DC Circuit Breaker Market size is projected to grow over the span of 2021-2027 with rise in power consumption, an increase in electrical network infrastructure, and growing investments in T&D infrastructure. A surge in use of renewable sources in the energy mix, and modernization of aging infrastructure will also favor the market expansion.
Furthermore, extensive development of clean energy and renewable projects worldwide is slated to create lucrative opportunities for the DC circuit breaker market in the coming years. For instance, the New York governor, Kathy Hochul recently proposed new initiatives to increase the state’s reliance on renewable energy and alleviating the risks of climate change.
However, factors like high installation and maintenance costs, stringent government laws, and rise in the stability of electric supply are anticipated to obstruct the growth of the market in the coming years.
Based on the type, solid-state DC circuit breakers are gaining ground worldwide. Solid state DC circuit breakers pose the ability to react and limit fault current faster than hybrid and electromechanical solutions. The use of these devices brings about benefits for a majority of applications as faults can be secured and advanced network topology can be used within the system. The segmental growth can also be ascribed to the rising number of electrification projects in power plants and extensive demand from utilities, transportation, and renewables sectors.
In terms of voltage, high voltage DC circuit breakers would gain considerable returns across the overall DC circuit breaker market. These circuit breakers offer an effective way of power transmission across long distance. It is developed specifically to be used for protection against fault current in HVDC circuits. These circuit breakers are generally used in diverse applications including photovoltaic plants, HVDC power transmission, electric traction, and more.
Geographically, Asia Pacific DC circuit breaker market is touted to record prolific gains through 2027, driven by the expanding population, industrialization, and urbanization. This has led to an increase in the power supply, leading to the demand for DC circuit breakers across various APAC economies including Japan, China, India, and South Korea. Growing investments in power generation sector and transmission and distribution infrastructures would further complement the market growth. Furthermore, growth in the renewable project development would as well stimulate the demand for DC circuit breakers, impelling the regional market growth share.
ABB, Toshiba, CG Power and Industrial Solutions Limited (Murugappa Group), Eaton Corporation, Siemens AG, Larsen & Toubro Ltd., Mitsubishi Electric (Mitsubishi Group, Renault–Nissan–Mitsubishi Alliance), Rockwell Automation Inc., Fuji Electric (Furukawa Group), and others are some of the prominent players operating in the global market.
These companies are focusing on expanding their market presence using various strategies like new product launches, collaborations, partnerships, mergers and acquisitions.
The novel outbreak of COVID-19 pandemic is expected to have a considerable impact on the global DC circuit breaker market. This can be ascribed to the declining use of the product in railways due to stringent restrictions across transportation sector, disruptions in the supply chain, and sluggish growth in T&D industry. However, operations with reduced workforce in power generation industries produced a positive impact on the market.