“Paralleling Switchgear Market”
Paralleling Switchgear Market is expected to expand at 5.5% CAGR, Global Paralleling Switchgear Market has been segmented on the basis of voltage, application, and end-user
Global Paralleling Switchgear Market: Overview
As per the report published by Market Research Future (MRFR), the Global Paralleling Switchgear Market is marked to expand moderately at a CAGR of 5.5% during the forecast period of 2017-2023. Paralleling switchgear is the integrated system utilized for controlling the distribution of power for standby systems, emergency systems, and others.
Global Paralleling Switchgear Market: Competitive Analysis
The prominent players profiled by MRFR that are operating in the Global Paralleling Switchgear Market are General Electric Company (the U.S.), Caterpillar Inc. (the U.S.), Cummins Inc. (the U.S.), Rolls-Royce (MTU Onsite Energy) (the U.K.), Kohler Co. (the U.S.), and Pioneer Power Solutions. (the U.S.). Regal Beloit Corporation (the U.S.), Schneider Electric SE. (France), Advanced Power Technologies. (the U.S.), Enercon Engineering, Inc. (the U.S.), Industrial Electric Mfg (the U.S.), and Russelectric Inc. (the U.S.) and others. The strategies such as increased research and development expenditure and planned mergers and acquisitions are aiding the players in the global paralleling switchgear market in expanding their businesses in the competitive environment of the global paralleling switchgear market. For instance, in October 2018, it has been announced by Siemens, a leading innovator in low and medium voltage technology, that it is planning to acquire Russelectric, a Massachusetts-based leading manufacturer of power control systems which include switchgear and automatic transfer switches.
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Key Players
The key players of Global Paralleling Switchgear Market are General Electric Company (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce (MTU Onsite Energy) (U.K.), Kohler Co. (U.S.), and Pioneer Power Solutions. (U.S.). Regal Beloit Corporation (U.S.), Schneider Electric SE. (France), Advanced Power Technologies. (U.S.), Enercon Engineering, Inc. (U.S.), Industrial Electric Mfg (U.S.), and Russelectric Inc. (U.S.) are among others.
Global Paralleling Switchgear Market: Drivers and Restraints
Rapid maturing and overloading of power grids and increased investments for the development of various commercial and industrial sectors are inducing high demand for paralleling switchgear, resulting in the expansion of the global paralleling switchgear market during the assessment period. Rapid expansion of end-use industries such as oil and gas, construction and building, mining, and communication is one of the primary factors that are propelling the expansion of the global paralleling switchgear market. However, complexities regarding the installment and maintenance of the system and cost constraints are likely to restrain the growth of the global paralleling switchgear market during the forecast period.
Global Paralleling Switchgear Market: Segmental Analysis
The Global Paralleling Switchgear Market has been segmented on the basis of voltage, application, and end-user. Based on Voltage, the global paralleling switchgear market has been segmented into low voltage and medium voltage. The low voltage segment commands the major share of the global paralleling switchgear market owing to the high demand for low voltage switchgear in the rapidly expanding telecommunication and construction sector.
Based on Application, the Global Paralleling Switchgear Market has been segmented into prime, standby and peak shave. The standby segment commanded for the dominant share in the global paralleling switchgear market owing to the high demand for standby generators in the global market.
Based on End-User, the Global Paralleling Switchgear Market has been segmented into commercial, industrial, utilities and others. The industrial segment was recorded to be the fastest growing segment in the global paralleling switchgear market in the year 2016.
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Global Paralleling switchgear Market: Regional Analysis
Geographically, the global paralleling switchgear market has been segmented into four major regions such as North America, Asia Pacific (APAC), Europe and the rest of the world. The Asia Pacific region is projecting fastest growth at the highest CAGR in the global paralleling switchgear market during the assessment period due to the rising demand for energy as a result of increasing population and rapid expansion of various industrial sectors along with residential and commercial infrastructures that project high energy consumption in the emerging economies of this region. Increased penetration of electricity in the underdeveloped areas of the Asian countries is also propelling the growth of the paralleling switchgear market in this region. Rapid urbanization and industrialization are inducing high demand for energy in the North America region, which in turn is fueling the growth of the paralleling switchgear market in this region. Increased production of electrical components to be utilized in conventional as well as non-conventional power sector is contributing to the expansion of the paralleling switchgear market in the Europe region.
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