DC Switchgear Market Worth $14.8 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 10, 2022 /PRNewswire/ -- According to the new market research report "DC Switchgear Market 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 and Above 10 kV), Deployment Type (Fixed Mounting, Plug-In, and Withdrawable Units), Application, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global DC Switchgear Market is projected to reach USD 14.8 billion by 2026 from an estimated market size of USD 11.0 billion in 2021, at a CAGR of 6.1% during the forecast period. The factors driving the growth for DC switchgear are the growing demand for renewable power generation and increasing investment in the upgradation and modernization of the railway sector.
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Up to 750 V: The largest segment of the DC Switchgear Market, by voltage.
The DC Switchgear Market, by voltage, is segmented into up to 750 V, 750 V to 1,800 V, 1,800 V to 3,000 V, 3,000 V to 10 kV and above 10 kV. The up to 750 V segment is expected to be the largest segment in the DC Switchgear Market, by voltage, during the forecast period. The high-cost efficiency associated with 750 V DC power supply systems is expected to fuel the growth of the up to 750 V segment of the DC Switchgear Market.
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The railways segment is expected to be the most significant DC Switchgear Market, by application.
The DC Switchgear Market, by application, is segmented into railways, solar farms, battery storage, EV charging infrastructure, marine, power generation and others. The railways segment is expected to hold the largest size of the market for DC switchgears. The developments in the suburban railway network, expansion and modernization of heavy rail network, and upgrade of existing metro lines across the world are expected to fuel the growth of the railways segment in the DC Switchgear Market.
Asia Pacific is expected to dominate the global DC Switchgear Market.
The Asia Pacific region is estimated to be the largest market for the DC switchgear, followed by North America. The Asia Pacific region is also projected to be the fastest growing market during the forecast period. Asia Pacific is expected to dominate the market due to the growing investments in the railways sector and integration of renewable energy sources, especially in countries such as China, India, Japan, and Australia.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the DC Switchgear Market. These players include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Hitachi Energy Ltd. (Japan), Toshiba Infrastructure Systems & Solutions Corporation (Japan), General Electric (US) and Schneider Electric (France).
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