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Paralleling Switchgear Global Market Analysis, Trends, Growth, Research And Forecast 2033
Paralleling Switchgear Global Market Analysis
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According to The Business Research Company's, The paralleling switchgear market size has grown strongly in recent years. It will grow from $1.52 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to aging power infrastructure, increasing electricity demand, industrialization, technological advancements, regulatory mandates, urbanization, rising investments in renewable energy, grid reliability concerns, cost efficiency measures, and expanding industrial automation.
The paralleling switchgear market size is expected to see strong growth in the next few years. It will grow to $2.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to smart grid integration, microgrid deployments, energy storage integration, IoT in energy management, electrification of transport, renewable energy mandates, grid modernization initiatives, demand response programs, cybersecurity enhancements, and modular switchgear solutions. Major trends in the forecast period include increased adoption of digital substations, decentralized power generation, energy efficiency optimization, focus on sustainable energy solutions, the rise of energy-as-a-service models, AI and machine learning in grid management, electric vehicle charging infrastructure growth, resilience planning for extreme weather events, integration of blockchain in energy transactions, and the emergence of smart cities leveraging advanced switchgear technologies.
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Market Drivers and Trends:
The rising demand for renewable energy sources is expected to propel the growth of the paralleling switchgear market going forward. Renewable energy is derived from natural resources replenished naturally on a human timescale, such as sunlight, wind, rain, tides, waves, and geothermal heat. The need for renewable energy is due to environmental concerns, energy security goals, and technological advancements. Paralleling switchgear is used in renewable energy to synchronize multiple power sources, such as solar arrays or wind turbines, for efficient grid integration and optimal power distribution. For instance, in January 2024, according to the International Energy Agency, a France-based autonomous intergovernmental organization, renewable electricity capacity additions reached an estimated 507 GW in 2023, almost 50% higher than in 2022. Therefore, rising demand for renewable energy sources drives the paralleling switchgear market.
Major companies operating in the paralleling switchgear market are developing critical power management appliances to enhance the reliability and efficiency of power distribution systems. A critical power management appliance is a specialized device or system designed to ensure electrical power's continuous, reliable, and efficient distribution, particularly in environments where power interruptions can have significant consequences. For instance, in October 2021, ASCO Power Technologies, a business unit of Schneider Electric, a US-based company that manufactures electrical equipment, released ASCO CPMA devices that automatically log power events, assess equipment performance, and send real-time notifications via email and SMS messages. The devices offer scalable solutions for controlling engine generators, transfer switches, paralleling switchgear, load banks, circuit breakers, and other components. It aggregates information from essential power devices into a user-friendly interface that links to equipment from several manufacturers.
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Major Key Players of the Market:
Siemens AG, General Electric Company (GE), Caterpillar Inc., Schneider Electric SE, ABB Ltd., Cummins Inc., Eaton Corporation, Kohler Co., ASCO Power Technologies, Industrial Electric Mfg. (IEM), Thomson Power Systems, Pioneer Power Solutions Inc., Switchboard Apparatus Inc, Paramount Power Systems, Electro-Mechanical Industries, Enercon Engineering Inc., Advanced Power Technologies LLC, HiReli LLC, MTU Onsite Energy, Regal Beloit Corporation
Paralleling Switchgear Market 2024 Key Insights:
• The paralleling switchgear market size is expected to see strong growth in the next few years. It will grow to $2.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rising Demand For Renewable Energy Sources Expected To Propel Growth Of Paralleling Switchgear Market
• Innovate Critical Power Management Appliances In The Paralleling Switchgear
• Asia-Pacific was the largest region in the paralleling switchgear market in 2023
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