Paralleling Switchgear Market Overview:
Paralleling Switchgear Market is expected to expand at 5.5% CAGR during the forecast period.
Market Research Future (MRFR) dug deep into the market to analyze prospects that can help the market grow. In its endeavor, it found out factors like the rising demand for the product in the oil & gas sector, impact of it on the telecommunication industry, its ability to incorporate latest technologies, hike in research funding, support from the developing countries, and others. Expansion activities of various companies are also going to inspire better scope for growth.
Segmentation:
The global paralleling switchgear market has been studied on the basis of a segmentation, set by MRFR analysts, that includes voltage, application, and end user. This segmentation includes a discussion of various dynamics with facts and figures that would help in forming strategies in the coming years.
By voltage, the global paralleling switchgear market report includes segments like low voltage and medium voltage. The low voltage is all set to dominate the paralleling switchgear market till the end of 2023. It is getting backed by the surging demand from the construction and telecommunications sectors, particularly in countries like China, India, Germany, and the U.S.
By application, the report comprising details of the paralleling switchgear market includes segments like standby, prime, and peak shave. The standby segment had the charge in 2016 and has the potential to emerge as the fastest-growing application segment. Its demand as a support system for end users like healthcare, data centers, and process industry could bolster the market growth.
By end user, the review of the paralleling switchgear market includes a segmentation that covers industrial, commercial, utilities and others. The industrial segment was dominating the global market in 2016 and has the chance to dominate the global market during the forecast period. The segment is getting backed by the emerging economies from regions like Asia Pacific and Middle East & Africa. Changes in the ecommerce sector is also going to impact the market outcome.
Regional Analysis:
The market would find a solid footing in Asia Pacific. Emerging economies from the region are expected to bolster the regional market and help it outpace others during the forecast period. China, India, Taiwan, South Korea, and others are expected to support the growth.
Industry News:
Russelectric, a part of Siemens Business, is a leading manufacturer of power control systems and automatic transfer switches and is known for its offering of robust and reliable Emergency Power System that provide backup power.
Their paralleling switchgear systems provide redundant programmable logic controller Russelectric (PLC) controls and capability to provide manual backup. This facility is getting backed by hospitals, data centers, telecommunications, and banking facilities. Also, the technology is well-appreciated in water and waste water, airports, and renewable energy facilities.
Competitive Landscape:
The global market report on the paralleling switchgear market includes a study covering companies like Caterpillar Inc. (U.S.), General Electric Company (U.S.), Kohler Co. (U.S.), Cummins Inc. (U.S.), Rolls-Royce (MTU Onsite Energy) (U.K.), Schneider Electric SE. (France), Pioneer Power Solutions. (U.S.). Regal Beloit Corporation (U.S.), Enercon Engineering, Inc. (U.S.), Industrial Electric Mfg (U.S.), Advanced Power Technologies. (U.S.), and Russelectric Inc. (U.S.). MRFR’s analysts, to gauge what trends are impacting the market and what can cause the furthering of the market, have tracked the recent activities of companies. Merger, acquisition, tie-up, innovation, branding, launching of new products, funding for marketing and research, and others were recorded by experts.
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