Asia-pacific Copper Busbar Market 2022-2028
MARKET OUTLOOK
Triton Market Research highlights that the copper busbar market in Asia-Pacific is anticipated to grow at a CAGR of 6.73% during the forecast period 2022-2028. Countries such as China, India, South Korea, ASEAN Countries, Japan, and Rest of Asia-Pacific are studied across the market in this region.
The copper busbar market in India is expected to flourish as a result of the implementation of multiple targets for reducing T&D losses, as well as increased efforts to meet power demand and reduce supply mismatches. For instance, the Government of India had set a goal of reducing transmission and distribution losses to 15% by 2019 compared to 2015. Furthermore, the implementation of several rural electrification schemes and the growing demand for sustainable energy will enhance the outlook for the copper busbar market in the country.
In South Korea, $609 million was set aside for battery electric vehicle subsidies and charging infrastructure expansion in 2020. A further $296 million will be allocated for the development of hydrogen filling stations and fuel cell vehicles. Over the next few years, the goal is to increase the number of electric battery vehicles on South Korean roads by 71,000 and fuel cell vehicles by 10,000. Such initiatives are expected to drive demand for the country’s copper busbar market during the forecast period.
COMPETITIVE OUTLOOK
Oriental Copper Ltd, Eaton Corporation plc, ElvalHalcor Hellenic SA, Sofia Med SA, Kinto Electric Co Ltd, Etablissements Gindre Duchavany SA and American Power Connection Systems Inc are the established players in the copper busbar market.
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