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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).

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 landscape. The market is still in its developmental stages and has a lot of scope to grow in the long run. '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.)'

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.

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.

The Asia Pacific region holds a dominant share of the 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.

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Global Paralleling Switchgear Market

Product ID: SQMIG20E2083