Generator Paralleling
Switchgear Market Scenario
The
global paralleling switchgear market is anticipated to garner a CAGR of 5.5%
during the forecast period (2017-2023), Market Research Future (MRFR) unveils
in a detailed report. Paralleling switchgear is an amalgamation of control and
switching, metering, and protection of elements, which acts as an integrated
system. It controls the distribution of power for standby systems, emergency
systems, optional standby systems, and critical operation power systems.
Market Potential and
Pitfalls
The
Generator
Paralleling Switchgear Market has witnessed tremendous developments in
the past few years due to continuous technological advancements in the energy
sector. The market is predicted to witness huge expansion activities by the
well-established firms, which is likely to impact the growth positively.
Moreover, mergers and acquisitions by the market players, with agreements and
contracts among the top government and EPC contractors are likely to promote the
market’s growth in the foreseeable future. Increased investments made in the
industrial and commercial sectors like oil & gas, construction,
telecommunication, and mining is predicted to encourage the market growth
across the globe. Also, overloading and maturing of power grids and increased
stake of distributed generation are likely to encourage the market growth in
the long run.
On
the contrary, the complexities associated with the control system, along with
its high cost, are the major factors likely to restrict the growth of the
market in the review period.
Generator Paralleling
Switchgear Market: Segmental Analysis
The
global paralleling switchgear market is segmented based on application, voltage,
and end user.
By
voltage, the paralleling switchgear market is segmented into low voltage and
medium voltage. Of these, the low voltage paralleling switchgear market is
likely to dominate the market due to the surging demand from the
telecommunication and construction sectors. Low voltage paralleling switchgear
is highly preferred for industrial operations due to in housing capability of
equipment and safer operations. The surging demand for low voltage from the
industrial sector is triggering the demand for paralleling switchgear in the
low voltage segment.
By
application, the paralleling switchgear market is segmented into prime, peak
shave, and standby. Of these, the standby segment is predicted to dominate the
market as they can maintain the power stability in industries like data
centers, healthcare, and process industry.
By
end user, the market is segmented into commercial, utilities, industrial, and
others. Among these, the industrial segment is predicted to dominate and expand
at the fastest rate due to the surging demand for critical power from industries
in the regions of the Middle East & Africa and the Asia Pacific.
Regional Frontiers
Geographically,
the paralleling switchgear market spans across Europe, Asia Pacific, North
America, and the Rest of the World (RoW).
Considering
the global scenario, the Asia Pacific is predicted to expand at the highest
CAGR, with China expected to be the major country-level market. The
ever-increasing population, with heavy demand for energy, has resulted in an
extraordinary growth for commercial, industrial, and residential infrastructure
in the region. This has further resulted in the growth of the paralleling switchgear
market in the APAC region. Emerging nations like China and India are likely to be
the major markets for paralleling switchgear. These countries are highly
investing in telecommunication, public infrastructure, manufacturing, and data
centers, which is further triggering the demand from the paralleling switchgear
market.
Industry Updates
June
2019: Russelectric is offering an emergency power system, which offers backup
power during a utility power loss. The paralleling switchgear systems also
provide manual backup capability, and redundant programmable logic controller
(PLC) controls.
Competitive Dashboard
The
top players operating in the global paralleling switchgear market comprises Caterpillar
Inc. (U.S.), General Electric Company (U.S.), Rolls-Royce (MTU Onsite Energy)
(U.K.), Cummins Inc. (U.S.), Pioneer Power Solutions. (U.S.), Kohler Co.
(U.S.), Schneider Electric SE. (France), Regal Beloit Corporation (U.S.),
Enercon Engineering, Inc. (U.S.), Advanced Power Technologies. (U.S.),
Russelectric Inc. (U.S.), and Industrial Electric Mfg (U.S.).
https://uberant.com/article/680930-parallel-switchgear-market-revenue-growth-predicted-by-2020-2023/
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