasing installation of solar technologies and offshore wind farms across developed and developing economies. Flexibility, enhanced mechanical protection, and uninterruptible electrical flow are key parameters stimulating the product demand.
Surging investments toward digital control & monitoring system and smart substation will stimulate low-impedance busbar protection market. Growing focus toward research & development activities to enhance efficiency coupled with increasing electrification index form residential embodiment will further enhance the business outlook.
Growing focuss toward reducing aggregate technical & commercial (AT&C) losses along with rising energy demand will propel the China busbar protection market share. In 2018, as per China Electricity Council (CEC), the electricity consumption across China rose by 8.5% from 2017.
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Lack of electrical infrastructure across war affected nations coupled with the rising energy consumption will stimulate the Middle East and Africa busbar protection market size. Introduction of several electrification programs to cater the growing energy demand will further complement the business dynamics. In November 2018, Nigeria Electrification Project (NEP) in association with World bank (WB) and African development Bank (AfDB) allocated a fund of USD 200 million for development of mini-grid projects across the country.
Major industry participants across the busbar protection market comprise GE, ABB, Schneider Electric, Siemens, Eaton, Toshiba, Mitsubishi Electric, Babcock & Wilcox, Basler Electric, Rosedale, Erlphase, ZIV, Andritz AG, and NR Electric.