Busbar Protection Market Worth 4.31 Billion USD by 2023 - 0 views
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Almira Coyne on 31 Mar 20According to a new market research report "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", published by MarketsandMarkets™, the global market is expected to grow from an estimated USD 3.20 Billion in 2018 to USD 4.31 Billion by 2023, at a CAGR of 6.10%, during the forecast period. The market is set to witness growth due to the adoption of smart grids and HVDC technology in the utilities sector and create new revenue pockets for the market during the forecast period. Furthermore, favorable government policies coupled with increasing emphasis on renewable energy sources globally would boost the growth of the Busbar Protection Market during the forecast period. Delays in grid expansion projects act as a restraint for the Busbar Protection Market.