Paralleling Switchgear Market

Paralleling Switchgear Market Size (2023-2028):

The Global Paralleling Switchgear Market was worth US$ 1.3 billion in 2022 and is anticipated to reach a valuation of US$ 1.83 billion by 2028 and is predicted to register a CAGR of 16.16% during 2023-2028.

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.

Market Growth:

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.

Market Drivers:

The global Paralleling Switchgear Market is primarily driven by ongoing technological developments in the energy sector and rising power consumption. 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.

Market Restraints:

Despite the numerous benefits of paralleling switchgear, there are some factors that limit and impede industry expansion. 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.

Market Recent Developments:

• The world's top provider of critical power solutions, ASCO Power Technologies, will showcase its latest innovations at the Colorado Association of Healthcare Engineers and Directors Trade Show in May 2022. Through the ASCO Digital Hub, the ASCO display at Booth 4 will highlight Transfer Switches, Load Banks, Critical Power Management Appliances, and Paralleling Switchgear solutions.
• Electrical infrastructure problems on a railway could bring the entire line to a halt. GE Digital Energy contributes to the stability of power systems, while a reliable uninterruptible power supply offers control systems with continuous emergency backup power. With paralleling switchgear (PSG), GE provides management for backup generator start-up and synchronization, as well as the seamless transfer of important loads to emergency power via automatic transfer switches (ATS).

PARALLELING SWITCHGEAR MARKET REPORT COVERAGE:

Market Segmentation: 

Paralleling Switchgear Market - By Application:

• Prime
• Standby
• Peak Shave

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.

Paralleling Switchgear Market - By Transition Type:

• Open Transition
• Closed Transition

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.

Paralleling Switchgear Market - By Voltage Type:

• Low Voltage
• Medium Voltage

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.

Paralleling Switchgear Market - By End User:

• Industrial
• Commercial

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.

Market Regional Analysis: 

The Global Paralleling Switchgear Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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 is 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 in the near future. The demand for paralleling switchgear has expanded as more power generation projects emerge in Asia-Pacific, the Middle East, and Latin America. 

Market Key Players:

1. ABB Ltd.
2. Advanced Power Technologies
3. Caterpillar Inc.
4. Cummins Inc.
5. Enercon Engineering, Inc.
6. IEM (INDUSTRIAL ELECTRIC MFG)
7. Kohler Co.
8. Rolls-Royce Power Systems AG
9. Schneider Electric SE
10. Siemens AG