Europe Copper Busbar Market: Forecast Analysis 2024-2032

Europe Copper Busbar Market: Forecast Analysis 2024-2032

According to Triton’s analysis, the Europe copper busbar market is projected to rise at a CAGR of 7.02% in revenue over the forecast years 2024-2032.

Europe is experiencing increasing penetration of electric vehicles in the automobile sector. ACEA’s Economic and Market Report stated that the sales of new battery-electric cars increased by 37%, achieving a market share of 14.6%. Additionally, the EU allocated $36 million to develop EV charging infrastructure in the Netherlands. Thus, growing demand for electric cars and ongoing R&D in this field is expected to boost electricity consumption, subsequently driving up the demand for copper busbars in European countries.

The countries explored in this region include the United Kingdom, Germany, France, Spain, Italy, and Rest of Europe.

Germany secures a major market share with revenue of approximately $329.83 million in 2023.

As per the Federal Motor Transport Authority, the number of electric cars in Germany increased by 39.1% over the past year, totaling 1,408,681 as of January 1, 2024. EVs use around 80-100 kg of copper in the form of busbars. Due to their excellent conductivity and reliability copper busbar accessories are also vital in charging stations.

A BDEW survey also stated that the country has an ambitious target of achieving 80% of its electricity consumption from renewable energies by 2050. Copper busbars are essential in transformers and switchgear for integrating renewable energy into the grid.

Hence, a rising surge in electric vehicles and the push for renewable energy in Germany are significantly driving the demand for copper busbars.

Copper Busbar Market Forecast for the United Kingdom

As per the GOV.UK, there were 32.9 million smart meters installed in domestic properties across Great Britain by the end of 2023, operating across businesses and homes by small and large energy suppliers. Due to their superior resistance and heat absorption capabilities, copper busbars are well-suited for complex electrical systems handling high-voltage energy. The country is now researching smart grids using real-time simulation techniques and computational analysis. This research leverages advanced, scalable tools and infrastructure, including cloud computing platforms, to achieve high computational speeds. Such projects are expected to influence the progress of the copper busbar market in the UK.

The copper busbar market is segmented based on application, vertical, type, and deployment. The vertical segment comprises electric utilities, automotive & transportation, telecommunication, data centers, and other verticals. Copper busbar systems are employed to distribute electrical power in machinery, controls, and switchgear, offering superior performance over traditional cables or wire conductors, particularly under high current loads. The electrical copper bar products produced can be used in electrical engineering, power distribution cabinets, electrochemical plating, etc.

Contender Analysis in the Copper Busbar Market:

Luvata, headquartered in Finland, specializes in manufacturing processed copper products. The company’s diverse portfolio includes welding electrodes for the automotive sector, superconducting wires and cables for medical devices, photovoltaic ribbons, cooling jackets, and other processed copper products. Luvata operates through 14 facilities and support offices across nine countries in North and South America, Europe, and Asia.

Recently, Luvata acquired Dawson Shanahan, a UK-based precision engineering and specialist copper fabricator. This acquisition aims to meet the increasing demand for highly engineered copper components used in EVs in Europe.

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