Overview and Scope
The paralleling switchgear market consists of sales of static transfer
paralleling switchgear (PSG), manual transfer paralleling switchgear (PSG), and
automatic transfer paralleling switchgear (PSG). Values in this market are
‘factory gate’ values, that is the value of goods sold by the manufacturers or
creators of the goods, whether to other entities (including downstream
manufacturers, wholesalers, distributors, and retailers) or directly to end
customers. The value of goods in this market includes related services sold by
the creators of the goods.
Sizing and Forecast
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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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the paralleling switchgear market in
2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The paralleling switchgear market report table of contents includes:
1. Executive Summary
2.
Paralleling Switchgear Market Characteristics
3.
Paralleling Switchgear Market Trends And Strategies
4.
Paralleling Switchgear Market - Macro Economic Scenario
5. Global
Paralleling Switchgear Market Size and Growth
.
32. Global
Paralleling Switchgear Market Competitive Benchmarking
33. Global
Paralleling Switchgear Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Paralleling Switchgear Market
35.
Paralleling Switchgear Market Future Outlook and Potential Analysis
36.
Appendix
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