CHICAGO, May 10, 2019 /PRNewswire/ -- According to the new market research report "DC Circuit Breaker Market by Voltage (Medium Voltage and High Voltage), Type (Solid-State and Hybrid), Insulation (Vacuum and Gas), End-User (T&D utilities, Power generation, Renewables, and Railways) and Region - Global Forecast to 2024", published by MarketsandMarkets™, the DC Circuit Breaker Market is expected to grow from an estimated USD 2.3 billion in 2019 to USD 3.2 billion by 2024, at a CAGR of 6.54%. Increasing investments in the electrical networks, increasing demand for reliable and secure power supply worldwide, and growing adoption of renewable energy sources across the globe are likely to drive the DC Circuit Breaker Market. Aging Power Infrastructure, rising electrification projects and adoption of the HVDC technology, can lead to opportunities in the DC Circuit Breaker Market.
The medium voltage segment is expected to hold the largest share of the DC Circuit Breaker Market, by voltage, during the forecast period.
The medium segment led the DC Circuit Breaker Market in 2019 and is projected to have the largest market share during the forecast period. This growth can be attributed mainly to the growing demand to attain reliable and sustainable power supply mostly in rural areas of the Asia Pacific and the Middle East & Africa region. Increasing investments in aging electrical infrastructure in transmission and distribution networks and the rising need to protect electrical circuit equipment further drives the medium voltage DC Circuit Breaker Market.
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By insulation, the vacuum segment led the DC Circuit Breaker Market, during the forecast period.
The vacuum segment led the DC Circuit Breaker Market in 2019. High insulating strength, suitability for repeated operations, & low maintenance cost are expected to drive the vacuum DC Circuit Breaker Market. Also, rising investments in electrification projects, in which vacuum technologies are highly deployed encourages players to invest in the DC circuit breaker. They are mainly used in medium voltage ranging from 11 kV to 33 kV. They have a long mechanical service life. They are fast in operation; hence are ideal for fault clearing. Further, they are also safe as they do not explode, have a noiseless operation, are eco-friendly, and have a very minimal maintenance cost. They mainly find application in switchgears, transformers, power conditioning systems, switching devices, and transformers.
Asia Pacific: The leading market for DC Circuit Breaker Market
In this report, the DC Circuit Breaker Market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific led the global DC Circuit Breaker Market in 2018. The high growth rate in the Asia Pacific region can be attributed to increased investments in the electric grid development and growing reliance on renewable sources of power generation. China and India are the largest markets for DC Circuit Breaker Market in the region. Increasing grid investments and plans for electrification in remote areas in countries such as Vietnam, Indonesia, and the Philippines is likely to drive the growth of the DC Circuit Breaker Market in the region during the forecast period. Rise in investments in smart grid technologies is another factor which is driving the DC Circuit Breaker Market in Asia Pacific.
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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 Circuit Breaker Market. The key players are ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Toshiba (Japan), Larsen & Toubro (India), Mitsubishi (Japan), Powell (US), Rockwell Automation (US), Fuji Electric (Japan), CG Power (India), ENTEC Electric & Electronic (South Korea), BRUSH Group (UK). Contracts & agreements was one of the key strategies adopted by the players to strengthen their global presence and offerings.
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