DC Switchgear Market Anticipated to Reach $14.8 billion at a CAGR of 6.1% by 2026

According to a new market research, 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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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.

Key Market Players

The DC switchgear market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global DC switchgear market 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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Opportunities: Adoption of high voltage direct current (HVDC) technology

The rising environmental concerns urge the government to invest in renewable energy-based power generation. Renewable power generation, such as solar, wind (onshore and offshore), biomass, hydroelectric, and geothermal power plants, are located in remote areas. To connect such remotely located power generation sources and to minimize transmission losses, companies deploy 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 growing trend and presents lucrative growth opportunity for the growth of the market.

Challenges: Cybersecurity issues

The installation of modernized DC switchgear aids the optimal functioning of any power supply system but may pose a security threat from anti-social elements. Data theft or security breach could be done by bypassing securities on the remote access, leading to blackouts and power outages. 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.

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Recent Developments

In December 2021, Rail Vikas Nigam Limited (RVNL), an organization under ministry of railways, government of India selected Hitachi Energy India's advanced power automation and control solution. Hitachi Energy India supplied remote terminal units & SCADA system for Baranagar traction substation (TSS) and Dakshineswar TSS. The scope included the design, supply, testing, and commissioning of the SCADA system for 33 kV power distribution, traction substations, and auxiliary substations combined with a 750 V dc third rail traction system for Joka-Majerhat and airport-new Garia corridors.
In December 2021, Toshiba Infrastructure Systems & Solutions Corporation has been contracted by Busan Transportation Corporation for provision of electrical equipment for railway traction in Korea. The scope of products to be supplied by the company include permanent magnet synchronous motors (PMSMs) and other electric equipment.
In July 2021, Myers Power Products, Inc. has engaged with Joseph E. Biben Sales Corp & Biben Marketing Group to serve commercial and institutional customers in the MidAtlantic. Areas included in their territory are the states of Delaware and Maryland, Southern New Jersey, Eastern Pennsylvania, Northern Virginia, and the District of Columbia. Biben will provide sales and technical support for Myers' medium and low voltage power distribution equipment, including power distribution centers, switchgear, unit substations, circuit breakers, and more.

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