North America Copper Busbar Market: Forecast Analysis 2024-2032

North America Copper Busbar Market: Forecast Analysis 2024-2032

Triton’s research analysis states that the copper busbar market in North America is expected to generate revenue at a CAGR of 7.56% during the forecast period 2024-2032.

The market for copper busbars in North America is witnessing exponential growth given to the startegic initiatives in Canada and the US. In order to target the reduction of conventional energy sources, 10 large solar projects valued at more than $250 million are anticipated to commence this year in several parts of the region. Thus, the expansion of renewable energy projects, particularly wind and solar farms, necessitates reliable and high-conductivity materials like copper busbars for effective energy transmission. Additionally, with a $1.2 trillion investment for the years 2021-2030 to modernize aging infrastructure, the role of copper busbars is pivotal in the region’s urbanization plans.

The countries researched in this region include the United States and Canada.

The United States holds the largest market share, achieving around $1657.35 million in 2023.

As per the US Energy Information Administration (EIA), the power grid comprises over 7,300 power plants, nearly 160,000 miles of high-voltage power lines, and distribution transformers, all serving 145 million customers nationwide.

As of March 2024, there are approximately 5380 data centers in the country that are bound to increase rapidly due to rising demand for data storage capacities in the coming years.

Driven by the need to enhance electrical infrastructure and expansion of power-intensive facilities, copper busbars are essential for efficient conductivity and distribution.

The market scope for copper busbars has, therefore, expanded significantly due to its diverse range of commercial applications, including shipbuilding and electricity conduction in both commercial and residential settings.

Copper Busbar Market Forecast for Canada

The news reports stated that in 2023, new vehicle registrations for battery, hybrid, and plug-in electric cars surpassed 320,237. In the same year, the federal government introduced new regulations for EVs as part of its goal to achieve only zero-emission vehicle sales by 2035. These regulations include incentives and fees for automakers to promote the sale of EVs and the construction of charging stations. Hence, the rising trend towards electrification in the automotive industry, with a surge in electric vehicle (EV) production, is boosting the demand for copper busbars in the country.

The market for copper busbar is categorized into type, deployment, application, and vertical. The deployment segment comprises industrial, commercial, and residential. Copper busbars are highly deployed in industrial settings due to their excellent conductivity, durability, and ability to handle high current loads, making them ideal for power distribution, electrical equipment, and renewable energy systems. By deploying copper busbars power modules used for inversion or conversion become more efficient as industries move towards greater transportation, mobility, and renewable energy electrification.

Contender Analysis in the Copper Busbar Market:

Aurubis AG is a producer and distributor of non-ferrous metals. It produces a wide range of copper and copper alloy products, including wire rods, rolled products, specialty wire, and strips. Its portfolio includes gold, iron silicate, silver, sulfuric acid, lead, tin, nickel, and minor metals. It has production sites in the US and production centers within European countries and the rest of the world. It is headquartered in Hamburg, Germany.

In April 2024, the company signed a long-term contract with Prysmian, a leading company in energy and telecom cable systems, has. Under this agreement, Aurubis will supply an increasing volume of copper wire rod annually to Prysmian’s European plants, supporting its current and future business operations.

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