The DC switchgear market is projected to increase to USD 15.066 billion in 2023. The DC switchgear industry is anticipated to develop at a strong CAGR of 6.9% between 2023 and 2033, achieving a valuation of USD 29.361 billion by 2033 due to the rise in energy consumption globally and the growing need for DC switchgear in a variety of applications.
A collection of components used within an electrical grid to manage and regulate changes in direct current (DC) levels is referred to as DC switchgear. It is used in many contexts, including railways, ships, and battery storage. The switchgear market's total share of the DC switchgear business is roughly 18.1%.
The DC switchgear industry is likely to grow rapidly in the next years. The growing need for renewable energy sources like solar and wind power propels the adoption of DC switchgear systems. These technologies provide efficient direct current (DC) power transmission and distribution, decreasing energy losses and improving grid stability.
The increased need for energy-efficient solutions and the development of smart grids is surging market expansion for DC switchgear. Incorporating sophisticated technologies like the Internet of Things (IoT) and automation in DC switchgear systems is projected to present market participants with attractive opportunities. Overall, the DC switchgear industry is expected to grow significantly soon.
DC Switchgear Market (From 2018 to 2022)
| Market HCAGR (From 2018 to 2022) | 4.5% |
|---|---|
| Market Size - 2018 | USD 11.80 billion |
| Market Size - 2022 | USD 14.058 billion |
DC Switchgear Market (From 2023 to 2033)
| Market CAGR (From 2023 to 2033) | 6.9% |
|---|---|
| Market Size - 2023 | USD 15.066 billion |
| Market Size - 2033 | USD 29.361 billion |
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The CAGR for the DC switchgear industry is predicted to increase from 4.5% between 2018 and 2022 to 6.9% between 2023 and 2033. Demand for DC switchgear is primarily driven by increased energy consumption and expanding applications in power distribution, solar farms, EV charging infrastructure, railroads, and other industries.
Leading market companies adopt an acquisition and partnership strategy with local and regional players to boost their revenue share and broaden their global reach. This is largely influencing the market size for DC switchgear.
Growing Popularity of Smart Switchgear Propelling Growth in the Global DC Switchgear Market
The rising popularity of smart and intelligent switchgear is a key driving factor in the global switchgear business. This newly installed switchgear is supplied with sophisticated electrical components and smart communication capabilities.
Compared to traditional switchgear, smart switchgear provides benefits such as operation monitoring, the ability to analyze events, and the supply of real-time information and statistics.
Smart switchgear can also evaluate and disseminate this data, making it simpler to spot flaws and issues, preventing system breakdowns, and saving costly downtime. They can also manage and foresee unexpected meltdowns and events, decreasing costs and energy usage.
The United States Department of Energy (DOE) forecasts that between 2023 and 2033, the cost of establishing a safe and secure electrical distribution system to range between USD 1.5 and USD 2 trillion.
Similarly, governments in developing countries are investing in increasing electrification rates by supplying energy to rural regions. According to the International Energy Agency (IEA), an additional 1.7 billion people are anticipated to have access to electricity by 2030, with the number of people without electricity likely to reduce to less than 1 billion by 2030, accounting for around 10% of the global population. These advances may boost demand for smart electronic products like smart DC switchgear in the forthcoming years.
Modification in Switchgears by Key Market Players and Shift Towards Renewable Energy Resources to Boost Sales in Future
The commercial and industrial switchgear business may install around 18 million units annually by 2021. Government-aided sustainable businesses boost profits by distributing construction expenditures throughout the residential and commercial sectors. The possibility of modifying these devices to improve operability, encourage peripheral aesthetic proximity, and reduce maintenance may spur switchgear demand.
Several contemporary manufacturers have provided components with automated self-assessment highlights, making it simpler for end users to manage and reduce minor functional interruptions. Furthermore, the installation of high-voltage lines, as well as enhancements to new distribution networks, can influence market development.
