North America Copper Busbar Market 2022-2028
MARKET OUTLOOK
As per the report by Triton, the North America copper busbar market is expected to grow with 8.72% of CAGR during the forecast period 2022-2028. The United States and Canada are considered in the market in this region.
The copper busbar market in the United States will flourish due to positive initiatives taken to replace conventional power supply systems with energy-efficient technology to reduce transmission losses. Copper busbars are known for enhancing the speed of transmission. Additionally, the Department of Energy has invested significantly in developing new energy technology with the aid of national laboratories and financing to support energy solution companies in growing their businesses. These measures are expected to propel the studied market during the forecast period.
The growing initiatives in Canada to produce electric vehicles are anticipated to contribute to the growth of the copper busbar market during the forecasted period. This is because copper busbars are used to make several components of these vehicles. The country currently lags behind other nations in this sector, accounting for only 0.4% of global electric car manufacturing. However, with the assistance of the national government, Electric Mobility Canada, an industry group of companies supporting electric vehicles, developed the Electric Vehicle Technology Roadmap. The initiative comprised workshops to help spread awareness regarding the availability of various energy solutions and their distribution. Laminated copper busbars are one such solution, as they are not only cost-effective but also help enhance efficiency.
COMPETITIVE OUTLOOK
Oriental Copper Ltd, Schneider Electric SE, ABB Ltd, ElvalHalcor Hellenic SA, American Power Connection Systems Inc, Etablissements Gindre Duchavany SA, Kinto Electric Co Ltd, and Wetown Electric Group are some esteemed companies in the copper busbar market.
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