The global Paralleling Switchgear Market is estimated to grow at a CAGR of 5.82% from 2018 to 2023, to reach a market size of USD 1.55 billion by 2023. The increase in distributed generation, ageing and overburdening of power grids, and investment in industrial sectors such as power generation, oil & gas, telecommunication, construction, and mining are likely to drive the Paralleling Switchgear Market during the forecast period.
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The industrial segment is estimated to be the fastest-growing segment of the Paralleling Switchgear Market, by end-user, from 2018 to 2023. The growth of this segment is driven by the increasing demand for critical power from utilities/power generation in developing regions such as Asia Pacific, the Middle East & Africa, and South America. Increased focus on data center services in finance and e-commerce sectors and large investments in public infrastructure projects by governments globally are leading to the increased demand for generators for power generation, which, in turn, would drive the demand for paralleling switchgear used for paralleling multiple power sources in various end-user industries.
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Based on transition type, the closed transition mode of Paralleling Switchgear Market is expected to grow at the highest rate from 2018 to 2023. The growth of closed transition type switchgear can be attributed to its capability to maintain power supply to critical loads at all times with no interruption in electrical service. Closed transition equipment such as switchgear and automatic transfer switches uses a make-before-break operating sequence to maintain uninterrupted power to essential loads throughout a transfer between live sources. However, open transition segment is estimated to hold a higher market share as it is the more widely used technology and cost-effective in comparison to closed transition. The growing requirement from telecommunication, construction, distributed generation, and replacement demand also supports the higher share of the open transition segment in Paralleling Switchgear Market.
The standby segment of the Paralleling Switchgear Market, by type, is estimated to grow at the highest rate from 2018 to 2023. Factors such as rising demand from data centers, hospitals, and solar PV sectors is driving the growth of this market. Growing demand from the Asia Pacific will continue to drive the standby segment of the Paralleling Switchgear Market, led by demand from countries such as China and India.
Low voltage segment of Paralleling Switchgear Market, by voltage, will grow at the highest rate during the forecast period. Low voltage segment is primarily used for mission critical operations in hospitals, data centers, and telecom sector. Rising investments in healthcare and data centers industries, including the construction of new facilities, as well as extension and upgrade of existing facilities in the Asia Pacific, North America, and Europe, are expected to drive the demand for low voltage paralleling switchgear.
The Paralleling Switchgear Market has been segmented, by region, into Asia Pacific, Europe, North America, South America, and the Middle East & Africa. The Asia Pacific market is projected to grow at the highest rate from 2018 to 2023, followed by North America and the Middle East & Africa. China and India are the largest markets in the Asia Pacific region and have seen increasing investments in data centers, public infrastructure, and telecommunication sectors in the recent past. The Indian market is projected to grow at the highest CAGR of 7.48% from 2018 to 2023 in the Asia Pacific region. Increasing investments in data centers, construction, telecommunication, manufacturing, water and wastewater treatment, and growing urbanization are the major factors driving the growth of the Paralleling Switchgear Market in the region.
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