Paralleling Switchgear Market Size was valued at USD 1.5 Billion in 2022. The Paralleling Switchgear Market industry is projected to grow from USD 1.58 Billion in 2023 to USD 2.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2023 - 2032). Increased investment in commercial and industrial sectors, as well as increased stake in distributed generation is the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for paralleling switchgear is being driven by the increasing need for uninterruptible power supply (UPS). Power outages can create severe disruptions to businesses and residences in today's society. The demand for uninterruptible power supply (UPS) has grown in importance. Paralleling switchgear is a critical component in ensuring continuous power supply. It is used to manage and distribute electricity in both low and high voltage applications. The increased demand for uninterrupted power supply is driving the paralleling switchgear industry. Paralleling switchgear is in high demand in areas such as healthcare, data centres, and commercial buildings. To guarantee that important activities are not disrupted, these sectors require a dependable and continuous power supply. Furthermore, rising demand for renewable energy sources is propelling market expansion. To control and distribute electricity from renewable energy sources like solar and wind power, paralleling switchgear is necessary. The need for paralleling switchgear will increase along with the need for renewable energy.
Global demand for power generation capacity is increasing due to population growth and industrialization. Paralleling switchgear is an important component in power generation systems because it manages and distributes power. The growing demand for power generation capacity drives the paralleling switchgear industry. Paralleling switchgear is in high demand in industries such as mining, oil and gas, and manufacturing, where a stable and continuous power supply is important to operations. Furthermore, rising need for backup power solutions is propelling market expansion. In backup power systems, paralleling switchgear is used to ensure that vital operations are not disturbed during power outages. Furthermore, the growing use of smart grids is propelling market expansion. To control and distribute electricity efficiently, smart grids require improved paralleling switchgear. As the demand for smart grids grows, so will the demand for improved paralleling switchgear.
Modular data centres are becoming more popular due to their flexibility, scalability, and low cost. Paralleling switchgear is an important component of modular data centres since it manages and distributes electricity. The growing trend of modular data centres is driving the paralleling switchgear industry. To ensure that essential data is not lost during power outages, modular data centres require dependable and efficient power management systems. Paralleling switchgear is used in modular data centres to efficiently manage and distribute electricity. As the demand for modular data centres grows, so will the demand for paralleling switchgear.
For example, Hewlett Packard Enterprise (HPE) will deliver a new modular data centre solution with paralleling switchgear in 2020. The system is intended to give enterprises with a flexible, scalable, and cost-effective data centre architecture. The solution's use of paralleling switchgear ensures that crucial data is not lost during power outages.
The Paralleling Switchgear Market segmentation, based on Voltage includes Low Voltage, Medium Voltage. The medium voltage category leads the global market. Many urban residential power networks choose medium voltage switchgear systems due to low demand and steady medium-level energy transmission. Medium voltage switch gears with ratings ranging from 3.3 kV to 33 kV are generally used in power distribution to various electrical networks. When something goes wrong, their primary task is to turn off the power.
Figure 1: Paralleling Switchgear Market, by voltage, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Paralleling Switchgear Market segmentation, based on Application, includes Prime, Standby, and Peak Shave. The standby category is one of the fastest growing categories in the paralleling switchgear industry. Standby paralleling switchgear is used in applications that require a dependable power source in the event of a power loss. Hospitals, data centres, and other vital infrastructure sites are among the applications. Standby paralleling switchgear guarantees that electricity is distributed efficiently and that vital operations are not disturbed during power outages. The need for standby paralleling switchgear is likely to expand as more enterprises and organizations implement critical power systems to maintain uninterrupted power supply.
