Paralleling Switchgear Market Size Valuation to Reach US$ 3.00 Billion by 2034, With a 5.80% CAGR | Future Market Insights, Inc.

The paralleling switchgear industry is witnessing a surge due to increased demand for uninterrupted electricity in critical sectors like healthcare, data centers, production, and telecommunications to prevent downtime, equipment damage, and data loss.

/EIN News/ -- NEWARK, Del, April 19, 2024 (GLOBE NEWSWIRE) -- The electricity demand globally is multiplying due to the booming population and the amplifying power consumption. The updated edition of the analysis indicates a worth of US$ 1.70 billion for the paralleling switchgear market in 2024.

Looking ahead to 2034, the current forecast projects a CAGR of 5.80%. Current projections of the paralleling switchgear market infer a valuation of US$ 3.00 billion by 2034.

The constant and reliable electricity supply requirement soars the paralleling switchgear industry. End-use industries like healthcare, data centers, production, and telecommunications need continuous power to curb downtime, machinery damage, and data loss. As urbanization is broadening, there is an escalated demand for paralleling switchgear in sectors like production, oil, gas, and mining since they require uninterrupted power sources to operate.

On the contrary, paralleling switchgears are intricate to design, install, and upkeep. Correct configuration and coherence of diverse power sources are vital to prevent electrical failures. Assembling a parallel switchgear system is costly, in large-scale installations, like the equipment’s price, equipment installation, aftercare, and continual monitoring costs. This factor inhibits the paralleling switchgear market growth from 2024 to 2034.

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Regional Outlook

Asia Pacific takes precedence in the global paralleling switchgear system market. This is because of the swift economic development, surging energy requirements, continuous and planned infrastructure advancement strategies, and a critical move towards implementing productive power distribution devices. China and India are witnessing notable industrialization and urbanization, augmenting the demand for steady power distribution solutions.

The parallel switchgear sales to spur at a significant CAGR in North America between 2024 and 2034. The United States and Canada, have a dynamic presence in data centers, telecommunications, and healthcare fields. These end-use industries are in demand for reliable power supply systems, and paralleling switchgear is crucial to supply constant electricity. The swift expansion of data centers and the booming IT infrastructure development thrust demand for parallel switchgear in North America

“The paralleling switchgear industry is on the growth avenue soared by amplified demand for reliable power supply solutions. Technological innovations and an elevating focus on energy efficiency spur the market expansion of paralleling switchgears during the forecast period,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Key Takeaways 

• The low voltage segment in the voltage category to infer a CAGR of 5.5% through 2024.
• The prime application is slated to indicate a CAGR of 5.3% between 2023 and 2024.
• The United Kingdom sales of paralleling switchgears indicate a CAGR of 7.3% through 2034.
• The United Sates paralleling switchgear market reflects expansion from 2024 to 2034 at a CAGR of 6.1%.
• China paralleling switchgear system market exhibit upsurge at CAGR of 6.7% between 2024 and 2034.
• From 2024 to 2034, South Korea paralleling switchgear industry equates at a CAGR of 8.20%.
• Japan paralleling switchgear market implies expansion at a CAGR of 7.00% through 2034.
  
  

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Competitive Landscape

The significant paralleling switchgear vendors invest in the research and development of novel products that are more efficient and efficacious than their traditional equipment. Partnerships, mergers, product launches, and acquisitions are the preferred strategies for paralleling switchgear manufacturers seeking expansion of their market presence globally. The paralleling switchgear system market is in its evolvement stages and has a vast potential to develop.

Key Players in the paralleling switchgear Industry

• General Electric Company
• Caterpillar Inc.
• Cummins Inc.
• Rolls-Royce (MTU Onsite Energy)
• Kohler Co.
• Pioneer Power Solutions
• Regal Beloit Corporation
  
  

Latest Developments

• In April 2021, GE and Hitachi-ABB Power Grids signed a cross-licensing deal that allowed them to expand their high-voltage equipment line by putting in a gas alternative to sulfur hexafluoride (SF6). SF6 is a switching and insulating gas broadly used in high-voltage electric appliances.
• In July 2021, the European Commission's life climate action initiative awarded GE Renewable Energy's Grid Solutions firm with US$ 2.6 million to assist in capitalizing the innovation of a sulfur hexafluoride (SF6)-free 245-kilovolt (kV) g3 live tank circuit breaker. The new circuit breaker used GE's g3 gas technology to provide high performance and a compact-dimensional impression as a standard SF6 circuit breaker.

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Key Segments

By Voltage:

• Low Voltage
• Medium Voltage

By Application:

• Prime
• Standby
• Peak Shave
  
  

By End-user:

• Commercial
• Industrial
• Utilities
• Others

Authored By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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