The size of the global DC switchgear market is projected to reach about US$ 14,058.4 Mn by 2022’s end, with a year-over-year (Y-o-Y) growth rate of 6.9%. Additionally, the market is anticipated to grow at a strong CAGR of 7.1% between 2022 and 2032, surpassing a valuation of US$ 27,963.7 Mn by 2032, due to the rise in energy consumption globally and the growing demand for DC switchgears in a variety of applications.
A group of elements used in the grid to control fluctuation is known as DC switchgear. It is used in many different applications, including battery storage, railroads, and ships. The global switchgear market’s total share of the DC switchgear market is roughly 18.1%.
Request Sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-14262
However, the DC switchgear market study finds that the demand for rail transportation is steadily expanding. Short-distance air travel can be replaced by high-speed rail. But significant investment in the power supply network is required to operate high-speed railways economically. As DC switchgear is an essential component of DC substations, opportunities for players in the DC switchgear market are anticipated to rise.
Solar, wind (onshore and offshore), biomass, hydropower, and geothermal power plants are all rural areas and DC switchgear companies use HVDC systems to connect such far-flung power-producing sources and reduce transmission losses with long-distance power transmissions.
In new or under development projects, combining renewable power generation sources with HVDC transmission connections is becoming more common. These necessitate frequent and consistent monitoring of the entire system to ensure minimal losses and fault protection. Switchgear is required for the proper operation of HVDC converter stations. As a result, the factor presents a lucrative DC switchgear market opportunity for makers.
Multiple hurdles, such as adverse environmental conditions, demanding laws, and technical concerns, are linked with installing upgraded DC switchgear; all of which constitute a danger to any nation’s economy. Smart gadgets help any power supply system run smoothly, but they can also be a security risk due to anti-social forces.
When passing through the security on remote access, data theft, or security breaches could occur, resulting in blackouts and power outages. Substations, of which DC switchgear is a part, require a multi-layer shield to protect its cyber security, which could impede the growing demand for DC switchgear.
Key Takeaways:
- The contribution of the railway segment is projected to be the most during the forecast period.
- Sales of DC switchgear with a capacity of 750 V are anticipated to remain the highest, as end-users seek high efficiency.
- The DC switchgear market size in the United States is expected to grow by more than 5% by 2025. The same can be attributed to government initiatives to replace and upgrade existing distribution networks.
- By installation, the outdoor installation segment is expected to have a large DC switchgear market share due to its ability to withstand harsh climatic conditions while also providing reliable and cost-effective operations.
“Asia Pacific is anticipated to have a major share of the global switchgear market, owing to increased investments in the railway sector and the incorporation of renewable energy sources, particularly in countries like Australia, India, China, and Japan. The presence of a large potential for large industrial plant construction, combined with rapidly developing residential and commercial sectors, is also expected to increase the demand for DC switchgear and contribute to regional growth.” opines an FMI analyst.
Competitive Landscape:
A few key players in the DC switchgear market are Toshiba Infrastructure Systems & Solutions Corporation (Japan), Siemens (Germany), Hitachi Energy Ltd. (Japan), ABB (Switzerland) and Eaton (Ireland), L & T (India), Lucy Electric (UK), Hubbell Incorporated (United States).
DC switchgear companies use different strategies to acquire a high share in the DC switchgear market. Some of the key strategies in DC switchgear market include contracts and agreements, investments and expansions, partnerships, collaborations, alliances, and joint ventures.
- MHI Vestas Offshore Wind has agreed to supply high voltage switchgear by 2022 with Mitsubishi Electric Europe B.V. and Taiwanese manufacturer Shihlin Electric Co.
- Eaton has announced the acquisition of Switchgear Solutions, Inc., a pioneer in innovative switchgear solutions, in the United States to introduce advanced medium voltage products in North America. Customers would benefit from this acquisition as it would provide compact, low-maintenance, and highly configurable solutions.
Request For Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-14262
Global DC Switchgear Market by Category
By Component Type:
- Power Distributor Switch Breaker
- Switch Disconnector
- MCCB
- MCB
- HRC Fuse
- Earth Fuse
By Voltage Range:
- Up to 750V
- 750V to 1800V
- 1800V to 3000V
- 3000V to 10,000V
- Above 10kV
By Insulation Type:
- Air Insulated
- Gas Insulated
- Oil Insulated
- Vacuum Insulated
- Solid Insulated
By Deployment Type:
- Fixed Mounting
- Plug-In
- Withdrawable Units
By Application:
- Railways
- Solar Farms
- Battery Storage
- EV Charging Infrastructure
- Marine
- Power Generation and Distribution
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
Contact Us:
Future Market Insights, Inc
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports