Paralleling Switchgear Market Highlights:-
Paralleling switchgear is a combination of metering, control & switching and protection elements acting as an integrated system to control the distribution of power for emergency systems, standby systems, critical operation power systems (COPS), and optional standby systems. Increasing stake of distributed generation, maturing and overloading of power grids, and investment in commercial and industrial sectors such as construction, oil & gas, mining and telecommunication are the key factors driving the paralleling switchgear market over the forecast period. However, cost constraint and complexity in control system are predicted to hinder the market growth over the forecast period.
The Paralleling Switchgear Market is projected to have enormous developments over the forecast period owing to continuous technological advancement in energy sector tied with rising power demand. The market is also likely to have a huge number of expansion activities by global and well-established firms. Mergers and acquisition activities are anticipated to be seen during the forecast period with several contracts and agreements among the top EPC contractors and Government across the globe.
Leading Key Players:-
The key players of global paralleling switchgear market are General Electric Company (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce (MTU Onsite Energy) (U.K.), Kohler Co. (U.S.), and Pioneer Power Solutions. (U.S.). Regal Beloit Corporation (U.S.), Schneider Electric SE. (France), Advanced Power Technologies. (U.S.), Enercon Engineering, Inc. (U.S.), Industrial Electric Mfg (U.S.), and Russelectric Inc. (U.S.) are among others.
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Global Paralleling Switchgear Market – Segmentation
Global paralleling switchgear market has been segmented based on voltage, application, end user and region. Based on voltage, the market is segmented into low voltage, and medium voltage. Among these, the low voltage, is projected to dominate the paralleling switchgear market through 2023. The rising demand from the construction and telecommunications sectors is propelling the low voltage segment, particularly in countries such as China, India, Germany, and U.S. Low voltage paralleling switchgear is favored for industrial operations owing to safer operations and in housing capability of numerous assemblies of equipment at an identical place. An upsurge in demand from the industrial sector is anticipated to boost the evolution of the low voltage global paralleling switchgear market over the forecast period. Based on application, the market is segmented into prime, standby and peak shave. Standby segment had been dominating the market in 2016 and is projected to be the fastest-growing application segment.
Scope of the Report:-
The scope of the study segments the Paralleling Switchgear market by its type, by design, by end-user and by region.
- North America
- Asia Pacific
- Rest of the World
- Low Voltage
- Medium Voltage
- Peak Shave
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Global Paralleling Switchgear Market:-
The global paralleling switchgear market is estimated to observe a phenomenal growth over the forecast period. This is due to the substantial growth in the conventional and non-conventional power sector and rise in energy demand has propelled the paralleling switchgear market in various regions. The growth is primarily attributed due to the upgrade of ageing utility infrastructure and rising investments in the renewable energy sector have enhanced paralleling switchgear market in numerous countries, which is probable to continue over the forecast years. Asia Pacific region is expected to expand at the highest CAGR during the forecast period, wherein China was the major country-level market followed by India and Japan. Upsurge in population with tremendous energy demand growth has led to extraordinary growth for industrial, commercial and residential infrastructure in the region and consequently led to the growth of paralleling switchgear market.
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