The Paralleling Switchgear Market is classified into Commercial, Industrial, Utilities, and Others. The largest end-user segment, utilities, is expected to grow at the fastest CAR during the projected period. To meet demand for power, transmission and distribution utilities use both nonrenewable and renewable energy sources. The increased acceptance of renewable energy sources for power generation drives the need to modify current infrastructure to allow for the simple integration of electricity generated from renewable sources.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific paralleling switchgear market region is dominated by Asia Pacific. Because of the increasing demand for dependable and efficient power management systems in various industries such as data centres, healthcare, and manufacturing, the region is likely to retain the biggest market share. Growing industrialization and urbanization in the region have increased need for power management systems, which is driving the expansion of the Asia Pacific paralleling switchgear market. Moreover, China’s Paralleling Switchgear Market held the largest market share, and the Indian Paralleling Switchgear Market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Paralleling Switchgear Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Paralleling Switchgear Market accounts for the second-largest market share because of growing capacity expansions based on renewable energy sources in the area. Further, the German Paralleling Switchgear Market held the largest market share, and the UK Paralleling Switchgear Market was the fastest growing market in the European region
The North America Paralleling Switchgear Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the growing demand for dependable power management systems in areas such as healthcare, data centres, and manufacturing.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Paralleling Switchgear Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Paralleling Switchgear industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Paralleling Switchgear industry to benefit clients and increase the market sector. In recent years, the Paralleling Switchgear industry has offered some of the most significant advantages to medicine. Major players in the Paralleling Switchgear Market, including Regal Beloit Corporation (U.S.), Schneider Electric SE. (France), Advanced Power Technologies. (U.S.), Enercon Engineering, Inc. (U.S.), Industrial Electric Mfg (U.S.), and Russelectric Inc. (U.S.) and others, are attempting to increase market demand by investing in research and development operations.
Schneider Electric SE is a multinational French corporation specializing in digital automation and energy management. By merging energy technology, real-time automation, software, and services, it addresses homes, buildings, data centres, infrastructure, and industries. Schneider Electric is a Fortune Global 500 corporation, a Euronext Exchange public company, and a component of the Euro Stoxx 50 stock market index. The corporation made €34.2 billion in revenue in fiscal year. In June 2022, Schneider Electric unveiled new research and innovations aimed at preparing IT infrastructure for net zero operations.
ABB Ltd. is a global Swedish-Swiss enterprise headquartered in Zürich, Switzerland.ASEA Brown Boveri was created in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie amalgamated to form ASEA Brown Boveri, afterwards abbreviated to ABB. Both firms were founded in the late 1800s and were major makers of electrical equipment, a business in which ABB is still involved today. Since then, the company has grown into robotics and automation technology. In January 2022, ABB collaborated with Samsung Electronics to develop solutions for energy savings, energy management, and smart Internet of Things (IoT) connectivity for residential and commercial buildings.
April 2021,GE and Hitachi-ABB Power Grids struck a non-exclusive cross-licensing deal that will allow them to extend their high-voltage equipment line by using a game-changing gas alternative to sulphur hexafluoride (SF6). SF6 is a switching and insulating gas that is extensively employed in high-voltage electrical equipment. It is a significant greenhouse gas.
July 2021,the European Commission's life climate action program awarded GE Renewable Energy's Grid Solutions business USD 2.6 million to help fund the development of a sulphur hexafluoride (SF6)-free 245-kilovolt (kV) g3 live tank circuit breaker. The new circuit breaker will employ GE's g3 gas technology to deliver the same high performance and small-dimensional footprint as a standard SF6 circuit breaker.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.5 Billion |
| Market Size 2023 | USD 1.58 Billion |
| Market Size 2032 | USD 2.4 Billion |
| Compound Annual Growth Rate (CAGR) | 5.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Voltage, Application, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | General Electric Company (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce (MTU Onsite Energy) (U.K.), Kohler Co. (U.S.), and Pioneer Power Solutions. (U.S.). Regal Beloit Corporation (U.S.), Schneider Electric SE. (France), Advanced Power Technologies. (U.S.), Enercon Engineering, Inc. (U.S.), Industrial Electric Mfg (U.S.), and Russelectric Inc. (U.S.) |
| Key Market Opportunities | Construction, oil and gas, mining, and telecommunications will gradually recover. |
| Key Market Dynamics | Increasing the importance of dispersed generation Power grid maturation and overloading Commercial and industrial sector investment |
Paralleling Switchgear Market Highlights:
Frequently Asked Questions (FAQ) :
The Paralleling Switchgear Market size was valued at USD 1.5 Billion in 2022.
The global market is projected to grow at a CAGR of 5.50% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Regal Beloit Corporation (U.S.), Schneider Electric SE. (France), Advanced Power Technologies. (U.S.), Enercon Engineering, Inc. (U.S.), Industrial Electric Mfg (U.S.), and Russelectric Inc. (U.S.).
The Medium Voltage category dominated the market in 2022.
The standby had the largest share in the global market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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