The global paralleling switchgear market is anticipated to garner a CAGR of 5.5% during the forecast period (2017-2023), Market Research Future (MRFR) unveils in a detailed report.
Paralleling switchgear is an amalgamation of control and switching, metering, and protection of elements, which acts as an integrated system. It controls the distribution of power for standby systems, emergency systems, optional standby systems, and critical operation power systems.
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Market Potential and Pitfalls
The parallel switchgear market has witnessed tremendous developments in the past few years due to continuous technological advancements in the energy sector. The market is predicted to witness huge expansion activities by the well-established firms, which is likely to impact the growth positively. Moreover, mergers and acquisitions by the market players, with agreements and contracts among the top government and EPC contractors are likely to promote the market’s growth in the foreseeable future. Increased investments made in the industrial and commercial sectors like oil & gas, construction, telecommunication, and mining is predicted to encourage the market growth across the globe. Also, overloading and maturing of power grids and increased stake of distributed generation are likely to encourage the market growth in the long run.
On the contrary, the complexities associated with the control system, along with its high cost, are the major factors likely to restrict the growth of the market in the review period.
Global Paralleling Switchgear Market: Segmental Analysis
The global paralleling switchgear market is segmented based on application, voltage, and end user.
By voltage, the paralleling switchgear market is segmented into low voltage and medium voltage. Of these, the low voltage paralleling switchgear market is likely to dominate the market due to the surging demand from the telecommunication and construction sectors. Low voltage paralleling switchgear is highly preferred for industrial operations due to in housing capability of equipment and safer operations. The surging demand for low voltage from the industrial sector is triggering the demand for paralleling switchgear in the low voltage segment.
By application, the paralleling switchgear market is segmented into prime, peak shave, and standby. Of these, the standby segment is predicted to dominate the market as they can maintain the power stability in industries like data centers, healthcare, and process industry.
By end user, the market is segmented into commercial, utilities, industrial, and others. Among these, the industrial segment is predicted to dominate and expand at the fastest rate due to the surging demand for critical power from industries in the regions of the Middle East & Africa and the Asia Pacific.
Geographically, the paralleling switchgear market spans across Europe, Asia Pacific, North America, and the Rest of the World (RoW).
Considering the global scenario, the Asia Pacific is predicted to expand at the highest CAGR, with China expected to be the major country-level market. The ever-increasing population, with heavy demand for energy, has resulted in an extraordinary growth for commercial, industrial, and residential infrastructure in the region. This has further resulted in the growth of the paralleling switchgear market in the APAC region. Emerging nations like China and India are likely to be the major markets for paralleling switchgear. These countries are highly investing in telecommunication, public infrastructure, manufacturing, and data centers, which is further triggering the demand from the paralleling switchgear market.
June 2019: Russelectric is offering an emergency power system, which offers backup power during a utility power loss. The paralleling switchgear systems also provide manual backup capability, and redundant programmable logic controller (PLC) controls.
The top players operating in the global paralleling switchgear market comprises Caterpillar Inc. (U.S.), General Electric Company (U.S.), Rolls-Royce (MTU Onsite Energy) (U.K.), Cummins Inc. (U.S.), Pioneer Power Solutions. (U.S.), Kohler Co. (U.S.), Schneider Electric SE. (France), Regal Beloit Corporation (U.S.), Enercon Engineering, Inc. (U.S.), Advanced Power Technologies. (U.S.), Russelectric Inc. (U.S.), and Industrial Electric Mfg (U.S.).
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