Growing Electricity Consumption Due To Urbanization and Industrialization throughout Middle East Area and Operational & Cost Advantages and Ease of Maintenance of Bus Bar over Cables is predicted to fuel the fastest market growth over the forecast period. Bus bar is a critical component of switchgear and power distribution systems, and the rising need for better energy distribution systems has considerably increased its demand, particularly in smart city projects. The price of copper is determined by copper providers' capacity to extract and transport the commodity, as well as demand for copper-based goods and services. Because to the high volatility of copper and aluminium prices, essential bus bar vendors must utilise a significant portion of their manufacturing costs to acquire these raw materials. As a result, changes in raw material costs are one of the primary factors that are projected to impede market growth throughout the forecast period.
According to Coherent Market Insights, the Middle East, North Africa, and Pakistan Bus Bar Market was valued at US$ 996.4 Mn in 2020 and is expected to reach US$ 1,462.5 Mn by 2027 at a CAGR of 5.6% between 2019 and 2027.
Key Competitors in the Middle East, North Africa, and Pakistan Bus Bar Industry:
1. Eaton Corporation
Eaton Corporation plc operates as a power management company worldwide. Eaton Corporation plc was founded in 1911 and is based in Dublin, Ireland. On January 2022, Power management company Eaton (NYSE:ETN) today announced it has completed the acquisition of Royal Power Solutions, a U.S.-based manufacturer of high-precision electrical connectivity components used in electric vehicle, energy management, industrial and mobility markets.
2. General Electric Company
General Electric Company was incorporated in 1892 and is headquartered in Boston, Massachusetts. General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. On December 2021, GE announced its GE Digital business is acquiring Opus One. Therefore, General Electric is leaning into the future of the electricity grid and electric vehicles with a new acquisition.
3. ABB Limited
ABB India Limited develops and sells products and system solutions to utilities, industries, channel partners, and original equipment manufacturers in India and internationally. ABB India Limited was incorporated in 1949 and is based in Bengaluru, India. On May 2022, ABB announced that its E-mobility division has agreed to acquire a controlling stake in Numocity, a leading digital platform for electric vehicle charging in India. ABB will increase its shareholding to a controlling majority of 72 percent and has the right to become sole owner by 2026.
4. Hitachi Ltd.
Hitachi, Ltd. provides information technology, energy, industry, mobility, and smart life solutions in Japan and internationally. Hitachi, Ltd. was founded in 1910 and is headquartered in Tokyo, Japan.
5. Fuji Electric
Fuji Electric Co., Ltd., together with its subsidiaries, develops power semiconductors and electronics solutions in Japan and internationally. Fuji Electric Co., Ltd. was incorporated in 1923 and is headquartered in Tokyo, Japan. The company on 2019 declared to expand its power electronics systems business in India, it has entered into an agreement with Peepul Capital Fund III LLC and the individual shareholders to acquire the entire shares of Consul Neowatt Power Solutions Private Limited (CNPS), a major power electronics manufacturer in the country.
6. Schneider Electric
Schneider Electric S.E. engages in the energy management and industrial automation business worldwide. The company was founded in 1836 and is headquartered in Rueil-Malmaison, France. On January 2023, Industrial software giant AVEVA today announced the completion of its acquisition by Schneider electric.
7. Hyosung Corporation
The company was founded in 1966 and is based in Seoul, South Korea. Hyosung Chairman Cho Hyun-joon Acquires High Voltage Transformer Plant in the US on December 17, 2019
8. Nexans S.A
Nexans S.A. designs, manufactures, and sells cable systems and services in France and internationally. The company operates in five business areas: Power Generation & Transmission, Distribution, Usages, Industry & Solutions, and Telecom & Data. The company was incorporated in 1994 and is headquartered in Courbevoie, France. On 10-Nov-2022, Nexans SA announced that it has entered into a Share Purchase Agreement with Reka Industrial Plc to acquire Reka Cables.
9. Furukawa Electric Co., LTD.
Furukawa Electric Co., Ltd. manufactures and sells telecommunications, energy, automobile, electronic, and construction products worldwide. Furukawa Electric Co., Ltd. was founded in 1884 and is headquartered in Tokyo, Japan.
10. Bahra Electric
Bahra Advanced Cable Manufacture is an electronic manufacturing company located in Jeddah. The company was founded in 2008. On 17 November 2021 Nokia today announced that it has been selected to build a secure, private LTE network (pLTE) for Bahrain’s Electricity and Water Authority (EWA) to modernize its distribution network for improved efficiency and performance.
*Definition- Bus bars are found in power infrastructure components such as switchgear, substations, transformers, and other transmission and distribution (T&D) equipment. Bus bars are important components of electrical power networks because they reduce power loss by minimising the corona effect.
