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 region’s dominance in the global market is due to the implementation of innovative grid programs by several governments in this region and enormous investments for modernizing electricity transmission and distribution networks.
Over the forecast period, DC switchgear statistics lead towards the Asia Pacific as its market size is expected to rise significantly. The DC switchgear market in the Asia Pacific is now growing at the fastest rate, owing to many causes, including increased peak load demand, the expansion of micro-grid networks, and worries about grid stability and security of supply.
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.
- DC switchgears in Germany is expected to increase by 7.4 % CAGR from 2022 to 2032. 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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