The Global Paralleling Switchgear Market was worth US$ 1.51 billion in 2023 and is anticipated to reach a valuation of US$ 3.71 billion by 2029 from US$ 1.75 billion in 2024 and is predicted to register a CAGR of 16.16% during 2024-2029.
Paralleling switchgear is designed to synchronize two or more generators and then connect them to a shared power supply. Breaker and control compartments are included in the arrangement, which can be employed at various voltages. Paralleling switchgear includes breaker and control sections. These sections can be used together or independently in a single line-up.
In addition, this switchgear could be low-voltage or medium-voltage. The use of separated controls enables increased dependability, load management flexibility, uninterruptible maintenance, and cost savings. It functions as an integrated system that safeguards meters, controls, and switches elements to manage power distribution for the system, which includes an optional standby system, critical running power system, legally obligatory system standby, and emergency system. These sets are mostly used in critical applications such as data centers and hospitals, where power outages can result in death or significant financial loss.
The electricity demand increases as the world's population grow and power consumption per capita rises. Electricity supply must be stable and reliable for all countries to develop. Electricity is distributed in a number of locations, ranging from power-producing plants to commercial establishments. Electricity distribution must be continuous and stable, necessitating switchgear use. Because it assures the safety of both man and machine, switchgear has become necessary.
During the projected period, the growing use of paralleling switchgear in the oil & gas, construction, mining, and telecom industries will push the growth of the paralleling switchgear market.
In addition, during the projected period, the growing use of paralleling switchgear in the oil & gas, construction, mining, and telecom industries will push the growth of the paralleling switchgear market. In addition, the market is growing due to the necessity for an uninterrupted power supply and an overburdened grid. Paralleling switchgear can help by supplying backup power during power outages, which can be costly. Expansion of data centers and hospitals and infrastructure development are now part of a new system to complete a task that creates an opportunity.
The high cost and availability of competitive options are expected to stymie the market's growth. In the last 18 months, almost every industry around the globe has suffered a setback. This can be attributed to major disruptions in their manufacturing and supply-chain operations due to numerous precautionary lockdowns and other restrictions imposed by governments worldwide. The global paralleling switchgear market is no exception. impacted by the outbreak. Over the forecast period, the aforementioned factors will likely weigh on the global paralleling switchgear market's revenue trajectory.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
16.16% |
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Segments Covered |
By Application, Transition Type, Voltage Type, End User, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
ABB Ltd., Advanced Power Technologies, Caterpillar Inc. Cummins Inc., Enercon Engineering, Inc., IEM (INDUSTRIAL ELECTRIC MFG), Kohler Co., Rolls-Royce Power Systems AG, Schneider Electric SE, Siemens AG, and Others. |
The market is divided into three categories according to application: Prime, Standby, and Peak Shave. The Standby segment is expected to have the greatest CAGR for the forecast period. In different industries, such as healthcare, data centers, and the process industry, standby generators are required to provide power continuity.
The market is divided into two types of transitions: open and closed. The Open Transition segment is expected to have the greatest CAGR for the forecast period. A break before a transfer is known as a genuine transition. That is, before connecting to the opposite end, the transfer switch disconnects from one power source.
The market is divided into Low Voltage and Medium Voltage segments based on voltage type. For the forecast period, the Low Voltage category is expected to have the greatest CAGR. The construction and telecommunications sectors are driving the segment's expansion, particularly in nations like China, India, Germany, the United States, Thailand, Vietnam, and Malaysia.
The market is divided into two categories based on the end user: industrial and commercial. For the forecast period, the Industrial segment is expected to have the greatest CAGR. Paralleling switchgear is utilized in the industrial sector to provide backup power in all industrial installations to sustain essential loads. They are also used in conjunction with generators at remote places such as oil and gas and mining sites to provide a reliable source of electricity.
The Asia Pacific paralleling switchgear market is expected to develop at the fastest CAGR during the projected period. The region's growth can be ascribed to an increase in population combined with a significant increase in energy demand, resulting in a significant expansion of the region's industrial, commercial, and residential infrastructure. Furthermore, data center investments, rising urbanization, and rising demand from the construction, telecommunications, and water and wastewater treatment industries are boosting the APAC market.
The north american paralleling switchgear market is following the Asia Pacific paralleling switchgear market. Growing investments are a major factor propelling the demand of the market in North America.
The United States government has taken steps to update, upgrade, and renovate its antiquated electrical infrastructure. Demand for paralleling switchgear is likely to increase due to these efforts. The necessity for paralleling switchgear has arisen due to the global need for an uninterruptible power supply. Electrification in Latin America, Asia-Pacific, the Middle East, and Africa is expected to boost the paralleling switchgear market shortly. The demand for paralleling switchgear has expanded as more power generation projects emerge in Asia-Pacific, the Middle East, and Latin America.
Companies playing a prominent role in the global paralleling switchgear market include ABB Ltd., Advanced Power Technologies, Caterpillar Inc. Cummins Inc., Enercon Engineering, Inc., IEM (INDUSTRIAL ELECTRIC MFG), Kohler Co., Rolls-Royce Power Systems AG, Schneider Electric SE, Siemens AG, and Others.
By Application
By Transition Type
By Voltage Type
By End User
By Region
Frequently Asked Questions
The Global Paralleling Switchgear Market was worth US$ 1.51 billion in 2023 and is anticipated to reach a valuation of US$ 3.71 billion by 2029.
The Asia-Pacific region will have the largest market share of the global paralleling switchgear market.
ABB Ltd., Advanced Power Technologies, and Caterpillar Inc. are the three paralleling switchgear key players.
The high cost and availability of competing alternatives negatively impact market growth.
The market is witnessing the growing use of paralleling switchgear in the oil & gas, construction, mining, and telecom industries.
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