Selbyville, Delaware, June 21, 2023 (GLOBE NEWSWIRE) --
DC Switchgear Market size is expected to cross a valuation of USD 38 billion by 2032, according to the latest research report by Global Market Insights Inc.
Several factors, including the increasing adoption of renewable energy sources, growing investments in infrastructure development, and the rising demand for reliable power distribution systems is driving the industry growth. With the expansion of solar and wind power installations, there is a growing need for efficient switchgear solutions to manage, control, and protect the DC power generated. Additionally, the rapid growth of electric vehicle charging infrastructure necessitates the use of robust DC switchgear for safe and reliable power distribution.
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Rapid expansion of data centers to boost demand for plug-in DC switchgear
The plug-in segment will hold a substantial share of the DC switchgear market by 2032. This segment offers various advantages, such as ease of installation, flexibility, and scalability. Plug-in mounting switchgear systems are designed to be easily connected and disconnected, allowing for quick and efficient maintenance and upgrades. These systems are widely used in data centers, commercial buildings, and industrial facilities. The rapid expansion of data centers and the increasing espousal of cloud computing services are fueling the product demand in the IT and telecommunications sectors.
Distribution to remain key application area for DC switchgear
DC switchgear industry share from the distribution application sector is expected to grow at a significant pace during 2023-2032. This growth is driven by factors such as the increasing demand for reliable power supply in urban areas, the expansion of renewable energy projects, and the growing investments in infrastructure development. These systems play a crucial role in ensuring the safe and efficient distribution of electrical power to end-users. The integration of digital technologies in distribution switchgear systems, such as advanced metering and monitoring systems, is also contributing to market growth.
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North America to emerge as a key revenue pocket
North America DC switchgear market will expand at a rapid pace from 2023-2032. The increasing focus on renewable energy integration, coupled with government initiatives promoting clean energy, has resulted in a significant rise in the deployment of DC switchgear solutions. Additionally, the growing investments in infrastructure development, particularly in the construction of smart grid networks, are creating substantial demand for switchgear solutions in the region.
DC Switchgear Industry Leaders
Prominent entities operating in the DC switchgear business landscape are Siemens, ABB, Eaton Corporation, Schneider Electric, Mitsubishi Electric, General Electric (GE), Fuji Electric, Toshiba Corporation, Larsen & Toubro (L&T), Powell Industries, Bharat Heavy Electricals Limited (BHEL), Hyosung Corporation, CG Power and Industrial Solutions, Ormazabal, and Crompton Greaves.
DC Switchgear Industry News
- In February 2023, ABB announced the installation of a smart battery energy storage system (BESS) designed to power a fire sprinkler system in the Sara Kulturhus Center in Northern Sweden. ABB supplied the AC and DC switchgear for the project, in addition to technology from other companies, including six battery packs from lithium-ion battery cell producer Northvolt, and inverters from California-based power electronics company EPC Power.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 DC switchgear industry 360° synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Voltage trends
2.1.3 Mounting trends
2.1.4 Insulation trends
2.1.5 Application trends
2.1.6 Regional trends
Chapter 3 DC Switchgear Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.2 Industry pitfalls & challenges
3.5 Growth potential analysis
3.6 Porter's Analysis
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
