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

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.