The paralleling switchgear global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Paralleling Switchgear Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
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.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the paralleling switchgear market are <b>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</b>
Table of Contents
1. Executive Summary
2. Paralleling Switchgear Market Report Structure
3. Paralleling Switchgear Market Trends And Strategies
4. Paralleling Switchgear Market – Macro Economic Scenario
5. Paralleling Switchgear Market Size And Growth
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27. Paralleling Switchgear Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix