$1.55 Billion Worldwide Paralleling Switchgear Market to 2023 | Leading key players are GE, Kohler, Caterpillar, Cummins, Rolls-Royce, Schneider Electric

According to the new market research report "Paralleling Switchgear Market by End-User (Industrial, Commercial), Application (Prime, Standby and Peak shave), Transition Type (Open Transition and Closed Transition), Voltage (Low Voltage and Medium Voltage), and Region - Global Forecast to 2023", The paralleling switchgear market is expected to grow from an estimated USD 1.17 Billion in 2018 to USD 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.

Key Market Players:
GE (US), Kohler (US), Caterpillar (US), Cummins (US), Rolls-Royce (UK), and Schneider Electric (France).

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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 center 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.

Target Audience:

The report’s target audience includes:

Paralleling switchgear manufacturing companies
Consulting companies in the end-user sector
Process and manufacturing plants
Government and research organizations
Paralleling switchgear and equipment manufacturers
State- or government-owned corporations

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 centers, 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 analyzed 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 centers, 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.

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Objectives of the Study

To define, describe, and segment the global paralleling switchgear market based on application, voltage, transition type, end-user, and region
To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
To strategically analyze the market with respect to individual growth trends, future projections, and the contribution of each segment to the market
To analyze market opportunities for stakeholders and provide details of the competitive landscape for market leaders
To track and analyze competitive developments such as contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, and partnerships and collaborations in the paralleling switchgear market
To strategically profile key players and comprehensively analyze their market ranking and core competencies

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This release was published on openPR.