Asia-Pacific Copper Busbar Market: Forecast Analysis 2024-2032

Asia-Pacific Copper Busbar Market: Forecast Analysis 2024-2032

As per Triton’s research report, the Asia-Pacific Copper Busbar market is estimated to progress in terms of revenue at a CAGR of 6.79% during the forecast period 2024-2032.

The key drivers of growth in the APAC copper busbar market include grid modernization, supply-demand gap reduction efforts, cellular technologies, a shift towards hybrid electric vehicles (HEVs), and the transition to renewable energy sources. Several countries like India, South Korea, Japan, and the rest of the Asia-Pacific region are all contributing to this growth through investments in advanced technologies, solar panels, and silicon carbide applications, which influence the demand for copper busbars.

The countries analyzed in this region include China, Australia & New Zealand, ASEAN Countries, Japan, South Korea, India, and Rest of Asia-Pacific.

China leads with a major market share, recording nearly $2822.53 million in 2023.

China’s leadership in the copper busbar market is driven by infrastructure development, rising electricity demand, and the adoption of advanced technologies.

Scio.gov also reported that the country’s power consumption reached 4.3 trillion kilowatt-hours, and the power consumption by primary industries increased by 12.1% within the first half of 2023.

As per IEA, China’s electricity demand in 2023 increased by 6.4%, fueled by growth in the services and industrial sectors. With investments in grid modernization, addressing the supply-demand gap of electricity has led to increased demand for copper busbars in power distribution systems.

Copper Busbar Market Forecast for Japan & South Korea

Advancements and funding in the automotive & transportation, and energy sectors influence the copper busbar market in Japan. Additionally, the country has a strong presence in HEVs, where they combine internal combustion engines with electric propulsion and rely on copper components for energy management. As per the news reports, in 2023, the sales of standard-size electric vehicles reached 43,991 units, while 44,544 electric versions of Japan’s signature lightweight kei minicars were sold. Hybrid cars dominated the market for standard-size passenger vehicles, with 1.5 million units sold. As the nation’s automotive industry evolves, copper busbars find applications in electric power steering, regenerative braking systems, and other critical components.

Similarly, in South Korea, an extended investment of $296 million was allocated for fuel cell vehicles and the development of hydrogen refueling stations with a goal to boost the number of electric battery vehicles on the roads by 71,000 and fuel cell vehicles by 10,000. Such initiatives are expected to significantly drive the demand for copper busbars during the forecast period.

The copper busbar market is segmented by type, vertical, deployment, and application. Based on type, it is further classified into oxygen-free copper (OFC), ETP (Electrolytic Tough Pitch Copper Busbar), and other types. Copper undergoes melting and mixing with carbon and carbonaceous gases to produce oxygen-free copper. It has a purity level of 99.99% with an oxygen concentration as low as 0.0005%. The increasing construction activities in emerging markets such as India, Thailand, and Indonesia, characterized by extensive infrastructure development, are expected to drive significant demand for OFC.

Contender Analysis in the Copper Busbar Market:

Gindre Duchavany SA is a France-based copper developer that specializes in manufacturing copper conductors, including flat, round, square, and hexagonal copper bars, as well as extruded copper shapes, flexible insulated copper busbars, and copper components. The company has globalized its production and services while centralizing administrative and accounting procedures to reduce costs and streamline supplies.

The company adheres to UL and ISO standards, as well as RoHS and REACH regulations. It provides flat copper bars, maxiflex insulated flexible copper bars, flexible insulated busbars, etc. Its design team develops optimal processes and tools tailored for producing both standard and specialized copper components to match specific technical requirements.

Other key contenders in the market include Aurubis AG, Rittal Gmbh & Co Kg, Gindre Duchavany SA, Eaton Corporation PLC, Oriental Copper Ltd, Luvata, Siemens AG, Schneider Electric Se, ABB Ltd, and Promet AG.