Latin America Copper Busbar Market 2022-2028
MARKET OUTLOOK
A report by Triton Market Research indicates that the copper busbar market in Latin America is expected to register growth at a CAGR of 6.36% during the forecast period 2022-2028. The countries analyzed in the market in this region include Brazil, Mexico, and Rest of Latin America.
In 2020, hydropower supplied 66% of Brazil’s electricity, catering to the massive demand. Wind and solar generation have grown rapidly in recent years, accounting for 11% of total electricity generated in 2020. Biomass accounted for 8% of the total electricity generation. Another 12% of electricity was generated by fossil-fuel-fired plants, with nuclear power accounting for 2%. These new developments in renewable energy will increase demand for copper busbars in the near future, and the country’s market will continue to expand.
Mexico’s increasing digitization and smart city initiatives are fueling the growth of the copper busbar market. For instance, in 2019, Mexico City and Guadalajara collaborated with global smart cities to track progress and quantify their commitment to digital inclusion across all initiatives. A Global Initiative for Inclusive ICTs (G3ict) initiative brought together a team of global smart technology and smart city inclusion experts in Mexico to assess cities’ digital inclusiveness. There are several smart projects lined up for the future for many of the country’s urban centers. Busbars are an ideal choice for such smart projects, as they offer low space usage and high conductivity.
COMPETITIVE OUTLOOK
Aurubis AG, ABB Ltd, Luvata, Etablissements Gindre Duchavany SA, Lafer Iberica Srl, Schneider Electric SE and Siemens Aktiengesellschaft are the prominent players in the copper busbar market.
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