DUBLIN--(BUSINESS WIRE)--The "Paralleling Switchgear Market by End-User (Industrial, Commercial), Application (Prime, Standby and Peak shave), Transition Type (Open Transition and Closed Transition), Voltage (Low Voltage and Medium Voltage), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The paralleling switchgear market is projected to grow from an estimated USD 1.17 billion in 2018 to USD 1.55 billion by 2023, at a CAGR of 5.82% from 2018 to 2023.
Increasing use of renewable energy sources in distributed generation, ageing and overburdening of power grids, and investment in industrial sectors such as oil & gas, telecommunication, construction, and mining in regions such as Asia Pacific, the Middle East, and Europe are driving the market for paralleling switchgear.
The industrial segment of the paralleling switchgear market is expected to grow at the fastest pace during the forecast period. The growth of this segment can be attributed to the increasing demand for critical power from industries such as oil & gas, mining, and process industries in Asia Pacific, North America, and Europe. Continuity of power is crucial for any manufacturing or process industry. Loss of power results in a major loss, hence paralleling switchgear is used to maintain continuity.
Asia Pacific is estimated to be the largest market for paralleling switchgear, followed by North America and Europe. While India will continue to drive demand, growing industrial demand and increasing investments in infrastructure development in emerging economies such as China, Thailand, and Malaysia are expected to boost the demand for paralleling switchgear.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Paralleling Switchgear Market, By Application
7 Paralleling Switchgear Market, By End User
8 Paralleling Switchgear Market, By Transition Type
9 Paralleling Switchgear Market, By Voltage
10 Paralleling Switchgear Market, By Region
11 Competitive Landscape
12 Company Profiles
- Rolls-Royce (MTU Onsite Energy)
- Pioneer Power Solutions (Pioneer Critical Power)
- Regal Beloit Corporation (Thomson Power Systems)
- Schneider Electric (Asco Power Technologies)
- Advanced Power Technologies
- Enercon Engineering
- Industrial Electric Mfg
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