Paralleling Switchgear Market Size, Share, Growth, Trends, and Global Industry Analysis: By Transition (Open, Closed), By Voltage (Low Voltage, Medium Voltage), By Application (Prime, Standby, Peak Shave, Others), By End User (Commercial and Industrial, Utilities and Power generator, Others) and Region

Paralleling Switchgear Market size was valued at US$ 2,368.1 million in 2023 and poised to grow at a CAGR of 6.9% from 2024-2030. Parallel switch gear improves the efficiency and dependability of the transmission of electricity which are particularly important in settings like large buildings, hospitals, data centers, or industrial sites where a single power source might not be able to meet electrical demands. The key drivers responsible for the paralleling switchgear market are enhanced power reliability and availability. In addition, improvement in energy efficacy by increasing the utilization of power sources and reducing overall system losses. Furthermore, PSG's flexibility and scalability factors in its acceptance in power distribution networks are responsible for the market growth.

However, the cost constraint and complexity in the control system are concerns for paralleling the switchgear market. The gradual recovery of construction, oil and gas, mining, and telecommunication provides an opportunity for the market. For instance, the market for paralleling switchgear is expanding as a result of businesses placing a greater emphasis on sustainable practices and the need for economical, eco-friendly power solutions. To provide backup power in the event of a utility outage, 11 generator sets operating in parallel were supplied in February 2018 by Cummins authorized dealer AET Guc Sistemleri San. Tic. Ltd for a new Metromall in Ankara, Turkey. Additionally, Cummins introduced the 40 kWe to 65 kWe Onan Marine QD series generators in February 2018. The company has chosen to pursue mergers and acquisitions as a means of increasing its market share in the paralleling switchgear industry. To offer a broad range of comprehensive power solutions as a single supplier, Caterpillar acquired the remaining interest in its joint venture with Eaton Corporation in Intelligent Switchgear Organization in December 2017.

Paralleling Switchgear Market Key Developments:

• In April 2021, GE and Hitachi-ABB Power Grids signed a non-exclusive cross-licensing agreement that will enable them to use a revolutionary gas substitute for sulfur hexafluoride (SF6) to expand their range of high-voltage equipment. A common insulating and switching gas in high-voltage electrical equipment is called SF6. That is a substantial greenhouse gas
• IN July 2021, US$ 2.6 million grant was given to GE Renewable Energy's Grid Solutions division by the European Commission's Life Climate Action initiative to support the development of a 245 kV g3 live tank circuit breaker that is free of sulphur hexafluoride (SF6). The new circuit breaker will have the same high performance and compact design as a conventional SF6 circuit breaker thanks to GE's gas technology.