New York, May 25, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Direct Current Power System Market” published by Consegic Business Intelligence, the market was worth USD 29,984.41 Million in 2022 and is anticipated to reach over USD 53,670.64 Million by the year 2030, growing at a CAGR of 7.8%.
Direct current power system are used to transmit and distribute electricity y utilizing direct current. Direct current power systems are crucial in telecommunication networks including cellular towers, base stations, and data centers in order to ensure reliable and uninterrupted power supply. Additionally, direct current power systems are commonly used in battery energy storage systems to store and deliver electricity.
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The growing adoption of Battery Energy Storage Systems (ESS) is driving the growth of direct current power system market. Direct current can be easily stored in batteries, hence the rise in adoption of battery energy storage systems is positively impacting the demand for direct current power systems. Moreover, increasing government initiatives to boost the production of renewable energy sources is contributing to the growth of the market. For instance, the Inflation Reduction Act passed by the U.S. government in August 2022 focuses to reduce manufacturing cost of drugs by shifting towards cost-effective renewable source of energy. Thus, the growing adoption of Battery Energy Storage Systems (ESS) along with favorable government initiatives is accelerating the growth of the market.
The surging adoption of electric vehicles is expected to present significant growth opportunities for the direct current power system market. The DC power system of an electric vehicle converts the high-voltage of the battery to the lower-voltage direct current that is required to recharge the auxiliary battery and run the vehicle accessories. DC power systems play avital role in fast charging of electric vehicles.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 53,670.64 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 7.8% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | ABB, Eaton, ENERSYS, Helios Power Solutions, Advanced Energy Industries, Inc., AEG Power Solutions, Heinzinger electronic GmbH, Huawei Technologies Co., Ltd., Vertic Group Corp., Schneider Electric, ZTE Corporation, GS Yuasa International Ltd. |
| By Type | 0-24V DC Power System, 48V DC Power System, and More than 48V DC Power System |
| By End-User | Telecom, Industrial, and Commercial |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Key Market Highlights
- The global Direct Current Power System market size is estimated to reach USD 53,670.64 Million by 2030 and grow at a CAGR of 7.8% during the forecast period (2023-2030).
- Globally, Direct Current Power System are divided based on the type into 0-24V DC Power System, 48V DC Power System, and More than 48V DC Power System.
- In the context of end-user, the market is separated into Telecom, Industrial, and Commercial.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in direct current power system market.
Direct Current Power System Market Growth Drivers:
- Surging adoption of Battery Energy Storage Systems (ESS) is driving the market growth.
- Increasing data centers and telecommunication infrastructure is fueling the adoption of direct current power systems.
- Growing initiatives to shift towards renewable energy sources.
Restraints
- High cost of infrastructure to shift from AC to DC power.
Opportunities
- Rising adoption of electric vehicles provides growth opportunities.
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Global Direct Current Power System Market Segmentation Details:
Based on Type, the 48V DC power system segment contributed the largest shares to the market growth in 2022. The 48V DC power systems are most commonly used for applications in telecommunications, data centers, and distributed power systems. The ability of the 48V DC power systems to provide increased power to components without raising the current is considered to be one of the key factors driving the growth of direct current power system market.
Based on End-User, the commercial segment is expected to grow with the fastest CAGR in the global direct current power system market during the forecast period. The commercial applications of the direct current power systems include retail shops, hospitality sector, commercial buildings, and others. The growing initiatives to reduce energy consumption is anticipated to drive the growth of direct current power system market in the upcoming period.
Based on region, The North American region has been a major contributor to the growth of Direct Current Power System market. The increasing adoption of electric vehicles is driving the growth of the direct current power system market in the region. Additionally, factors including increasing adoption of battery energy storage systems, and renewable energy systems among others are driving the market growth of the direct current power system market in the region.
Recent Developments
- In April 2021, Hitachi, Ltd. commenced the operation of Hida-Shinano, a frequency conversion facility in Japan. The facility is a direct current transmission system that is built to enhance the interconnection capacity between various areas in Japan.
- In January 2023, the U.S. Department of Energy’s Oak Ridge National Laboratory developed a utility-scale design and control system for a hybrid solar power plant. The system can be operated with both alternating and direct currents.
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List of Major Global Direct Current Power System Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- ABB
- Eaton
- ENERSYS
- Helios Power Solutions
- Advanced Energy Industries, Inc.
- AEG Power Solutions
- Heinzinger electronic GmbH
- Huawei Technologies Co., Ltd.
- Vertic Group Corp.
- Schneider Electric
- ZTE Corporation
- GS Yuasa International Ltd.
Global Direct Current Power System Market Segmentation:
- By Type
- 0-24V DC Power System
- 48V DC Power System
- More than 48V DC Power System
- By End-User
- Telecom
- Industrial
- Commercial
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Key Questions Covered in the Direct Current Power System Market Report
- What is a Direct Current Power System?
- A direct current power system is an electrical power transmission and distribution system that utilizes direct current to transmit and deliver electricity. In a direct current power system, the electric current flows continuously in a single direction from a power source to the load.
- What will be the potential market valuation for the direct current power system market industry by 2030?
- The market for global direct current power system market is expected to reach USD 53,670.64 Million in 2030 growing at a CAGR of 7.8% due to the growing demand for telecom infrastructure and electric vehicles.
- What specific segmentation details are covered in the direct current power system market report, and how is the fastest segment anticipated to impact the market growth?
- The report consists of segments including type and end-user. Each segment is projected to have the fastest-growing sub-segment, being fueled by industry trends and drivers. For instance, the end-user segment has witnessed commercial as the fastest-growing segment due to increasing adoption of battery storage systems in the commercial sector.
- Which region is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- The Asia-Pacific region is expected to witness fastest-CAGR growth during the forecast period due to the rise in telecom infrastructure and increase in commercial construction in the region.
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