New York, US, March 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Paralleling switchgear Market Research Report, by Voltage, End-Use, Region, and Application- Forecast Till 2030”, the global market for Paralleling switchgear is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 5.5%. The reports further anticipate the market to acquire a valuation of around USD 1.97 Billion by the end of 2030.
Paralleling switchgear Market Overview:
Paralleling switchgear refers to an operation in which two or more generators are generally synchronized and then connected to a common. The arrangement includes breaker and control compartments and can be installed at several voltages. Paralleling switchgear involves breaker and control sections. These sections can be submerged into one line-up or deployed individually. Furthermore, the switchgear can either be of medium or more medium voltage. It provides enhanced reliability and beneficial features such as cost savings using segregated controls, uninterruptible maintenance, and flexibility in load management. It plays a role of an integrated system protecting controls and meters. It switches elements to streamline the power distribution for the system, like legally required standby by the system, an optional standby system, an emergency system, and a critical operation power system. These sets are primarily needed in vital applications like hospitals and data centers, where power cuts can lead to loss of life or a significant financial loss.
Competitive Analysis
The listing of the prominent leaders across the global paralleling switchgear market includes players such as:
- Regal Beloit Corporation (U.S.)
- General Electric Company (U.S.)
- Schneider Electric SE. (France)
- Caterpillar Inc. (U.S.)
- Advanced Power Technologies. (U.S.)
- Cummins Inc. (U.S.)
- Enercon Engineering, Inc. (U.S.)
- Rolls-Royce (MTU Onsite Energy) (U.K.)
- Industrial Electric Mfg (U.S.)
- Kohler Co. (U.S.)
- Russelectric Inc. (U.S.)
- Pioneer Power Solutions. (U.S.)
- Among others.
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The global market for paralleling switchgear has expanded enormously in recent times. The main aspect supporting the development of the market is the substantial growth in the conventional and non-conventional power sectors. Furthermore, the increase in energy demand has boosted the paralleling switchgear market in several regions worldwide. Moreover, the upgrade of aging utility infrastructure coupled with rising investments in the renewable energy sector has also positively impacted the market performance in recent times.
Paralleling Switchgear Market USP Covered
Market Drivers
The global paralleling switchgear market has expanded enormously in recent times. The main aspect supporting the development of the market is the substantial growth in the conventional and non-conventional power sectors. Furthermore, the increase in energy demand has boosted the paralleling switchgear market in several regions worldwide. Moreover, the upgrade of aging utility infrastructure coupled with rising investments in the renewable energy sector has also positively impacted the market performance in recent times.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: Significant value |
| CAGR during 2022-2030 | 5.5% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Voltage, Application, End-Use |
| Key Market Opportunities | Gradual Recovery Of construction, oil & gas, mining and telecommunication |
| Key Market Drivers | Increasing stake of distributed generation Maturing and overloading of power grids Investment in commercial and industrial sectors |
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Market Restraints
On the other hand, certain parameters may limit the performance of the market. The main challenge to the market's growth is the high cost and availability of other alternatives.
Paralleling Switchgear Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the paralleling switchgear market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Paralleling Switchgear Market Segment Analysis
Among all the voltage ranges, the low voltage segment is anticipated to secure the lead across the global market for paralleling switchgear over the coming years. The segment's growth is ascribed to the aspects such as in housing capability of numerous assemblies of equipment, rising demand from the construction and telecommunications sectors, safer operations, and an upsurge in demand from the industrial sector.
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Among all the application areas, the standby segment is predicted to ensure the top spot across the global market for paralleling switchgear over the coming years, given the power stability in many industries.
Among all the end-users, the industrial segment is predicted to ensure the top spot across the global market for paralleling switchgear over the coming years owing to the focus on data center services, growing demand for critical power from industries in developing regions, and huge investments in public infrastructure.
Paralleling Switchgear Market Regional Analysis
The global market for paralleling switchgear is analyzed across five main geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR research documents suggest that the Asia-Pacific region is predicted to hold the top spot across the global market for paralleling switchgear over the assessment era. The regional market is predicted to display the maximum growth rate over the coming years. The region has China as the leading growth contributor, followed by emerging economies such as Japan and India.
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The primary aspect supporting the development of the regional market is the rapidly rising population with massive energy demand growth leading to cause extraordinary growth for residential, commercial, and industrial infrastructure in the region and therefore causing a major surge in the performance of the regional market.
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