The laminated busbar market in Asia Pacific was valued US$ 212.73 million in 2019 and is projected to reach US$ 418.39 million by 2027; it is expected to grow at a CAGR of 9.0% from 2020 to 2027.
Growing adoption of smart grids coupled with growth of sustainable energy system are the major factors driving the growth of the laminated busbar market. However, complexity concerns with respect to laminated busbars might hinder the growth of Asia Pacific laminated busbar market.
Asia-Pacific is expected to be the fastest-growing market due to the presence of several major industries such as manufacturing, chemical, and utilities that use laminated busbar. Besides, developing infrastructure and increasing population drive the region's laminated busbar market due to the region’s commercial and residential segment's demand for high electricity. India and China are the most significant contributors to market growth. The presence of other countries, such as Australia, Japan, and South Korea, also plays a crucial role in the laminated busbar market growth. Increasing investment toward grid modernization and expansion, along with increasing efforts to meet the mismatch between supply and demand for electricity, would enhance the growth of the laminated busbar industry in China. According to the China Electricity Council (CEC), national electricity consumption increased to 6.84kWh in 2018, i.e., 1.7% higher than in 2017. Adding to this, strong emphasis on the development of grid infrastructure as well as cellular technologies in the country is anticipated to drive the growth of the laminated busbar market. However, the impact of Covid-19 pandemic is expected to hinder the market growth in the present scenario as well as during next one or two years in the country.
Based on insulating material, the laminated busbar market is segmented into polyester film, heat-resistant fiber, epoxy powder coating, polyamide film, and epoxy glass. In terms of insulation material, the polyamide film segment is expected to dominate the laminated busbar market during the forecast period.
Since the outbreak of COVID-19 across the Asia-Pacific, several countries have suffered heavily. China, Japan, South Korea, Australia, Hong Kong, and Taiwan are some of the countries that have incurred a huge loss. The manufacturing sectors in the countries mentioned above have been experiencing low production and a weak supply chain. Additionally, the labor shortage has affected the manufacturing sector in these countries. The manufacturing facilities across industries are foreseen to revive substantial production volumes by 2021, which is anticipated again to create demand for laminated busbar solutions.
The Asia Pacific laminated busbar market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific laminated busbar market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific laminated busbar market. Major players operating in the Asia Pacific laminated busbar market include Amphenol Corporation; Electronic Systems Packaging LLC (ESP); Mersen SA; Methode Electronics Inc.; OEM International AB; Rogers Corporation; Ryoden Kasei CO., Ltd.; Suzhou West Deane Machinery Inc.; and Zhuzhou CRRC Times Electric Co, Ltd.