New York, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global DC circuit breaker market size is slated to expand at ~9% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 14 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.The rapid growth of renewable energy sources like solar panels and wind turbines has led to a greater use of DC power in renewable energy systems. According to the International Energy Agency, the supply of energy from sources like solar, wind, hydro, geothermal and ocean increased by nearly 8% in 2022.
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The share of these technologies in the global energy supply also grew by 0.4 percentage points reaching 5.5%. Additionally, there was a 0.2 percentage point increase, in the share of bioenergy, which reached 6.8% in 2022. DC circuit breakers are essential for isolating and protecting DC components in these systems.
Growing Demand for Electricity to Boost Market Growth
The growing demand for electricity has been steadily increasing over the years, driven by factors such as population growth, urbanization, and industrialization. In fact, according to the International Energy Agency (IEA), global electricity demand is projected to grow by 2.1% per year until 2040. By 2040, the proportion of electricity in final energy consumption is expected to increase from 19% in 2018 to around 24%. This growing demand for electricity is a key driver of the DC Circuit Breaker Market. As more and more power is generated and transmitted over long distances, the need for efficient and reliable circuit breakers becomes increasingly critical. DC circuit breakers play a critical role in ensuring the safety and stability of power systems, and as such, are in high demand.
DC Circuit Breaker Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Investment in Power Grid Projects to Drive the Growth in the Asia Pacific Region
The DC circuit breaker market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. China has invested heavily in its power grid in recent years, and has become a leader in solar and wind energy production. This has resulted in an increased demand for DC circuit breakers to help manage the flow of energy, ensuring safety and efficiency. For instance, Chairman Xin Baoan from China’s State Grid Corporation has announced an investment of USD 77 billion in transmission projects in 2023. Additionally, during the Five Year Plan period from 2021 to 2025 there will be a total investment of USD 329 billion. China Southern Power Grid, another electric utility company will contribute USD 99 billion towards this initiative. When combined with investments, from companies the national total investment is expected to reach USD 442 billion. Additionally, countries such as Japan, South Korea, and India are also investing in renewable energy sources, resulting in an increased demand for DC circuit breakers. This has led to the growth of the market in the Asia Pacific region.
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Huge Base Of Data Centers to Drive the Growth in the North America Region
The North America DC circuit breaker market is estimated to garner the largest revenue by the end of 2035 owing to the huge base of data centers in the region due to its high concentration of technology companies. Data centers require high-efficiency power distribution, and DC power distribution systems are gaining popularity due to their energy efficiency. DC circuit breakers play a crucial role in ensuring the safety and reliability of these systems. North America accounts for more than 42% of the global data center market with the United States hosting the majority of data centers at 32% followed by Canada with 3.6%. DC circuit breakers are essential for controlling the power distribution and for protecting against short circuits and overloads.
DC Circuit Breaker Segmentation by Voltage
- Low Voltage
- Medium Voltage
- High Voltage
The medium voltage segment is expected to dominate the market by 2035, with a 47% share. Medium voltage circuit breakers are more reliable than low voltage circuit breakers, as they are able to handle more current and are less likely to be affected by power fluctuations. Typically, they are employed for voltage levels ranging from 1,000 to 72,000 volts. Moreover, they can be installed for both outdoor applications. They also require less maintenance and are more cost-effective in the long run. As the medium voltage circuit breakers are more reliable, affordable and stable, they are the preferred choice for industries that require high power usage.
DC Circuit Breaker Segmentation by Type
- Solid-State
- Hybrid
The solid-state segment in DC circuit breaker market is anticipated to hold the largest revenue by the end of 2035 due to its ability to provide reliable protection against overcurrent’s and short circuits. Moreover, as more renewable energy sources come online, the demand for HVDC transmission and solid-state DC breakers will continue to grow. In the year 2021 it was noted that HVDC systems made up approximately 31% of the overall interregional electricity exchange. HVDC transmission allows for the efficient transmission of large amounts of energy over long distances, and solid state dc breakers are an essential component of the transmission system.
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DC Circuit Breaker Segmentation by Insulation
- Vacuum
- Gas
DC Circuit Breaker Segmentation by End User
- Transmission and Distribution
- Power generation
- Renewables
- Commercial
- Railways
A few of the well-known market leaders in the DC circuit breaker market that are profiled by Research Nester are ABB, Eaton, C&S Electric Limited, SIEMENS, LARSEN & TOUBRO LIMITED, Hyundai Motors, Schneider Electric, Manitoba Hydro., Tavrida Electric, Powell Industries, Sensata Technologies Inc., and other key market players.
Recent Development in the Market
- July 2 2029: ABB Company showcased their breakthrough technology in the form of an ultra fast high current DC breaker specifically designed for marine applications and more. This advanced technology allows for switching of currents, which is extremely beneficial in the marine industry where currents can often exceed 1,000A.
- June 06, 2023: In a collaborative effort C&S Electric Limited and ITI Sector 31 in Noida have come together to establish a state of the art laboratory focused on the advancement of electronics and digital skills. The main objective of this partnership is to offer training and education in the latest technologies, within the fields of electrical engineering, electronics and digital skills.
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