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Laminated Busbar Market worth $1,296 million by 2030 – Exclusive Report by MarketsandMarkets™
Laminated Busbar Market is expected to reach USD 1,296 million by 2030 from USD 863 million in 2023 at a CAGR of 6.0% during the 2023–2030 period according to a new report by MarketsandMarkets. The Laminated Busbar Market is set for significant expansion in the coming years, driven primarily by the advancement of power distribution infrastructure in response to the escalating demand for electricity. Additionally, the surge in renewable energy-based capacity and heightened investments in electric vehicles production are expected to contribute to the increased demand for laminated busbars.
Browse in-depth TOC on “Laminated Busbar Market“
207 – Tables40 – Figures192 – Pages
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Laminated Busbar Market Scope:
Report Coverage
Details
Market Revenue in 2023
$863 million
Estimated Value by 2030
$1296 million
Growth Rate
Poised to Grow at a CAGR of 6.0%
Largest Market
Europe
Market Size Available for
2018-2030
Forecast Period
2023-2030
Forecast Units
Value (USD Million) Volume (Kiloton)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Material, By End User, By Insulation Material
Geographies Covered
Asia Pacific, North America, Europe, Middle East and Africa, and South America
Key Market Opportunities
Adoption of High-Voltage Direct Current (HVDC) technology
Key Market Drivers
Increasing focus on renewable energy
Copper segment, by material, to capture majority of Laminated Busbar Market share.
In 2022, the copper segment dominated the Laminated Busbar Market. Technically, copper stands out as the optimal and most extensively utilized material for crafting laminated busbars. Its superiority over aluminum lies in higher conductivity and superior load surge withstand capacity. Tailored for industrial and commercial facilities, copper-laminated busbars aim to minimize initial costs while ensuring safety. However, it’s important to note that copper’s higher density results in a heavier product compared to aluminum-laminated busbars, and copper-laminated busbars tend to be more expensive. Despite these considerations, the widespread adoption of copper conductors persists due to their lower lifetime costs and relatively reduced maintenance requirements compared to aluminum counterparts. These factors are anticipated to drive the demand for copper-laminated busbars in the forecast period.
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Industrial segment, by end user, to be second-largest and fastest market.
The industrial segment held a substantial share in the Laminated Busbar Market in 2022. Essential for a spectrum of industrial activities, spanning from factories and refineries to mines and offshore oil & gas platforms, a dependable electricity supply and secure connection networks are imperative. Laminated busbars find application across diverse industries, including chemicals & petroleum, metals & mining, and manufacturing & processing. Given the distinct energy requirements of these industries for their manufacturing plants, separate substations are typically installed for power supply. Power, sourced from distribution utilities or power-generating companies, is then transmitted to various load points within the manufacturing facilities. Laminated busbars play a crucial role in electricity distribution systems, ensuring a consistent power supply to the production floor. The uninterrupted delivery of power to machines holds paramount importance in all industries, as any disruption or breakdown could lead to substantial losses due to increased nonproductive time. Consequently, the demand for laminated busbars is anticipated to rise significantly within the industrial sector.
Europe to emerge as the largest Laminated Busbar Industry.
In 2022, Europe claimed the largest stake in the Laminated Busbar Market, encompassing countries such as the UK, Germany, Russia, France, and the Rest of Europe. The region is actively working towards phasing out nuclear and coal-based power generation, making substantial investments in renewable energy-based power generation. Aligned with the European Union’s (EU) environmental targets, member countries introduced systems to achieve the 20-20-20 goals in the energy sector. These goals, focusing on security of supply, competitive markets, and sustainability, include a 20% reduction in CO2 emissions compared to 1990 levels, 20% of energy consumption from renewable sources, and a 20% increase in energy efficiency.
Europe faces a significant challenge in transitioning its power sector to clean energy sources to meet ambitious climate goals. This transition demands substantial investments across various areas of the power sector. The European Commission aims for a 55% renewable energy share by 2030, requiring an annual investment of approximately USD 660 billion. Grid infrastructure upgrades are estimated at USD 380 billion annually by 2030, while enhancing interconnectivity between European countries demands around USD 60 billion annually. Research and development investments in clean energy technologies are projected at USD 50 billion annually by 2030. The European Commission has committed USD 1.2 trillion between 2021 and 2027 through its Green Deal initiatives, with the European Investment Bank (EIB) allocating USD 100 billion to support climate action and clean energy projects from 2021 to 2025. Private sector investment in European renewable energy reached USD 55 billion in 2022. Given the significant investments in renewables, grid modernization, and interconnectivity, there is an increased need for more efficient and reliable power distribution systems, potentially driving demand for laminated busbars.
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Key Market Players
Key players in the global Laminated Busbar Companies include Amphenol Corporation (US), Methode Electronics, Inc. (US), Mersen Group (France), Rogers Corporation (US), Zhuzhou CRRC Times Electric Co., Ltd. (China), and Sun.King Technology Group Limited (China).
