According to a recent report from FMI, the DC switchgear market is anticipated to experience an average CAGR of 6.9% over the course of the forecast period. The implementation of creative grid programmes by a number of regional governments and significant financial investments in the modernization of electricity transmission and distribution networks are the primary reasons for the region’s dominance in the global market.
DC switchgear statistics point to the Asia Pacific during the forecast period because of the region’s anticipated significant market growth. Due to a variety of factors, including rising peak load demand, the development of micro-grid networks, and concerns over grid stability and supply security, the DC switchgear market in the Asia Pacific region is currently expanding at the fastest rate.
The DC switchgear industry growth is likely to be boosted by the shifting preference towards energy-efficient distribution networks, as well as increased concerns about transmission network stability, security, and reliability. Growing investments in renewable energy sector also holds high potential for creating lucrative DC switchgear market opportunities over the forecasted period.
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Key Takeaways:
• Contribution of railway segment is projected to be the most during the forecast period.
• Sales of DC switchgear with a capacity of 750 V is anticipated to remain the highest, as end users seek high efficiency.
• The DC switchgear market sizein 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 sharedue 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 switchgears and contribute to regional growth.” opines an FMI analyst.
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Key Segments
By Voltage:
• Up to 750 V
• 750 V to 1,800 V
• 1,800 V to 3,000 V
• 3,000 V to 10 kV
• Above 10 kV
By Deployment:
• Fixed Mounting
• Plug-In
• Withdrawable Units
By Application:
• Railways
• Solar Farms
• Battery Storage
• EV Charging Infrastructure
• Marine
• Power Generation
• Others
By Region:
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)
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