DUBAI, United Arab Emirates, , Feb. 07, 2022 (GLOBE NEWSWIRE) -- DC Switchgear Market by Deployment Type (Fixed Mounting, Plug-In, and Withdrawable Units), Voltage (Up to 750 V, 750 V to 1,800 V, 1,800 V to 3,000 V, 3,000 V to 10kV, and Above 10 kV), Application (Railways, Solar Farms, Battery Storage, EV Charging Infrastructure, Marine, Power Generation, and Others), & Region – Forecast to 2022 - 2032
During the forecast period, the DC switchgear market holds average growth prospect with an anticipated CAGR of 6% CAGR to reach a valuation of US$ 15 Bn by 2026, from US$ 11 Bn in 2021.
As per a recent report published by FMI, the DC Switchgear Market is expected to record an average CAGR of 6% during the forecast period.
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.
| Attributes | Details | |
| DC Switchgear Market CAGR (2022 – 2032) | 6% | |
| DC Switchgear Market (2026) | US$ 15 Bn | |
| DC Switchgear Market Attraction | Increasing investment in upscaling and modernization of the railway sector to hold opportunities | |
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The COVID-19 pandemic led to a substantial drop in transportation and related activities, which had an impact on energy demand, hence constraining DC switchgear market growth.
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.
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Scope of the Report
| Attributes | DC Switchgear Market | Low Voltage Switchgear Market | Switchgear Market | |||
| CAGR (2022 - 2032) | 6% | 4% | 5.5% | |||
| Market Value (2026) | US$ 15 Bn | US$ 80.3 Bn | US$ 90 Bn | |||
| Growth Factor | Shift towards EV to keep the market lucrative. | Quick reaction time and low unit cost drives high adoption of low voltage switchgear. | Growing investments in renewable energy to underpin demand for DC switchgear. | |||
| Opportunity | Recovery from COVID-19 pandemic to offer market new opportunities from T&D sector. | Favorable government regulations to offer manufacturers the pathway to innovate. | Aging power infrastructure offers new opportunities for market players. | |||
| Key Trends | Agreements and contracts can boost inorganic growth. | Investment in plug-in low voltage switchgear segment can bode well. | New product development to be the way forward. | |||
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 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.
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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.
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