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Rise in industries and commercial buildings in developing and developed nations and increase in demand from energy sector have boosted the growth of the global busway-bus duct market.
PORTLAND, Ore. , Sept. 13, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Busway-Bus Duct Market by Type (Isolated Phase Bus Duct, Segregated Phase Bus Duct, Non-segregated Phase Bus Duct), by Voltage (High-voltage, Medium-voltage, Low-voltage), by End User Industry (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global busway-bus duct industry was pegged at $12.1 billion in 2021, and is expected to reach $21 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
Rise in industries and commercial buildings in developing and developed nations and increase in demand from energy sector have boosted the growth of the global busway-bus duct market. In addition, rise in urbanization and growth of the service sector supplement the market growth. Moreover, developments in the chemical, automotive, consumer goods, and pharmaceuticals sectorswould open new opportunities in the future. The report offers a detailed analysis of the changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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The non-segregated phase bus duct segment dominated the market
By type, the non-segregated phase bus duct segment held the largest share in 2021, accounting for around half of the global busway-bus duct market. This is due to its cost effectiveness. However, the segregated phase bus duct segment is expected to register the highest CAGR of 5.9% during the forecast period, owing to higher operational efficiency and enhanced safety.
The low voltage segment to manifest the highest CAGR through 2031
By voltage, the low voltage segment would showcase the highest CAGR of 5.9% from 2022 to 2031, due to increasing popularity of busducts in residential buildings. However, the medium-voltage segment held the largest share in 2021, contributing to more than half of the global busway-bus duct market, due to extensive use of medium voltage power transmission systems in various industries.
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The residential segment to showcase the highest CAGR by 2031
By end user industry, the residential segment is projected to register the highest CAGR of 6.0% during the forecast period, owing to increasing popularity of busducts in high rise buildings. However, the industrial segment held the lion's share in 2021, accounting for more than two-fifths of the global busway-bus duct market, due to requirement of safe power transmission systems.
Asia-Pacific held the largest share
By region, the global busway-bus duct market across Asia-Pacific held the lion's share in 2021, accounting for nearly half of the market, due to large manufacturing industry in the region. However, the market across LAMEA would showcase the highest CAGR of 7.1% from 2021 to 2030, owing to rapid growth of industries in Latin America .
The report analyzes these key players of the global busway-bus duct market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player
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