DC Switchgear Market Forecasts to 2028 – Global Analysis By Deployment Type (Plug-In, Fixed Mounting), Application (Marine, Railways, Solar Farms, Battery Storage), and By Geography

DC Switchgear Market Forecasts to 2028 – Global Analysis By Deployment Type (Plug-In, Fixed Mounting), Application (Marine, Railways, Solar Farms, Battery Storage), and By Geography

According to Stratistics MRC, the Global DC Switchgear Market is accounted for $11.21 billion in 2021 and is expected to reach $19.33 billion by 2028 growing at a CAGR of 8.1% during the forecast period. Switchgear is composed of electrical disconnect switches, fuses, or circuit breakers used to control, protect and isolate electrical equipment. DC switchgear will protect the DC-powered railway line and integrated with high-speed circuit breakers for the rectifier, the power feeder, and the backup application to prevent safety incidents.

Market Dynamics:

Driver:

Increasing demand for reliable and secure power supply worldwide

To ensure the protection of distribution systems in many countries, voluntary standards were introduced by the electric power industry to ensure the coordination of many electrical distribution systems. Mandatory reliability standards for operating power systems and addressing security concerns at critical electrical infrastructure are in place. The governments of developing countries are investing in increasing their electrification rate by providing electricity access to remote villages. Furthermore, the demand for rail transport is growing at a fast pace. High-speed rail can serve as an alternative to short-distance air travel; however, investments in power supply networks would be necessary to run high-speed railways efficiently. This will drive the demand for DC switchgear as they are significant components of DC substations.

Restraint:

Environmental conditions on the performance of DC switchgear

Key company's operation in the DC switchgear market has to be varying the temperature and humidity, and also water seepage from the ground. All these elements can decrease the effectiveness of DC switchgear electrical networks, mainly those situated outside, which limits the adoption of DC switchgear. Design specifications are highly stringent for DC switchgear than those used for commercial installations. DC switchgear is needed to meet or surpass strict criteria to make sure their reliability and correct operation in the substation environment. To ensure the reliable and proper functioning of DC switchgear within the substation environment, the equipment has to meet or exceed precise specifications.

Opportunity:

Introduction of high voltage direct current technology

Renewable power generation, such as solar, wind, biomass, hydroelectric, and geothermal power plants, are located in remote areas. To connect such remotely located power generation sources and to reduce transmission losses, companies install HVDC systems. HVDC transmission is considered to be efficient for long-distance power transmissions. The integration of renewable power generation sources with HVDC transmission links is a rising trend in projects that are new or under development. These need constant and steady monitoring of the whole system to make sure minimum losses and protection against faults. HVDC converter stations require switchgear for their efficient operation.

Threat:

Cybersecurity issues

Smart devices aid the optimal functioning of any power supply system but may pose a security threat from anti-social elements. Data theft or security breaches could occur by bypassing security on remote access, resulting in blackouts and power outages. Governments and corporations must work together to combat cyber-attacks. Additionally, many countries' governments are likely to create a cyber security center to offer cybersecurity support. Such developments call for the designing and building of secure, efficient, and flexible next-generation cyber-physical systems. Hence, a multi-layer shield is necessary to ensure the cybersecurity of substations, of which DC switchgear is a part.

The railways segment is expected to be the largest during the forecast period

The railways segment is estimated to have a lucrative growth due to the developments in the suburban railway network, expansion and modernization of the heavy rail network, and upgrade of existing metro lines across the world. Rapid integration of portable multifunctional modules across offshore wind farms, railway applications, and digital substations will further fuel the product penetration.

The fixed mounting segment is expected to have the highest CAGR during the forecast period

The fixed mounting segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the high-cost efficiency, low failure rate, and exceptional safety factor of fixed mounting DC switchgear. The adoption of limited adjoining parts along with low failure rates has substantially swayed the product installation across the industry landscape.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increasing investments in the railways sector and integration of renewable energy sources, especially in countries such as China, India, Japan, and Australia. The presence of a large potential for large industrial plant construction, with rapidly developing residential and commercial sectors, is likely to increase the demand for DC switchgear in the region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period owing to government initiatives toward the replacement and up-gradation of existing distribution networks coupled with growing demand for cost-competitive products. Furthermore, the ongoing deployment of decentralized power systems in line with smart low voltage control units will further drive the market in the region.

Key players in the market

Some of the key players profiled in the DC Switchgear Market include Toshiba Infrastructure Systems & Solutions Corporation, Siemens, ENTEC Electric & Electronic, General Electric, Powell Industries, L&T Electrical & Automation, Ningbo Tianan, Myers Power Products, Inc., LS ELECTRIC Co., Ltd, KDM Steel, Hitachi Energy Ltd., Grimard, PLUTON Rail PTY LTD, Schneider Electric, Eaton, Brush Group, ABB and Sécheron.

Key Developments:

In Dec 2021, Schneider Electric entered into an agreement with Minesto to develop and build ocean energy farms based on Minesto’s Deep Green technology. The collaboration between Minesto and Schneider Electric aims at accelerating the commercial roll-out of marine energy to enable the global transition toward net-zero societies, where energy systems that include plannable, renewable energy production are necessary.

In Jan 2021, Myers Power Products, Inc. signed an agreement with EMR Associates to serve commercial/ institutional and industrial markets in the Midwest, South Central, and Ozark states. EMR Associates will provide sales and technical support for Myers’s portfolio of electrical equipment.

Deployment Types Covered:
• Withdrawable Units
• Plug-In
• Fixed Mounting

Voltages Covered:
• 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

Applications Covered:
• Power Generation
• Marine
• Railways
• Solar Farms
• Electric Vehicle Charging Infrastructure
• Battery Storage

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances