Paralleling Switchgear Market 2021 Growth Drivers, Regional Supply and Future Forecast 2025
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. Increasing stake of distributed generation, maturing and overloading of power grids, and investment in commercial and industrial sectors such as construction, oil & gas, mining and telecommunication are the key factors driving the paralleling switchgear market over the forecast period. However, cost constraint and complexity in control system are predicted to hinder the market growth over the forecast period.
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The paralleling switchgear market is projected to have enormous developments over the forecast period owing to incessant technological advancements 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.
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Global Paralleling Switchgear Market is expected to expand at ~ 5.5% CAGR during the forecast period.
Market Research Analysis
Low voltage by voltage, standby by application and industrial by end-user are expected to expand at the highest CAGR.
Global paralleling switchgear market has been segmented based on voltage, application, end-user and region. Based on voltage, the market is segmented into low voltage, and medium voltage. Among these, the low voltage, is projected to dominate the paralleling switchgear market through 2023. The rising demand from the construction and telecommunications sectors, is propelling the low voltage segment, particularly in countries such as China, India, Germany, and U.S. Low voltage paralleling switchgear is favored for industrial operations owing to safer operations and in housing capability of numerous equipment at an identical place. An upsurge in demand from the industrial sector is anticipated to boost the evolution of the low voltage global paralleling switchgear market over the forecast period. Based on application, the market is segmented into prime, standby and peak shave. Standby segment dominated the market in 2016 and is projected to be the fastest-growing application segment. Standby generators are key to maintain stability of power in many industries such as healthcare, data centers, and process industry. Based on the end-user, the market is segmented into commercial, industrial, utilities and others. Industrial dominated the market in 2016 and is projected to be the fastest-growing end-user over the next five years. Industrial segment is propelled by factors, such as the growing demand for critical power in industries in developing regions of Asia Pacific and Middle East & Africa. Augmented focus on data center services directed by increasing demand from finance and e-commerce sectors and huge investments in public infrastructure schemes by governments worldwide are the significant drivers of the industrial segment of paralleling switchgear market.
Scope of the Report
This study provides an overview of the global paralleling switchgear market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Paralleling Switchgear market by its type,...
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