Paralleling switchgear market projected to reach USD 3.14 billion by 2032, driven by technological advancements.

From GlobeNewswire: 2025-06-25 09:30:00

The Paralleling Switchgear Market is projected to reach USD 3.14 Billion by 2032, growing at a CAGR of 7.36% from 2024-2032. Technological advancements like smart controllers and remote monitoring are driving growth in critical sectors such as utilities, healthcare, and manufacturing, enhancing system stability and efficiency.

North America led the market in 2023, with a 28.6% share, while Asia Pacific is expected to register the fastest CAGR of over 10% from 2024 to 2032. The market is witnessing significant growth due to increasing urbanization, infrastructure spending, and energy requirements in countries like China, India, and Japan.

In 2023, the standby power segment dominated the market, accounting for 43.2% of the total share, driven by demand in critical sectors like healthcare and data centers. The peak shaving segment is projected to witness the fastest CAGR from 2024 to 2032, addressing energy cost concerns and load management techniques.

The medium voltage segment is expected to record the highest CAGR from 2024 to 2032, driven by increased demand for efficient power distribution in utilities and large industrial applications. The commercial and industrial segment led the market in 2023, with growing demand for uninterrupted power supply in industries like manufacturing and healthcare.

Key players in the Paralleling Switchgear Market include Schneider Electric, Cummins Inc., Caterpillar, and General Electric Company. Recent developments include the introduction of innovative products like EasySet MV by Schneider Electric and investments in new manufacturing facilities by companies like Mitsubishi Electric to support grid modernization efforts.



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