PUBLISHER: The Business Research Company | PRODUCT CODE: 1532037
PUBLISHER: The Business Research Company | PRODUCT CODE: 1532037
Paralleling switchgear (PSG) is a critical component in electrical systems that facilitates the connection and synchronization of multiple power sources, such as generators. This enables them to collectively deliver a higher capacity and enhanced reliability of power output. PSG is meticulously designed to ensure the safe and efficient operation of these power sources by integrating protection, control, metering, and switching functionalities. These elements collaborate to effectively manage power distribution across various systems.
The primary types of paralleling switchgear include open transition systems, closed transition systems, and soft load systems. Open transition systems involve electrical switching mechanisms that briefly disconnect from one power source before connecting to another, resulting in a momentary interruption during transfer. These systems are applied across different power ratings such as low voltage (LV), medium voltage (MV), and high voltage (HV), serving purposes such as prime power, standby power, and peak shaving. They cater to end users in commercial and industrial sectors.
The paralleling switchgear research report is one of a series of new reports from The Business Research Company that provides paralleling switchgear market statistics, including the paralleling switchgear industry's global market size, regional shares, competitors with a paralleling switchgear market share, detailed paralleling switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the paralleling switchgear industry. This paralleling switchgear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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%. Historical growth can be attributed to several factors including aging power infrastructure, rising electricity demand, industrialization, technological advancements, regulatory requirements, urbanization, increased investments in renewable energy, concerns about grid reliability, cost efficiency initiatives, 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%. Anticipated growth in the forecast period can be attributed to several key factors, smart grid integration, deployment of microgrids, integration of energy storage, IoT applications in energy management, electrification of transportation, mandates for renewable energy, initiatives to modernize the grid, programs for demand response, enhancements in cybersecurity, and adoption of modular switchgear solutions. Major trends expected in the forecast period include increased use of digital substations, decentralized generation of power, optimization of energy efficiency, emphasis on sustainable energy solutions, development of energy-as-a-service models, utilization of AI and machine learning in grid management, expansion of electric vehicle charging infrastructure, planning for resilience against extreme weather events, incorporation of blockchain in energy transactions, and the growth of smart cities leveraging advanced switchgear technologies.
The paralleling switchgear market is set to experience significant growth driven by increasing demand for renewable energy sources. Renewable energy, derived from naturally replenished resources such as sunlight, wind, and others, is gaining traction due to environmental concerns, energy security objectives, and advancements in technology. Paralleling switchgear plays a crucial role in renewable energy systems by synchronizing multiple power sources such as solar arrays and wind turbines. This synchronization ensures efficient integration into the grid and optimal distribution of power. For example, the International Energy Agency reported a substantial increase in renewable electricity capacity additions in 2023, highlighting nearly a 50% rise compared to 2022. This surge underscores the driving force behind the paralleling switchgear market's growth.
Key players in the paralleling switchgear sector are focusing on developing advanced power management solutions to enhance the reliability and efficiency of power distribution systems. These critical power management solutions are specialized devices or systems designed to ensure continuous and reliable electrical power distribution, particularly in environments where power interruptions can have significant consequences. For instance, ASCO Power Technologies, a division of Schneider Electric, introduced ASCO CPMA devices in October 2021. These devices automatically record power events, evaluate equipment performance, and send real-time notifications via email and SMS. They provide scalable solutions for controlling engine generators, transfer switches, paralleling switchgear, and other essential power components, integrating data from multiple manufacturers into a unified user interface.
In March 2021, Siemens Ltd., a German technology company, acquired C&S Electric for $285 million, enhancing its footprint in the Indian market. This acquisition strengthens Siemens' presence in the low-voltage power distribution and electrical installation technology sectors. It also aims to establish a design and manufacturing hub to support global exports of electrification solutions. C&S Electric Ltd., based in India, is recognized for manufacturing electrical equipment.
Major companies operating in the paralleling switchgear market are 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
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.
The countries covered in the paralleling switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The paralleling switchgear market consists of sales of static transfer paralleling switchgear (PSG), manual transfer paralleling switchgear (PSG), and automatic transfer paralleling switchgear (PSG). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Paralleling Switchgear Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on paralleling switchgear market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for paralleling switchgear ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The paralleling switchgear market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.