USD 1.7 billion
Global Paralleling Switchgear Market Size, Share, Growth Analysis, By Voltage(Low Voltage, and Medium Voltage), By Application(Prime, Standby), By End User(Commercial, Industrial) - Industry Forecast 2024-2031
Report ID:
SQMIG20E2083 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
90 |
Figures:
68
Global Paralleling Switchgear Market Insights
Global Paralleling Switchgear Market size was valued at USD 1.7 billion in 2022 and is poised to grow from USD 1.81 billion in 2023 to USD 2.95 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).
Paralleling switchgear is a vital system that aids in managing the parallel operations of multiple power sources to ensure continuous power supply in generators or utility feeds. In power distribution systems these switchgears play an important role in enhancing the overall operational performance. Paralleling switchgear is widely demanded in applications such as data centers, hospitals, industrial facilities, and more. Several key market players are focusing on incorporating smart grid technologies in parallel switchgears. This integration helps with advanced monitoring, control, and overall energy management. Paralleling switchgears are also creating systems with improved energy control features, enhancing power usage, and reduced operational costs. Digitalization trends and the integration of the Internet of Things are further boosting the overall paralleling switchgear market growth. Rapid urbanization across the globe and increasing industrial activities are leading to high energy demand, boosting paralleling switchgear market growth
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Medium Voltage
Fastest Growth
Low Voltage
Growth Rate
6.3% CAGR
Global Paralleling Switchgear Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Paralleling Switchgear Market By Voltage ($ Bn)
Global Paralleling Switchgear Market By Voltage (%)
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Global Paralleling Switchgear Market Segmental Analysis
The global paralleling switchgear market is segmented based on voltage, application, end user, and region. In terms of voltage, the market is segmented into low voltage and medium voltage. Based on application, the market is bifurcated into prime, standby, and peak shave. Based on end user, the market is bifurcated into commercial, industrial, utilities, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Voltage
The medium voltage segment holds a dominant share in the global paralleling switchgear market. Several factors are contributing to the sales growth of medium voltage paralleling switchgears such as their versatility, high safety, and high utilization across large industries such as commercial, utility, and industrial. The industrial sector majorly uses medium voltage paralleling switchgears because these segments need a stable and consistent power supply, and these switch gears effectively aid in operating the overall system. Furthermore, end-use industries such as petrochemicals, mining, and manufacturing also make high use of medium voltage paralleling switchgears. These switchgears are utilized in large-scale projects and commercial buildings to facilitate effective and efficient power supply.
The sales of low voltage parallel switchgear are expected to rise at a high pace during the projected period. Low voltage paralleling switchgear is often employed by small-scale enterprises, firstly due to their cost-effectiveness and low budgets of these settings. Ease of installation further boosts the use of low voltage parallel switchgear among residential settings. low voltage paralleling switchgears are finding extensive use in residential settings where demand for reliable and cost-effective power supply is high.
Analysis by End User
The industrial segment holds a dominant share in the parallel switchgear market. This can be due to the specific needs of industrial settings such as the continuous need for power distribution without any disturbance. Paralleling switchgears are effective in the management of multiple power sources, they balance loads and prevent overloading.
The utility segment is expected to experience rapid growth during the forecast period. Some of the factors such as renewable energy integration, grid modernization, and focus on grid stability are contributing to the growth of the utility segment. Paralleling switchgear due to their enhanced capabilities effectively meets the evolving needs of the utilities sector. To improve the efficiency of power distribution networks, the utility sector widely uses advanced parallel switchgears. The rising shift towards renewable energy sources in the utilities sector is driving the sales of paralleling switchgears. The modification of renewable energy projects is also boosting the paralleling switchgear market growth, driving high sales.
Global Paralleling Switchgear Market By Voltage, 2022 (%)
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Global Paralleling Switchgear Market Regional Insights
The Asia Pacific region holds a dominant share of the global paralleling switchgear market. This can be due to the rapid economic growth, growing energy needs, ongoing and planned infrastructure development projects, and a strategic move towards adopting effective power distribution technologies. Countries such as China and India in the Asia Pacific region are also experiencing significant industrialization and urbanization, leading to a surge in the demand for reliable power distribution solutions.
