Global Paralleling Switchgear Market Size & Outlook
The paralleling switchgear industry worldwide is expected to reach a projected revenue of US$ 3,064.3 million by 2030. A compound annual growth rate of 8.7% is expected of the worldwide paralleling switchgear industry from 2024 to 2030.
Revenue, 2023 (US$M)
$1,709.1
Forecast, 2030 (US$M)
$3,064.3
CAGR, 2024 - 2030
8.7%
Report Coverage
Worldwide
Global paralleling switchgear market, 2018-2030 (US$M)
Global paralleling switchgear market highlights
- The global paralleling switchgear market generated a revenue of USD 1,709.1 million in 2023 and is expected to reach USD 3,064.3 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 8.7% by 2030.
- In terms of segment, prime power accounted for a revenue of USD 1,709.1 million in 2023.
- Prime Power is the most lucrative application segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
Global data book summary
| Market revenue in 2023 | USD 1,709.1 million |
| Market revenue in 2030 | USD 3,064.3 million |
| Growth rate | 8.7% (CAGR from 2023 to 2030) |
| Largest segment | Prime power |
| Fastest growing segment | Prime Power |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Prime Power |
Other key industry trends
- In terms of revenue, the North America accounted for 30.1% of the global paralleling switchgear market in 2023.
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Paralleling Switchgear Market Scope
Paralleling switchgear market segmentation & scope
Type
Open Transition System
Closed Transition System
Voltage
Low Voltage
Medium Voltage
End Use
Commercial & Industrial
Utilities and Power Generator
Others
Countries
U.S.
Canada
Mexico
UK
Germany
France
Italy
Spain
Norway
Denmark
Sweden
China
India
Japan
South Korea
Thailand
Australia
Brazil
Argentina
Saudi Arabia
South Africa
UAE
Kuwait
Paralleling Switchgear Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global paralleling switchgear market size, by regions, 2018-2030 (US$M)
Related regional statistics
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