Similarly, growing environmental concerns and energy crises are forcing the government to invest in renewable energy-based electricity generation. Solar, wind (onshore and offshore), biomass, hydropower, and geothermal power plants are being increasingly established across various regions. Businesses use HVDC systems to connect these electricity plants while minimizing transmission losses. This creates an enormous demand for DC switchgear, and the trend is to continue during the forecast period.
HVDC transmission is especially efficient for long-distance power transmissions. Integrating renewable energy sources with HVDC transmission networks is a growing trend that gives the market a profitable growth opportunity.
Principal Consultant
| Attributes | Details |
|---|---|
| United States Market Share - 2023 | 18.40% |
| Australia Market Share - 2023 | 0.70% |
Growing Adoption of Smart Technologies Pushing Demand for DC Switchgears in the United States
As per FMI, the United States DC switchgear industry is predicted to expand at 6.9% CAGR during the forecast period, reaching around USD 3.9 billion in sales by the end of 2033. Demand for DC switchgear in the United States market is driven by rapidly expanding energy infrastructure, increasing government investments, the heavy presence of leading DC switchgear manufacturers, and the development of new and innovative products that involve the majority of the country's leading companies.
Similarly, the rising adoption of smart technologies to improve safety and reduce energy loss is boosting sales of smart switchgear in the country.
| Attributes | Details |
|---|---|
| Japan Market Share - 2023 | 5.40% |
| China Market CAGR (From 2023 to 2033) | 7.40% |
| India Market CAGR (From 2023 to 2033) | 8.00% |
Rising Government Investments to Develop and Expand Energy Infrastructure Boosting DC Switchgears in India
Factors such as rapid urbanization, fast economic expansion, and population increase are creating demand for energy infrastructure development in India. To develop and expand the power generation and distribution infrastructure and make electricity accessible to every citizen, the government of the country is investing billions of dollars, thereby creating space for the DC switchgear market.
India is one of the swiftly-growing countries, and urbanization is accelerating at a robust pace. The Indian government is focusing on improving State Electricity Boards, which has resulted in a significant increase in infrastructure for rural electrification.
Key manufacturers in India are working on providing low-cost switchgear to extend their footprint in rural regions. By the end of the year 2033, the Indian market is expected to surpass revenues of USD 1.78 billion.
| Attributes | Details |
|---|---|
| Germany Market Share - 2023 | 6.60% |
| United Kingdom Market CAGR (From 2023 to 2033) | 5.40% |
Availability of Updated DC Switchgears Boosting Market Growth in Germany
German manufacturers are creating switchgear to boost substation transmission capacity. As it transitions to a new energy mix, Germany's transmission infrastructure faces huge hurdles. Renewable energy farms, which are largely concentrated in northern Germany, require smooth T&D equipment like switchgears to transmit electricity to the country's southern regions.
These companies are also creating and updating switchgear to make it more environmentally friendly. By the end of 2033, the German market may surpass sales of USD 1.073 billion.
| Category | Component Type |
|---|---|
| Leading Segment | Power Distributor Switch Breaker |
| Market Share | 48.00% |
Power Disconnector Switch Breaker to Remain Highly Sought-After
As per FMI, the power disconnector switch breaker segment dominates the global DC switchgear industry and is likely to grow at a robust CAGR during the forecast period. This can be attributed to the rising adoption of power disconnector switch breakers across various industries.
The power disconnector switch breaker segment is projected to create an absolute dollar opportunity of around USD 5.011 billion between 2023 and 2033.
| Category | Voltage Range |
|---|---|
| Leading Segment | Upto 750V |
| Market Share | 40.20% |
Due to its strong demand, the Voltage Range sector of up to 750V occupies a significant position in the DC switchgear business. This sector includes a variety of electrical devices and machinery that can operate at voltages up to 750V and are used in various industrial and commercial settings.
The growing adoption of renewable energy sources, such as solar and wind, which frequently need effective and dependable power distribution solutions, escalates demand for DC switchgear in this voltage range. The necessity for reliable DC charging stations and the expansion of the electric car infrastructure also contribute to the increased demand for DC switchgear in the up to 750V segment.
