The paralleling switchgear market is projected to grow from an estimated USD 1.17 billion in 2018 to USD 1.55 billionby 2023, at a CAGR of 5.82% from 2018 to 2023.
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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 report’s target audience includes:
- Paralleling switchgear manufacturing companies
- Consulting companies in the end-user sector
- Process and manufacturing plants
- Government and research organizations
- Paralleling switchgear and equipment manufacturers
- State- or government-owned corporations
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.
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Report segments paralleling switchgear market, by end-user, into industrial and commercial. The industrial segment led paralleling switchgear market in 2017 as paralleling switchgear is used to provide backup power in every industrial setup to support critical loads.
They are also placed along with generators at remote locations such as oil & gas and mining sites as the prime source of power.
1 Attractive Market Opportunities in the Paralleling Switchgear Market, 2018–2023
2 Paralleling Switchgear Market, By Application
3 Paralleling Switchgear Market, By Transition Type
4 Paralleling Switchgear Market, By End User
5 Paralleling Switchgear Market, By Region
6 Asia Pacific Paralleling Switchgear Market
Report provides a picture of paralleling switchgear market across power generation industry and regions. It aims at estimating market size and future growth potential of market across different segments such as end-user, application, transition, voltage, and region.
Report includes an in-depth competitive analysis of key players in market along with their company profiles, recent developments.
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Paralleling Switchgear market has been segmented on the basis of end-user, application, transition, voltage, and region, with a focus on industry analysis (industry trends), market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the paralleling switchgear market, high-growth regions, and market drivers, restraints, and opportunities.
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