The global paralleling switchgear market is primarily driven by ongoing technological developments in the energy sector, as well as rise in power consumption. The surge in use of paralleling switchgear in the oil & gas, construction, mining, and telecom industries is anticipated to boost the growth of the paralleling switchgear market during the projected period. Power outages during working hours can be costly, and paralleling switchgear can help by providing backup power. Expansion of data centers and hospitals, as well as infrastructure development, are now part of a new system to complete a task that creates an opportunity. Furthermore, rise in demand for the standby application from end-user sectors like as construction, hospitals, and data centers propels the market growth. Despite numerous benefits of paralleling switchgear, there are some factors that limit and impede industry expansion.
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Market Trends
- Marble Robot Inc., a San Francisco-based robot and autonomy technology solutions company, has sold some of its assets to Caterpillar Inc. Caterpillar’s automation and autonomy plan includes the purchase, which highlights the company’s commitment to the next generation of jobsite solutions.
- Cummins Inc. has signed a definitive agreement to purchase all of the issued and outstanding shares of Hydrogenics Corporation, a provider of fuel cell systems, through a wholly-owned subsidiary.
- Clarke Energy Ltd., based in Liverpool, England, has been acquired by Kohler Co. Power Group, a global leader in engines and power production systems. Clarke Energy is a global leader in engine-based power plant engineering, building, installation, and maintenance, as well as an authorized dealer of GE reciprocating engines in 19 countries.
Key Market Players
- General Electric Company
- Caterpillar Inc.
- Cummins Inc
- Kohler Co.
- Pioneer Power Solutions
- Regal Beloit Corporation
- Schneider Electric SE
- Advanced Power Technologies
- Enercon Engineering, Inc.
- Industrial Electric Mfg
- Russelectric Inc.
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Key Benefits of the Report
- This study presents the analytical depiction of the paralleling switchgear industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Paralleling Switchgear market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the paralleling switchgear market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Paralleling Switchgear market analysis based on competitive intensity and how the competition will take shape in coming years
COVID-19 Impact analysi
- The global switchgear sector has been disrupted by the ongoing COVID-19 outbreak. As countries employed partial or complete lockdown strategies to deal with the epidemic, different enterprises in the electricity sector throughout regions have been forced to shut down their industrial facilities and services.
- The COVID-19 pandemic has had an influence on ongoing projects as well as on the power industry’s whole supply chain. Major power projects have also been halted or postponed by firms across the region.
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