The laminated busbar market in Europe was valued US$ 282.07 million in 2019 and is projected to reach US$ 474.28 million by 2027; it is expected to grow at a CAGR of 6.9% from 2020 to 2027.
Rising demand for sustainable energy system and increasing use of smart grids are major factors driving the growth of laminated busbar market across the region. However, the complexities related to laminated busbars is a hindering factor to the laminated busbar market growth. Further, significant investment in production of electric vehicles and leveraging advanced technologies for power management are expected to bolster the growth of the laminated busbar market in the near future.
The technologies such as artificial intelligence (AI) and the Internet of Things (IoT) are expected to bring new growth avenues in the market ecosystem. IoT architecture is projected to manage the power components and data history of component failure firmly. Additionally, in power management converters, AI is expected to improve dependable predictions and monitor the function of the components. The data-driven technique employs data science and matching learning methods and identifies anomalies in devices and systems. This architecture is expected to reduce power losses by managing power requirements, which in turn decreases the costs associated with it. These technologies are expected to eliminate around 80–90% switching losses. Thus, these benefits of AI and IoT in the power module are expected to fuel the growth of the laminated busbar market.
Selection of the conductive material is critical in meeting the requirements of electrical performance and mechanical rigidity. Common conductive materials used include copper, aluminum, and a variety of copper alloys. The material chosen, the mechanical constraints, and the electrical performance determine the minimum mechanical dimensions of the conductor for the specific application. Based on conductor, the laminated busbar market is segmented into copper and aluminum. In terms of conductor, the copper segment is projected to dominate the laminated busbar market during the forecast period. Copper is the most widely used and technically the best material for the production of laminated busbars, as it offers higher conductivity and better capacity resistance to load surges.
In the current scenario, most of the industries are facing severe impacts by the outbreak of COVID-19, and the virus critically affected several countries such as Italy, Spain, the UK, France, and Germany, among others. The majority of the countries have imposed lockdown or restricted human movement causing the industries to face a severe impact on production as a result of less labor footfall. The lesser production of goods is hampering the growth of the laminated busbar market as the demand has weakened over the past couple of months.
The Europe 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 Europe 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 experts 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 Europe laminated busbar market. Major players operating in the Europe laminated busbar market include Methode Electronics, Inc.; OEM International AB; Zhuzhou CRRC Times Electric Co., Ltd.; Mersen SA; Rogers Corporation; and Amphenol Corporation.