Worldwide Busbar Protection Market Analysis & Projections (2018-2023): A $4.31 Billion Opportunity - ResearchAndMarkets.com

The "Busbar Protection Market by Voltage (Medium Voltage, High Voltage, and Extra High Voltage), Impedance (Low Impedance and High Impedance), End-User (Utilities, Industries, and Transportation), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering. The global busbar protection market is expected to grow at a CAGR of 6.10%, from 2018 to 2023, to reach a market size of USD 4.31 Billion by 2023 from USD 3.2 Billion in 2018.

The increasing investment to modernize the transmission & distribution infrastructure is the main driver for the growth of the busbar protection market. The development of digital protection relay (modern relay) is also fuelling the growth of the busbar protection market. Delays in grid expansion projects due to government regulations and environmental clearances is the main restraint for the busbar protection market. The report segments the busbar protection market, on the basis of voltage, into medium, high, and extra high voltage. The extra high-voltage segment accounted for the largest market share in 2017, driven by the demand from Asia Pacific, Europe, the Americas, and Africa. The increasing installation of offshore wind farms and solar farms is creating an opportunity for busbar protection systems in the extra high-voltage segment. The global busbar protection market, by end-user, has been segmented into utilities, industries, and transportations, with the transportations segment growing at a faster pace. Growth in demand for reliable power supply led to increased investments in transmission and distribution infrastructure, which further results in growing demand for the busbar protection during the forecast period.