Caterpillar (US) and Cummins (US) are the Major Players in the Paralleling Switchgear Market
The global paralleling switchgear market is projected to reach USD 1.55 Billion by 2023, growing at a CAGR of 5.82% from 2018 to 2023. The market growth is primarily driven by the increase in distributed generation, ageing and overburdening of power grids, and investment in industrial sectors such as power generation, oil & gas, telecommunication, construction, and mining.
Asia Pacific would continue to be the largest market for paralleling switchgear, followed by North America, during the forecast period. The global market is dominated by major players including GE (US), Kohler (US), Caterpillar (US), Cummins (US), Rolls-Royce (UK), and Schneider Electric (France).
The market growth strategies adopted by the key players in the paralleling switchgear market include contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, joint ventures, and partnerships and collaborations. Contracts & agreements was the most commonly adopted strategy by market players from July 2014 to February 2018. Industry players also launched a number of new products in the stated period from 2014 to 2018.
Caterpillar is one of the leading suppliers of paralleling switchgear, construction and mining equipment, industrial gas turbines, diesel and natural gas engines, and diesel electric locomotives. The company operates through 2 segments, namely, machinery, energy & transportation and financial products. It offers paralleling switchgear in the machinery, energy & transportation segment. The company has adopted the strategy of mergers & acquisitions to gain a larger share of the paralleling switchgear market. In December 2017, Caterpillar purchased the remaining interest in its joint venture with Eaton Corporation in Intelligent Switchgear Organization to provide a wide range of complete power solutions as a single supplier.
Cummins is a global manufacturer of paralleling switchgear. The company caters to various industries such as construction, automotive, mining, marine, oil and gas, agriculture, and defense among others. The company supplies paralleling switchgear in its power system business division. The company adopted the strategies of contracts & agreements and new product launches to maintain its market position. In February 2018, Cummins authorized dealer AET Güç Sistemleri San. ve Tic. Ltd. ªti supplied 11 generator sets working in parallel to provide backup power in the event of a utility failure for a new Metromall in Ankara, Turkey. Also, in February 2018, Cummins launched Onan Marine QD series generators with power ranges from 40 kWe to 65 kWe. The new product offers reduced emissions and acts as a platform that can be paralleled, thus allowing to provide electrical power for vessels with need up to 130 kWe.
Related Reports:
Paralleling Switchgear Market by End-User (Industrial, Commercial), Application (Prime, Standby and Peak shave), Transition Type (Open Transition and Closed Transition), Voltage (Low Voltage and Medium Voltage), and Region - Global Forecast to 2023
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