Global Paralleling Switchgear Market was valued at US$ 1.18Bn in 2019 and is expected to reach US$ 2.05Bn by 2026 at a CAGR of 7.15% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding global paralleling switchgear market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global paralleling switchgear market.
A paralleling switchgear system is a combination of control switching, metering, and protection elements acting as an integrated system to control the distribution of power for emergency systems, standby systems, optional standby systems, and critical operation power systems. An increasing stake of maturing and overloading of power grids, distributed generation, and investment in commercial and industrial sectors for instance construction, oil gas, mining, and telecommunication are the key factors driving the paralleling switchgear market over the forecast period.
Growing demand from end-user industries such as construction, hospitals, and data centers is increasing the popularity of the standby application. Increasing requirement for the critical power from the utilities is rising the demand for the paralleling switchgear in the industrial sector.
The industrial segment of the paralleling switchgear market is anticipated to grow at the fastest pace over the forecast period. Continuity of power is vital for many manufacturing or process industries. Loss of power results in a major loss, therefore paralleling switchgear is used to maintain continuity.
The low voltage segment is expected to dominate the paralleling switchgear market globally. Increasing demand from the telecommunications construction sectors, is propelling the low voltage segment, particularly in countries such as India, China, Germany, and U.S. Low voltage paralleling switchgear is favoured for industrial operations due to safer operations and in housing capability of any equipment at an identical place.
Region-wise, the Asia Pacific is projected to be the largest market for global paralleling switchgear, followed by Europe and North America. While India will continue to drive demand, growing industrial demand and rising investments in infrastructure development in emerging economies such as China, Thailand, and Malaysia are projected to boost the demand for paralleling the switchgear market. Also, growing urbanization, investments in data centers, and the increasing demand from construction, telecommunication, and water and wastewater treatment industries are driving the paralleling switchgear market in the Asia Pacific.
Some of the key players operating in the global paralleling switchgear market, Caterpillar, Rolls-Royce, Pioneer Power Solutions, Schneider Electric, Kohler.
The scope of the Global Paralleling Switchgear Market
Global Paralleling Switchgear Market, by Transaction type
- Open Transition
- Closed Transition
Global Paralleling Switchgear Market, by Voltage
- Low Voltage
- Medium Voltage
Global Paralleling Switchgear Market, by End-User
Global Paralleling Switchgear Market, by Application
- Peak shave
Global Paralleling Switchgear Market, by Region
- North America
- Middle East and Africa
- South America
Key Players Operating in the Global Paralleling Switchgear Market
- Pioneer Power Solutions
- Schneider Electric
- Enercon Engineering
- Regal Beloit Corporation
- Advanced Power Technologies
- Industrial Electric Mfg.
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