Parallel
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 Parallel 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.
Global
Paralleling Switchgear Market: Segmental Analysis
The global parallel
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 parallel
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.
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.).
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