Paralleling Switchgear Market to be worth 1.55 Billion US$ by 2023
According to a report from MarketsandMarkets, the paralleling switchgear market is expected to grow from an estimated US$ 1.17 Billion in 2018 to US$ 1.55 Billion by 2023, at a CAGR of 5.82% during the forecast period. The market is set to witness growth due to increase in distributed generation and ageing and overburdening of power grids.
The industrial segment is expected to be the largest segment of paralleling switchgear market, by end-user, in 2018.
The industrial segment is expected to be the largest segment of the paralleling switchgear market, by end-user, in 2018. This segment is driven by factors such as the increasing demand for critical power from utilities/power generation in developing regions of Asia Pacific, the Middle East & Africa, and South America. Increased focus on data centre services led by rising demand from finance and e-commerce sectors and large investments in public infrastructure projects by governments globally are the key drivers of the industrial segment of paralleling switchgear market.
The standby segment is expected to be the largest segment of paralleling switchgear market, by application, during the forecast period.
The ability to combine multiple power sources as well as multiple fuel type generators in critical power needs in end-user applications would drive the paralleling switchgear market. The rising demand from data centres, hospitals, solar PV, and construction sectors is driving the market for standby application of paralleling switchgear.
Asia Pacific: Key market for paralleling switchgear during the forecast period
In this report, the paralleling switchgear market has been analysed with respect to 5 regions, namely, Asia Pacific, Europe, North America, South America, and the Middle East & Africa. Asia Pacific is estimated to be the largest paralleling switchgear market during the forecast period. China and India are the largest markets in the Asia Pacific region and have witnessed increased investments in data centres, public infrastructure, manufacturing, and telecommunication sectors in the recent past. In addition, developing countries such as Indonesia, Thailand, Singapore, and Malaysia have increased investments in public infrastructure, oil and gas, mining, hospitals, and telecommunication sectors.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the leading players in the paralleling switchgear market such as GE (US), Kohler (US), Caterpillar (US), Cummins (US), Rolls-Royce (UK), and Schneider Electric (France).