Paralleling switchgear sales are expected to increase at a high CAGR in North America during the forecast period. North America, particularly the United States and Canada, has a strong presence in sectors such as data centers, telecommunications, and healthcare. These sectors are highly in demand for effective power supply systems and paralleling switchgears play a vital role in supplying uninterrupted power. The rapid expansion of data centers and the growing development of IT infrastructure are driving demand for paralleling switchgears in North America.
Global Paralleling Switchgear Market By Region, 2024-2031
- Largest
- Fastest
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Global Paralleling Switchgear Market Dynamics
Drivers
High Demand for Energy Around the World
- Rapidly expanding world population coupled with increasing industrialization and urbanization is slated to augment the demand for paralleling switchgear over the coming years. Paralleling switchgear allows reliable power distribution from direct energy sources, which is why its demand is projected to soar high.
Rising Use of Distributed Energy
- As the demand for energy surges, people around the world are turning towards different sources of energy to fulfil this demand such as distributed energy resources thereby driving paralleling switchgear market growth. Use of paralleling switchgear allows easy integration of DERs with energy grids and storage infrastructure.
Restraints
Interoperability Challenges
- Paralleling switchgear can face issues in integration with multiple generators and advanced grids which could also hurt the interoperability aspect of power generation and distribution and slow down the overall paralleling switchgear market growth across the forecast period.
Cost of Ownership Concerns
- The capital required to procure, install, operate, and maintain parallel switchgear is huge and this creates a massive bill for organizations in terms of total cost of ownership. Increasing emphasis on risk reduction and limited budget of certain organizations are slated to inhibit the demand for paralleling switchgear in the future.
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Global Paralleling Switchgear Market Competitive Landscape
Established paralleling switchgear companies should invest heavily in the research and development of new products that are more efficient and effective than their traditional counterparts. Market players can also leverage the growing adoption of renewable energy sources on the back of a rising focus on sustainability to maximize their revenue generation potential in the long run. Mergers, collaborations, and acquisitions are also slated to be preferred strategies for companies looking to expand their market presence in the global landscape. The market is still in its developmental stages and has a lot of scope to grow in the long run.
Top Player’s Company Profiles
- Schneider Electric SE. (France)
- Regal Beloit Corporation (U.S.)
- Caterpillar Inc. (U.S.)
- Industrial Electric Mfg (U.S.)
- General Electric Company (U.S.)
- Russelectric Inc. (U.S.)
- Kohler Co. (U.S.)
- Enercon Engineering (U.S.)
- Pioneer Power Solutions. (U.S.)
- Cummins Inc. (U.S.)
- Rolls-Royce (MTU Onsite Energy) (U.K.)
- Advanced Power Technologies. (U.S.)
Global Paralleling Switchgear Key Market Trends
- Smart Grids and Microgrids: Adoption of microgrid solutions and smart grid solutions is projected to soar high over the coming years and this trend could open a multitude of new opportunities for paralleling switchgear companies in the long run.
Global Paralleling Switchgear Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, the rapidly evolving demand for energy around the world and increasing adoption of advanced power technologies are forecasted to be key factors driving paralleling switchgear market growth. However, interoperability issues and complexity of paralleling switchgear systems could limit market growth potential across the forecast period. The Asia Pacific region is estimated to account for a massive chunk of the global paralleling switchgear market share owing to rapid industrialization and urbanization in this region. Growing adoption of smart grid technologies will open up new opportunities for paralleling switchgear companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.7 billion |
| Market size value in 2031 | USD 2.95 billion |
| Growth Rate | 6.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Paralleling Switchgear Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Paralleling Switchgear Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Paralleling Switchgear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Paralleling Switchgear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Paralleling Switchgear Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Paralleling Switchgear Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Paralleling Switchgear Market Report Snapshots
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