Paralleling Switchgear Market to Grow $1.55 Billion by 2023 - GE, Kohler, Caterpillar, ... - 0 views
-
Almira Coyne on 10 Feb 21the paralleling switchgear market is expected to grow from an estimated USD 1.17 Billion in 2018 to USD 1.55 Billion by 2023, at a CAGR of 5.82% during the forecast period. The market is set to witness growth due to increase in distributed generation and ageing and overburdening of power grids. The industrial segment is expected to be the largest segment of paralleling switchgear market, by end-user, in 2018. The industrial segment is expected to be the largest segment of the paralleling switchgear market, by end-user, in 2018. This segment is driven by factors such as the increasing demand for critical power from utilities/power generation in developing regions of Asia Pacific, the Middle East & Africa, and South America. Increased focus on data center services led by rising demand from finance and e-commerce sectors and large investments in public infrastructure projects by governments globally are the key drivers of the industrial segment of paralleling switchgear market.