Global Paralleling Switchgear Market To Show Outstanding Growth With A CAGR Of More Than 6% By 2026

Global Paralleling Switchgear market garnered earnings worth approximately 1.5 (USD Billion) in 2019 and is set to record a CAGR of over 6% over the period from 2020 to 2026.

New York, United States - October 29, 2020 /MarketersMedia/ —

As per Zion Market Research, the paralleling switchgear market was valued at USD 1.5 Billion in 2019 and is predicted to grow with a CAGR of more than 6% by 2025. Overburdening and ageing of power grids, rising share of distributed generation, and spending in commercial & industrial industries such as telecommunication, oil & gas, oil & gas, mining, and construction are the major factors powering the paralleling switchgear market in the years to come.

Major firms active in the paralleling switchgear market are Cummins, GE, Caterpillar, Kohler, and Schneider Electric. These players have accepted developmental strategies such as new contracts & agreements, product launches, expansions, and mergers & acquisitions to grab a bigger piece of the global market.

The Industrial Section Dominated The Global Market In 2019

The global paralleling switchgear market is divided based on end-user into commercial and industrial. The industrial section dominated the global market in 2019 since paralleling switchgear is employed to offer backup energy in every industrial installation to support essential loads. They are also positioned together with generators at distant locations such as mining and oil & gas sites as the major power source.

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The global market for paralleling switchgear is divided based on into standby, prime, and peak shave. The standby section is predicted to develop at the max rate. Standby generators are a requirement to maintain power continuation in many sectors such as data centers, healthcare, and process industry.

The Low Voltage Section Is Predicted To Develop At The Max CAGR In The Years To Come

The global paralleling switchgear market is divided based on voltage into medium and low. The low voltage section is predicted to develop at the max CAGR in the years to come. The increasing requirement from the telecommunications and construction industries is powering the low voltage section, particularly in nations such as India, China, US, Germany, Vietnam, Thailand, Nigeria, and Malaysia. This switchgear is preferred for industrial processes owing to in housing ability of various tools and secure operations at the same place. An elevation in requirement from the industrial sector is predicted to power the development of the global market in the years to come.

Asia Pacific Is Predicted To Rule The Global Market In The Years To Come

The global paralleling switchgear market has been divided based on regions into Asia Pacific, North America, Europe, the Middle East and Africa, and South America. Asia Pacific is predicted to rule the global market in the years to come owing to increased investments in public infrastructure and increasing industrialization, particularly in India, China, and nations in South-East Asia.

The global paralleling switchgear market is segmented as follows:

By Application

Prime
Standby
Peak shave

By Transition Type

Open Transition
Closed Transition
By Voltage Type

Low voltage
Medium voltage

By End User

Industrial
Utilities/Power Generation
Oil & Gas
Others
Commercial
IT & Telecom
Healthcare
Others

By Region

North America
The U.S.
Canada

Europe
France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific

Latin America
Brazil
Mexico
Rest of Latin America

Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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Source URL: https://marketersmedia.com/global-paralleling-switchgear-market-to-show-outstanding-growth-with-a-cagr-of-more-than-6-by-2026/88983330

Source: MarketersMedia

Release ID: 88983330

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