DC Switchgear Market is Expected to Reach USD 18.69 billion by 2030
As per the report published by Kings Research, the global DC Switchgear Market was valued at USD 11.78 billion in 2022 and is expected to reach USD 18.69 billion by 2030, growing at a CAGR of 6.08% from 2023 to 2030.
The use of DC switchgear is becoming more prevalent in modern power systems, particularly in applications such as renewable energy systems and electric vehicles. This is due to the increasing demand for DC power as well as the advantages that DC systems provide, such as improved efficiency, smaller size and weight, and reduced power losses. Additionally, the increasing demand for DC switchgear for electrification purposes in rural areas further boosts market growth. The development of new and improved DC switchgear products is expected to increase product demand and contribute to overall market growth.
- Based on the deployment type, the fixed mounting segment is anticipated to hold the fastest CAGR of 6.85% during the forecast period
- Based on voltage, the up to 750 V segment generated the highest revenue of USD 3.32 billion in 2022
- Based on application, the railways segment generated the highest revenue of USD 3.23 billion in 2022
- Based on the region, Asia-Pacific is anticipated to hold the fastest CAGR of 7.41% during the forecast period
LS ELECTRIC has Setup a Manufacturing Facility in Vietnam to Expand their Operations
November 2022: LS ELECTRIC has recently established a state-of-the-art manufacturing facility in Bac Ninh Province, Vietnam. This strategic initiative aims to position the plant as a pivotal hub for the production of switches, circuit breakers, and standard electric power equipment, including switchboards. The primary objective behind this expansion is to enhance our presence and competitiveness within the ASEAN market.
Increasing Demand for Secured Power Supply to Augment the Market Growth
The increasing demand for a reliable and secure power supply is one of the key drivers of the market. Governments in developing countries are investing in the electrification of rural regions, creating opportunities for growth in the DC switchgear market to provide access to reliable and sustainable power. Innovative switchgear solutions are being developed to meet the demand for these solutions in rural areas. Overall, the growth potential for the DC switchgear market is significant as governments and industries seek to improve the quality and reliability of power supply.
Proliferation of Smart Grid Technologies is a Vital Trend
The demand for DC switchgear is highly influenced by the increasing need for efficient grid management, smart grid technologies, and renewable energy sources. The prevailing global trend of expanding renewable energy sources, particularly solar and wind power, has created a pressing demand for optimized grid management solutions. Simultaneously, smart grid technologies help manage the increasing amount of renewable energy on the grid while providing consumers with more control over their energy consumption. As a result of these factors, the market for smart grid technologies is experiencing significant growth, as it emerges as a key driver in meeting the industry's evolving demands.
Europe is the 2nd Fastest-Growing Region Acquiring a CAGR of 6.08% During the Forecasted Period
The demand for electro-technical equipment manufacturers specializing in high-quality DC switchgear is steadily increasing. The market is driven by government initiatives aimed at replacing and upgrading existing distribution networks. The region is also experiencing a surge in demand for cost-effective products, contributing to the growth of the market. Additionally, the ongoing deployment of decentralized power systems in line with smart low-voltage control units is expected to further propel the market.
Market Players Focusing on Expanding Geographical Presence to Expand Product Portfilio
The global DC switchgear market is fragmented with significant players in the market, such as General Electric, ABB, Siemens, Powell Industries, BRUSH, Eaton, Hitachi, Ltd., Toshiba Infrastructure Systems & Solutions Corporation, Schneider Electric, Sécheron, Mitsubishi Electric Corporation, and others, are concentrated on expanding their business through collaboration and partnership strategies.