Global Hybrid Switchgear Market Scenario
Market Research Future (MRFR) published an in-depth study on the global hybrid switchgear market which is a compilation of valuable market insights gained from a thorough analysis of the key macro and micro-economic factors that will impact the market over the forecast period of 2019-2024. MRFR’s analysis projects that the hybrid switchgear market is anticipated to reach USD 29.05 Bn at a CAGR of 14.05% by the end of the forecast period.
The key benefits of hybrid switchgears comprise low equipment cost, smaller size making them compact, easy extension, and blended features of gas-insulated and air-insulated switchgear. Furthermore, these switchgears can be employed in medium voltage applications. A large number of existing substations have worked beyond their operational lives and the alternative for traditional electric switchgear and air-insulated switchgear elements such as circuit-breakers and disconnectors are comparatively more expensive. This would consequently lead to the growth of advanced switchgears with the functions of geographic information system incorporated with dead tank circuit breakers, thereby surging the development of the hybrid switchgear market.
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Leading Players analyzed in the Hybrid Switchgear Market Report are:
- GE (US),
- ABB (Switzerland),
- Siemens (Germany),
- Mitsubishi Electric (Japan),
- Skipperseil (India),
- TGOOD (Colombia),
- Toshiba Corporation (Japan),
- Hitachi (Japan),
- Schneider Electric (France),
- Chint (China),
- CG (India),
- Hyosung (South Korea),
- L&T (India),
- Capchem Electricals Pvt. Ltd (India), and
- Taikai Power Engineering (China).
Global Hybrid Switchgear Market Segmentation
The global hybrid switchgear market is segmented based on installation, application, and voltage.
Based on installation, the hybrid switchgear market is segmented into offshore and onshore switchgear. The onshore segment is anticipated to rule the hybrid switchgear market over the forecast period.
Based on application, the hybrid switchgear market is segmented into transportation, industrial, infrastructure, and others. The industrial segment is likely to represent the primary share of the market over the assessment period.
Based on voltage, the hybrid switchgear market is segmented into up to 72.5 kV, 72.5–245 kV, and 245–550 kV. The 72.5–245 kV segment is anticipated to be witness rapid growth over the review period.
Region-wise, the hybrid switchgear market has been segmented into North America, South America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
In 2018, Asia Pacific accounted for the largest share of the market. The growth of the APAC hybrid switchgear market can be attributed to hefty investments in transmission and distribution in the region to fulfill the augmenting energy demands of the market. Governments in the region are endeavoring to expand transmission networks and improve the existing infrastructure in the region. Space constraints and strict government regulations on energy efficiency have also influenced the growth of the market. China, in particular, is investing heavily on its distribution network and revamping its aging hydropower plants which have raised substantial demand for hybrid switchgear. The APAC market is anticipated to be the fastest growing market for hybrid switchgear over the forecast period.
North America is likely to follow the APAC market closely and secure the second spot in the global switchgear market. Substantial investment is being made on the upgradation of the aging infrastructure, which will catapult the growth of the market.
In Europe, the introduction of advanced technologies by the leading market players presents in the region are favoring the growth of the hybrid switchgear market. Germany is a key contributor to the Europe switchgear market and is propelled by the initiation of new hybrid switchgear projects, designed for railway transmission system.
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