Paralleling Switchgear Industry Scenario The global paralleling switchgear market is anticipated to garner a CAGR of 5.5% during the forecast period (2017-2023), Market Research Future (MRFR) unveils in a detailed report. Paralleling switchgear is an amalgamation of control and switching, metering, and protection of elements, which acts as an integrated system. It controls the distribution of power for standby systems, emergency systems, optional standby systems, and critical operation power systems. Paralleling Switchgear Industry Potential and Pitfalls The Paralleling Switchgear Industry has witnessed tremendous developments in the past few years due to continuous technological advancements in the energy sector. The market is predicted to witness huge expansion activities by the well-established firms, which is likely to impact the growth positively. Moreover, mergers and acquisitions by the market players, with agreements and contracts among the top government and EPC contractors are likely to promote the market’s growth in the foreseeable future. Increased investments made in the industrial and commercial sectors like oil & gas, construction, telecommunication, and mining is predicted to encourage the market growth across the globe. Also, overloading and maturing of power grids and increased stake of distributed generation are likely to encourage the market growth in the long run. On the contrary, the complexities associated with the control system, along with its high cost, are the major factors likely to restrict the growth of the market in the review period. Global Paralleling Switchgear Industry: Segmental Analysis The global paralleling switchgear market is segmented based on application, voltage, and end user. By voltage, the paralleling switchgear market is segmented into low voltage and medium voltage. Of these, the low voltage paralleling switchgear market is likely to dominate the market due to the surging demand from the telecommunication and construction sectors. Low voltage paralleling switchgear is highly preferred for industrial operations due to in housing capability of equipment and safer operations. The surging demand for low voltage from the industrial sector is triggering the demand for paralleling switchgear in the low voltage segment. By application, the paralleling switchgear market is segmented into prime, peak shave, and standby. Of these, the standby segment is predicted to dominate the market as they can maintain the power stability in industries like data centers, healthcare, and process industry. By end user, the market is segmented into commercial, utilities, industrial, and others. Among these, the industrial segment is predicted to dominate and expand at the fastest rate due to the surging demand for critical power from industries in the regions of the Middle East & Africa and the Asia Pacific. Regional Frontiers Geographically, the paralleling switchgear market spans across Europe, Asia Pacific, North America, and the Rest of the World (RoW).
Paralleling Switchgear Industry 2020Share, Key Players, Competitive Analysis till 2023
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