Global Paralleling Switchgear Market to Reach $1.7 Billion by 2030
The global market for Paralleling Switchgear estimated at US$1.3 Billion in the year 2023, is expected to reach US$1.7 Billion by 2030, growing at a CAGR of 4.3% over the period 2023-2030. Low Voltage Paralleling Switchgear, one of the segments analyzed in the report, is expected to record 4.8% CAGR and reach US$1.3 Billion by the end of the analysis period. Growth in the Medium Voltage Paralleling Switchgear segment is estimated at 3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $376.4 Million, While China is Forecast to Grow at 4% CAGR
The Paralleling Switchgear market in the U.S. is estimated at US$376.4 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$301 Million by the year 2030 trailing a CAGR of 4% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 3.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.
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