Paralleling Switchgear Industry Growth Drivers and Trends by Forecast to 2023
Posted by Anvi on March 27th, 2020
Paralleling Switchgear Market Overview
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.
A paralleling switchgear is designed and manufactured to deliver full control of custom-configured power generation systems. A paralleling switchgear integrates all facets of metering, protection, communication and controls to deliver peak performance, system reliability and operating economy. Increasing share of distributed power generation, maturing and overloading of power grids, and investment in industrial, commercial and utilities sectors are the major factors driving the paralleling switchgear market during the forecast period. However, cost constraint and complexity in control system are predicted to hinder the market growth over the forecast period.
The global Paralleling Switchgear Industry has been segmented based on voltage, application, end-use and region. Based on voltage, the market is segmented into low voltage, and medium voltage. By application, the market is segmented into prime, standby and peak shave. Based on end-use, the market is segmented into commercial, industrial, utilities and others. 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 huge 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 Governments across the globe.
The global paralleling switchgear market is expected to grow at ~ 5.5% CAGR during the forecast period.
Asia Pacific Paralleling Switchgear market, expected to grow at the highest CAGR
The global paralleling switchgear market is segmented into four prominent regions of Asia Pacific, North America, Europe and Rest of the World. Asia Pacific region is projected to expand at the highest CAGR over the forecast period. This growth is accredited to industrialization & urbanization and upsurge in renewable power generation capacity in the region. Prominent countries such as China, Japan and India are propelling the paralleling switchgear market in the Asia Pacific region. North America and Europe held a considerable market share in 2016 and are anticipated to witness a stagnant growth over the forecast period. This growth is prominently attributed to a rise in conventional and non-conventional power plant. Also, industrialization has led to forming a productive market for the paralleling switchgear.
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.), and Kohler Co. (U.S.). 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.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Like it? Share it!
About the AuthorAnvi
Joined: October 25th, 2019
Articles Posted: 461
More by this author