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New regulations in the European Union (EU) are set to compel companies to increase transparency regarding the data they use to train artificial intelligence (AI) systems, potentially unveiling closely guarded industry practices, reports the Times of India.
Since OpenAI, supported by Microsoft, introduced ChatGPT to the public 18 months ago, there has been a surge in public interest and investment in generative AI. This technology enables rapid generation of text, images, and audio content.
As the AI industry expands, concerns have emerged regarding how companies source data for training their models, particularly whether using content from popular books and movies without creators’ consent constitutes a breach of copyright.
The EU’s new AI Act, phased in over the next two years, mandates stricter regulations while allowing time for businesses to adjust to new requirements. Nevertheless, the practical implementation of these rules remains uncertain, notes the report.
Mandating “detailed summaries”
A contentious provision of the AI Act requires organizations deploying general-purpose AI models like ChatGPT to provide “detailed summaries” of the training data. The newly established AI Office plans to release a template for these summaries by early 2025 after consulting stakeholders. However, AI companies oppose disclosing their training data, arguing it as a trade secret that could unfairly benefit competitors if made public, the report reveals.
In the past year, major tech firms including Google, OpenAI, and Stability AI have faced lawsuits alleging unauthorized use of content for AI training. Despite US President Joe Biden’s executive orders addressing AI security risks, legal challenges regarding copyright remain largely untested, the report adds.
Backlash against OpenAI
Amid heightened scrutiny, tech companies have struck content-licensing deals with media outlets and websites. OpenAI, for instance, has partnered with the Financial Times and The Atlantic, while Google has collaborated with NewsCorp and Reddit.
Despite these efforts, OpenAI drew criticism in March when Chief Technology Officer Mira Murati declined to confirm whether YouTube videos were used to train its video-generating tool, Sora, citing potential violations of company terms and conditions.
Source: business-standard.com
The post EU’s new AI rules: Industry opposed to revealing guarded trade secrets appeared first on HIPTHER Alerts.
Picsart and Getty Images are joining forces to develop an AI image generator exclusively trained on Getty’s licensed stock content.
According to Picsart, their AI lab is constructing a bespoke model from the ground up to power this tool. It aims to provide the platform’s paying subscribers with the ability to generate images that come with full commercial rights. This initiative seeks to address persistent concerns about potential copyright violations associated with AI-generated content. The Picsart / Getty Images generator is slated for launch later this year and will be accessible through Picsart’s API services.
This collaboration bears similarities to Adobe’s Firefly AI model, initially introduced as a prompt-based image generation tool within Photoshop last year. Adobe has since expanded its integration across various Creative Cloud applications. Adobe’s model also emphasizes commercial safety by training on stock images from Adobe’s own library, along with openly licensed or out-of-copyright content. However, questions remain about the integrity of the training data and user trust in Adobe’s approach.
Getty Images has previously ventured into commercially-focused AI products through partnerships with Bria AI and Runway, and by teaming up with Nvidia to introduce “Generative AI by Getty Images,” leveraging its extensive catalog of licensed images. Adobe’s widespread integration of the Firefly model into popular applications like Photoshop, Illustrator, Lightroom, and Express may pose a challenge for Picsart’s new offering in terms of attracting creatives away from Adobe’s established ecosystem.
Source: theverge.com
The post Picsart teams up with Getty to take on Adobe’s ‘commercially-safe’ AI appeared first on HIPTHER Alerts.
On June 13, Microsoft announced that it will postpone the rollout of its AI-powered feature “Recall” with new computers next week due to privacy concerns. Instead, the tech giant plans to offer Recall for preview to a smaller group later, following feedback and additional testing.
Recall is designed to track various activities from web browsing to voice chats, compiling a searchable history stored on the user’s computer. This allows users to easily retrieve past actions, even months later.
Originally slated for broad availability on June 18 for Copilot+ PC users, Recall will now undergo a preview phase exclusively within Microsoft’s Windows Insider Program (WIP) in the coming weeks. This decision, as stated in a blog post by the Redmond, Washington-based company, underscores their commitment to ensuring a trusted, secure, and reliable experience for all customers.
Copilot+ PCs, introduced in May, feature advanced AI capabilities aimed at enhancing user interactions and productivity. The WIP, a platform for software testing, enables enthusiasts to preview upcoming Windows operating system features.
Microsoft intends to incorporate feedback from the WIP community before extending the Recall preview to all Copilot+ PC users in the near future.
Following the feature’s announcement, concerns over privacy were swiftly voiced on social media, with some users fearing potential surveillance implications. Elon Musk, prominent technologist and billionaire, likened Recall to a scenario from the dystopian series “Black Mirror,” highlighting societal apprehensions about the impact of advanced technologies.
Source: reuters.com
The post Microsoft to delay release of Recall AI feature on security concerns appeared first on HIPTHER Alerts.
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