“The paralleling switchgear market is projected to grow at a CAGR of 5.82% from 2022 to 2031.”
The Paralleling Switchgear Market is projected to grow from an estimated USD 1.17 billion in 2022 to USD 1.55 billion by 2031, at a CAGR of 5.82% from 2022 to 2031. Increasing use of renewable energy sources in distributed generation, ageing and overburdening of power grids, and investment in industrial sectors such as oil & gas, telecommunication, construction, and mining in regions such as Asia Pacific, the Middle East, and Europe are driving the market for paralleling switchgear.
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“The industrial segment is expected to hold the largest share of the paralleling switchgear market, by end-user, during the forecast period.”
The industrial segment of the paralleling switchgear market is expected to grow at the fastest pace during the forecast period. The growth of this segment can be attributed to the increasing demand for critical power from industries such as oil & gas, mining, and process industries in Asia Pacific, North America, and Europe. Continuity of power is crucial for any manufacturing or process industry. Loss of power results in a major loss, hence paralleling switchgear is used to maintain continuity.
“Asia Pacific: The largest market for paralleling switchgear”
Asia Pacific is estimated to be the largest market for paralleling switchgear, followed by North America and Europe. While India will continue to drive demand, growing industrial demand and increasing investments in infrastructure development in emerging economies such as China, Thailand, and Malaysia are expected to boost the demand for paralleling switchgear. Furthermore, investments in data centers, growing urbanization, and the increasing demand from construction, telecommunication, and water and wastewater treatment industries are driving the paralleling switchgear market in the Asia Pacific region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 55%, Tier 2- 25%, Tier 3- 20%
By Designation: C-Level- 35%, D-Level- 30%, Others- 35%
By Region: North America- 15%, Europe- 20%, Asia Pacific- 30%, South America- 10%, Middle East & Africa- 25%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2017: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 = The leading players in the paralleling switchgear market are GE (US), Kohler (US), Caterpillar (US), Cummins (US), Rolls-Royce (UK), and Schneider Electric (France).
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The report provides a picture of the paralleling switchgear market across the power generation industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as end-user, application, transition, voltage, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and MnM view.
For the purpose of this report, the market has been segmented on the basis of end-user, application, transition, voltage, and region, with a focus on industry analysis (industry trends), market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the paralleling switchgear market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the paralleling switchgear market
• Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for paralleling switchgear across regions
• Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global paralleling switchgear market
Why Buy this Report?
1. The report identifies and addresses key markets for the implementation of paralleling switchgear in various industries, which would help manufacturers review the growth in demand.
2. The report helps solutions providers understand the pulse of the market and provide insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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