DC Switchgear Market – An Overview
The global DC switchgear market is expected to witness strong growth during the forecast period between 2021 and 2031.
DC switchgear is a product designed to offer protection for the railway lines that are powered by direct current. These railway lines also consist of high-speed circuit breakers for the power feeder, rectifiers, and other reserve applications to prevent any accidents.
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Apart from railway lines, some of the other application areas for DC switchgears include battery storage, power generation, solar farms, and electric vehicle charging infrastructure.
The wide application range of DC switchgears has contributed significantly to the growth of the overall DC switchgear market, in the last few years.
DC Switchgear Market – Trends and Opportunities
Rising demand for secure and reliable power supply from various industries is the key growth driver for the global DC switchgear market.
Also, increasing product deployment for rail transportation activities is expected to fuel the growth in the global DC switchgear market, in the coming years.
In addition to this, aging power infrastructure in leading economies globally could propel the demand for improved quality of DC switchgear which would, in turn, contribute to the growth of the overall DC switchgear market, in the years ahead.
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Increasing DC switchgear demand for electrification purposes in rural areas could also bolster the growth in the global DC switchgear market, in future.
Advancements to existing DC switchgear products could also increase product demand and contribute to overall market growth.
Fixed mounting deployment type is expected to make the largest contribution to the overall DC switchgear market owing to features such as reduced failure rate, high cost-efficiency, and improved safety factor.
DC Switchgear Market – Competitive Landscape
The global DC switchgear market is extremely competitive with the presence of several leading players. Many of them have become successful owing to years of delivering consistent results and are expected to account for a large share in the overall market, in future.
Growth strategies such as novel product launches could assist leading DC switchgear market players gain a competitive edge over other players, in future.
Collaboration with smaller players could help well-established DC switchgear market players expand their market presence and increase their revenue shares.
R&D activities to produce improved quality of products that would meet the requirements of large number of consumers could be a key growth strategy for prominent DC switchgear market players, in the coming years.
The smaller DC switchgear market players will seek funding from private investors, which would help them in their long-term growth.
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Some of the leading players in the global DC switchgear market include Hitachi Energy Ltd., Eaton, Siemens, ABB, and Toshiba Infrastructure Systems and Solutions Corporation.
DC Switchgear Market – Regional Assessment
The global DC switchgear market is divided into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
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