Press release
Global Paralleling Switchgear Market Projected to Grow at 5.5% CAGR, Reaching $2.1 Billion by 2029
Paralleling Switchgear Market
What Will the Paralleling Switchgear Industry Market Size Be by 2025?
In recent times, the market size for paralleling switchgear has experienced consistent growth. The market value is projected to increase from $1.61 billion in 2024 to $1.69 billion in 2025, with a compound annual growth rate (CAGR) of 4.7%. This noticeable growth during the historic period can be linked to various factors including the aging power structure, increased demand for electricity, industrialization and technological advancements. Other contributing aspects are regulatory directives, urbanization, increasing investments in renewable energy sectors, concerns about grid reliability, measures for cost efficiency, as well as the expansion of industrial automation.
What's the Long-Term Growth Forecast for the Paralleling Switchgear Market Size Through 2029?
The market size for paralleling switchgear is predicted to undergo substantial growth in the forthcoming years, with an expectation to reach $2.1 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.5%. The projected growth during this period can be traced back to several factors such as the integration of smart grid and energy storage, deployment of microgrids, advancements in IoT for energy management, electrification in the transport sector, and mandates for renewable energy. Other contributing factors include initiatives for grid modernisation, programs for demand responses, improvements in cybersecurity, and solutions for modular switchgear. The upcoming trend in this period is characterized by an increased uptake of digital substations and decentralized power generation, optimisation of energy efficiency, emphasis on sustainable energy resolutions, the burgeoning growth of energy-as-a-service models along with artificial intelligence and machine learning in grid management, growth in infrastructure for electric vehicle charging, plans for resilience against extreme weather conditions, incorporation of blockchain in energy transactions, and the budding event of smart cities utilising sophisticated switchgear technologies.
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What Are the Key Growth Drivers Fueling the Paralleling Switchgear Market Expansion?
The surge in the demand for renewable energy is anticipated to fuel the expansion of the paralleling switchgear market. Sources of renewable energy are those obtained from naturally recurring elements such as sunlight, wind, rain, waves, tidal energy, and geothermal heat. The push for renewable energy arises from environmental consciousness, aspirations for energy security, and technological progress. For the purpose of synchronizing multiple power sources like solar arrays or wind turbines, paralleling switchgear is utilized in renewable energy. This facilitates efficient grid integration and ideal power distribution. For example, in January 2024, as reported by the International Energy Agency, an autonomous intergovernmental organization located in France, there was a significant increase in the capacity additions of renewable electricity, arriving at an estimated 507 GW in 2023, which is nearly 50% more than in 2022. As a result, the escalating demand for renewable energy sources propels the paralleling switchgear market.
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What Are the Key Trends Driving Paralleling Switchgear Market Growth?
Key players in the paralleling switchgear market are honing their competitive edge by creating innovative solutions such as high voltage SF6-free switchgear, with specific focus on the EconiQ 550 kV circuit breaker. This breakthrough technology casts aside the need for sulfur hexafluoride (SF6), a gas that is 24,300 times more detrimental to the environment than CO2, while preserving the same dimensions, efficiency, and dependability as its conventional SF6 counterpart. For example, Hitachi Energy, an energy solutions corporation based in Switzerland, introduced a SF6-free switchgear in August 2024. The market is witnessing the rise of new switchgear technologies aimed at mitigating the environment-damaging effects of sulfur hexafluoride (SF6), a potent greenhouse gas responsible for approximately 80% of emissions in the power sector. One such notable advancement is the creation of alternative gas-insulated switchgear (GIS) options that employ environmentally friendly substitutes for SF6. This significantly cuts down greenhouse gas emissions without sacrificing performance.
How Is the Paralleling Switchgear Market Segmented?
The paralleling switchgear market covered in this report is segmented -
1) By Type: Open Transition Systems, Closed Transition Systems, Soft Load Systems
2) By Power Rating: Low Voltage (LV), Medium Voltage (MV), High Voltage (HV)
3) By Application: Prime Power, Standby Power, Peak Shaving
4) By End User: Commercial, Industrial
Subsegments:
1) By Open Transition Systems: Bypass Isolation Systems, Transfer Switch Systems
2) By Closed Transition Systems: Static Transfer Systems, Dynamic Transfer Systems
3) By Soft Load Systems: Load Bank Systems, Automatic Soft Load Transfer Systems
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Which Companies Are Leading the Charge in Paralleling Switchgear Market Innovation?
Major companies operating in the paralleling switchgear market are 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
Which Regions Are Leading the Global Paralleling Switchgear Market in Revenue?
Asia-Pacific was the largest region in the paralleling switchgear market in 2024. The regions covered in the paralleling switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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