NEWARK, Del, April 19, 2024 (GLOBE NEWSWIRE) -- The electricity demand globally is multiplying due to the booming population and the amplifying power consumption. The updated edition of the analysis indicates a worth of US$ 1.70 billion for the paralleling switchgear market in 2024.
Looking ahead to 2034, the current forecast projects a CAGR of 5.80%. Current projections of the paralleling switchgear market infer a valuation of US$ 3.00 billion by 2034.
The constant and reliable electricity supply requirement soars the paralleling switchgear industry. End-use industries like healthcare, data centers, production, and telecommunications need continuous power to curb downtime, machinery damage, and data loss. As urbanization is broadening, there is an escalated demand for paralleling switchgear in sectors like production, oil, gas, and mining since they require uninterrupted power sources to operate.
On the contrary, paralleling switchgears are intricate to design, install, and upkeep. Correct configuration and coherence of diverse power sources are vital to prevent electrical failures. Assembling a parallel switchgear system is costly, in large-scale installations, like the equipment’s price, equipment installation, aftercare, and continual monitoring costs. This factor inhibits the paralleling switchgear market growth from 2024 to 2034.
Gain Valuable Insights from Industry Experts to Shape Your Growth Strategies. Access our Sample Report Now https://www.futuremarketinsights.com/reports/sample/rep-gb-19494
Regional Outlook
Asia Pacific takes precedence in the global paralleling switchgear system market. This is because of the swift economic development, surging energy requirements, continuous and planned infrastructure advancement strategies, and a critical move towards implementing productive power distribution devices. China and India are witnessing notable industrialization and urbanization, augmenting the demand for steady power distribution solutions.
The parallel switchgear sales to spur at a significant CAGR in North America between 2024 and 2034. The United States and Canada, have a dynamic presence in data centers, telecommunications, and healthcare fields. These end-use industries are in demand for reliable power supply systems, and paralleling switchgear is crucial to supply constant electricity. The swift expansion of data centers and the booming IT infrastructure development thrust demand for parallel switchgear in North America
“The paralleling switchgear industry is on the growth avenue soared by amplified demand for reliable power supply solutions. Technological innovations and an elevating focus on energy efficiency spur the market expansion of paralleling switchgears during the forecast period,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways
- The low voltage segment in the voltage category to infer a CAGR of 5.5% through 2024.
- The prime application is slated to indicate a CAGR of 5.3% between 2023 and 2024.
- The United Kingdom sales of paralleling switchgears indicate a CAGR of 7.3% through 2034.
- The United Sates paralleling switchgear market reflects expansion from 2024 to 2034 at a CAGR of 6.1%.
- China paralleling switchgear system market exhibit upsurge at CAGR of 6.7% between 2024 and 2034.
- From 2024 to 2034, South Korea paralleling switchgear industry equates at a CAGR of 8.20%.
- Japan paralleling switchgear market implies expansion at a CAGR of 7.00% through 2034.
Get the Complete Report Methodology Now! https://www.futuremarketinsights.com/request-report-methodology/rep-gb-19494
Competitive Landscape
The significant paralleling switchgear vendors invest in the research and development of novel products that are more efficient and efficacious than their traditional equipment. Partnerships, mergers, product launches, and acquisitions are the preferred strategies for paralleling switchgear manufacturers seeking expansion of their market presence globally. The paralleling switchgear system market is in its evolvement stages and has a vast potential to develop.
Key Players in the paralleling switchgear Industry
- General Electric Company
- Caterpillar Inc.
- Cummins Inc.
- Rolls-Royce (MTU Onsite Energy)
- Kohler Co.
- Pioneer Power Solutions
- Regal Beloit Corporation
Latest Developments
- In April 2021, GE and Hitachi-ABB Power Grids signed a cross-licensing deal that allowed them to expand their high-voltage equipment line by putting in a gas alternative to sulfur hexafluoride (SF6). SF6 is a switching and insulating gas broadly used in high-voltage electric appliances.
- In July 2021, the European Commission's life climate action initiative awarded GE Renewable Energy's Grid Solutions firm with US$ 2.6 million to assist in capitalizing the innovation of a sulfur hexafluoride (SF6)-free 245-kilovolt (kV) g3 live tank circuit breaker. The new circuit breaker used GE's g3 gas technology to provide high performance and a compact-dimensional impression as a standard SF6 circuit breaker.
Enhance Your Business Now! Acquire Vital Market Insights - Access the Report Now
https://www.futuremarketinsights.com/checkout/19494
Key Segments
By Voltage:
- Low Voltage
- Medium Voltage
By Application:
- Prime
- Standby
- Peak Shave
By End-user:
- Commercial
- Industrial
- Utilities
- Others
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore wide-ranging Coverage of FMI's Industrial Automation Market Insights Landscape
The DC switchgear market is projected to grow at a robust compound annual growth rate (CAGR) of 6.9% from 2023 to 2033, when it is expected to be valued US$ 29.361 billion.
By 2033, the switchgear market is expected to have grown from an anticipated US$ 4,828.4 million in 2023 to US$ 7,685.3 million, at a compound annual growth rate of 5.3%.
The valve remote control systems market is expected to grow at a 6.7% CAGR between 2023 and 2033. It is projected that sales will surpass US$ 7.9 billion in 2023 and US$ 15.1 billion by the end of 2033.
The dispensing spouts market is expected to grow at a CAGR of 7.5% over the forecast period, from US$ 1,129.6 million in 2022 to US$ 2,328.2 million by 2032.
The dispensing robots market is anticipated to grow at a CAGR of 13.8% from 2022 to 2032. By 2032, it is estimated to have grown from US$ 1.5 billion in 2022 to US$ 5.46 billion in valuation.
The global marine hatch covers market is projected to record a robust CAGR of 7.6% between 2023 and 2033, totaling around US$ 327.7 million by the end of 2033.
The India electrical testing services market is expected to reach a valuation of US$ 308.4 million by 2033. with a CAGR of 4.4% from 2023 to 2033.
The global industrial weighing equipment market is projected to reach US$ 2.4 billion by 2033. A CAGR worth 5% is expected for the market during the forecast period.
The worldwide material handling equipment market is expected to record a 4.5% CAGR between 2023 and 2033, reaching a valuation of US$ 6,555.9 million.
The duct fans market is expected to rise to US$ 162,788.1 million by 2033. The sales are expected to record a significant CAGR of 6.0% during the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
