The laminated busbar market in North America was valued at US$ 165. 88 million in 2019 and is projected to reach US$ 307. 67 million by 2027; it is expected to grow at a CAGR of 8. 2% from 2020 to 2027.
New York, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Laminated Busbar Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Conductor, Insulation Material, Application, and Country" - https://www.reportlinker.com/p05974396/?utm_source=GNW
Increase in the demand for electric vehicles (EVs) is expected to boost the growth of the laminated busbar market in the next few years.Currently, automotive manufacturers are more inclined toward transforming automotive mobility into a sustainable mode of transport in order to reduce the impact of automobiles on the environment.
Major players in the automotive sector are focusing on investing in the production of electric vehicles.In recent years, top-tier automakers and tech companies have collaborated to develop technologically advanced electric vehicles.
For instance, in December 2019, Fiat Chrysler collaborated with the French automaker PSA Group to focus on development of electric vehicles.
As the business strategies are changing in order to introduce innovative technologies, the market is moving toward EV adaptation, which has resulted in ICE vehicle manufacturers shifting their focus toward EVs with high voltage operating devices.The development of electric car battery technology includes power capacity production, cell production, module production, and assembly of modules into the battery pack.
At present, demand for energy efficient electric vehicles is increasing in order to reduce pollution caused by transportation across the globe.The shifting trend of vehicles from old conventional based automotive vehicles to electric vehicles demands an electric circuit system, which drives the growth of the laminated busbar market.
Thus, rapid growth in the automotive industry and increasing investment in the production of electric vehicles is opportunistic for the growth of the laminated busbar market.
Based on application, the laminated busbar market is segmented into datacenter, telecom, alternative energy, power electronics and silicon carbides, transportation, aerospace & defense, industrial, and others.Further, the others segment includes electric/hybrid electric vehicles (EV/HEV) and electrical energy storage (EES).
In terms of application, the power electronics and silicon carbides segment is expected to dominate the laminated busbar market.
Further, the governments of different countries are taking strategic initiatives in the market for the development of the country.For instance, The New York State Energy Research and Development Authority (NYSERDA) is one of the major leaders in financing and supporting the development and implementation of smart technologies.
The New York State government, through NYSERDA, has invested billions of dollars in the innovation of smart energy technologies as the North America pursues to improve grid reliability, reduce carbon emissions, expand clean energy technologies, and keep energy bills low under its Reforming the Vision program. These investments are further supporting development of advanced laminated busbar solutions, which, in turn, is anticipated to drive the North America laminated busbar market growth.
COVID-19 pandemic is affecting various industries in the North America region, and directly impacting the spending.The US is the worst hit country in North America and the continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders.
The majority of the manufacturing plants are shut down, municipalities are functioning slowly as compared to the past, and the automotive, electronics, energy & power, and semiconductor industries are at a halt, which is negatively impacting the laminated busbar market.In terms of patient count and death toll, Canada and Mexico are still at a less crucial stage in comparison to the US.
However, the manufacturing plants, semiconductor industry, and several other businesses are functioning slowly, which is negatively impacting on the market.
The North America laminated busbar market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the North America laminated busbar market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America laminated busbar market. Key players operating in the North America laminated busbar market include Electronic Systems Packaging LLC (ESP); Methode Electronics, Inc.; Storm Power Components; Suzhou West Deane Machinery Inc.; Zhuzhou CRRC Times Electric Co., Ltd.; Mersen SA; Rogers Corporation; and Amphenol Corporation.
Read the full report: https://www.reportlinker.com/p05974396/?utm_source=GNW
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