Most DC Switchgear Sales Remain Concentrated in Power Generation and Distribution Sector
Amid increasing demand for electricity and rising government investments, the power generation and distribution segment is expected to generate an absolute dollar opportunity of more than USD 4.006 billion between 2023 and 2033.
Governments across the world are investing large amounts in developing and expanding the power generation and distribution infrastructure to make electricity accessible to each and every individual. This, in turn, is creating demand for products like DC switchgear, and the trend is likely to continue during the forecast period.
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In recent years, acquisition and growth operations to bolster the DC switchgear supply chain have increased. Many well-known DC switchgear manufacturers are continually studying and developing new technologies.
Various market participants are launching new DC switchgear to expand their client base and get a competitive advantage in the global DC switchgear industry.
Various notable DC switchgear firms also receive contracts to deliver electrical equipment from government and private organizations. For example, Toshiba Infrastructure Systems & Solutions Corporation obtained an order from Busan Transportation Corporation in December 2021 to provide electrical equipment for railway traction in Korea.
Switchgear BV (2018) and Switchgear, among other startups, continually invent and create high-quality DC switchgear for a wide range of applications.
Prominent Players
Novel Breakthroughs and Advancements
| Company | HPL Electric & Power |
|---|---|
| Strategy | Launch |
| Details | In September 2021, HPL Electric & Power launched a new switchgear range designed for application in solar power distribution panels. The new range includes HPL’s DC Disconnector switch for up to 1500v DC current. |
| Company | Pluton Company |
|---|---|
| Strategy | Launch |
| Details | In 2019, Pluton Company unveiled new innovative Pluton solutions for DC traction substations. |
| Company | Siemens |
|---|---|
| Strategy | Acquisition |
| Details | In 2021, Siemens acquired switchgear specialist C&S Electric Company for USD 296 million. |
The overall market is forecasted to progress at 6.9% CAGR between 2023 and 2033.
The global DC switchgear market value is expected to be worth USD 29.361 billion by 2033.
The United States is estimated to have 18.4% of the global market share in the year 2023.
The sales of DC switchgears in India could increase at 8% CAGR through 2033.
The power distribution switch breaker segment contributes roughly 48% of the global market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component Type 5.1. Power Distributor Switch Breaker 5.2. Switch Disconnector 5.3. MCCB 5.4. MCB 5.5. HRC Fuse 5.6. Earth Fuse 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Voltage Range 6.1. Up to 750V 6.2. 750V to 1800V 6.3. 1800V to 3000V 6.4. 3000V to 10,000V 6.5. Above 10kV 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Insulation Type 7.1. Air Insulated 7.2. Gas Insulated 7.3. Oil Insulated 7.4. Vacuum Insulated 7.5. Solid Insulated 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Deployment Type 8.1. Fixed Mounting 8.2. Plug-In 8.3. Withdrawable Value (USD Million) & Volume (Units) 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 9.1. Railways 9.2. Solar Farms 9.3. Battery Storage 9.4. EV Charging Infrastructure 9.5. Marine 9.6. Power Generation and Distribution 9.7. Others 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. South Asia and Pacific 10.6. East Asia 10.7. Middle East and Africa 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. Powell Industries Inc. 20.2. Caterpillar 20.3. Industrial Electric Manufacturer 20.4. Eaton Corporation 20.5. ABB Ltd. 20.6. Siemens AG 20.7. Schneider Electric 20.8. Toshiba Corporation 20.9. Hitachi Ltd. 20.10. WEG SA 20.11. TWYVER Switchgear Ltd. 20.12. Alstom 20.13. Hyundai Electric & Energy System 20.14. Fuji Electric Company 20.15. Havells India Ltd. 20.16. CG Power & Switchgear Pvt. Ltd. 20.17. BHEL 20.18. Noja Power Switchgear Pvt Ltd 20.19. Abdullah Abunayyan Group 20.20. Meta Switchgear Company 21. Assumptions & Acronyms Used 22. Research Methodology
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DC Switchgear Market
