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Hybrid Switchgear Market 2024 in-Depth Analysis by Leading Key Players like ABB, GE, Mitsubishi Electric, Siemens, Toshiba Corporation, Schneider Electric, Hitachi, CG, L&T Etc.
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Hybrid switchgear is a combination of two different technologies, namely AIS and SF6. Hybrid switchgear incorporates the components of both SF6 gas-insulated switchgear and traditional air-insulated switchgear technologies. These switchgears provide the advantages of both the technologies, including easy extension, compactness, reduced cost, and reduced size.
Global Hybrid Switchgear Industry Segmental Analysis
The hybrid switchgear market has been segmented based on voltage, installation, and application.
By voltage, the hybrid switchgear market has been segmented into up to 72.5 kV, 72.5–245 kV, and 245–550 kV. The 72.5–245 kV segment is likely to register the highest CAGR over the forecast period.
By installation, the hybrid switchgear market has been segmented into onshore and offshore. The onshore segment is anticipated to be the largest segment over the forecast period.
By application, the hybrid switchgear market has been segmented into infrastructure, transportation, industrial, and others. The industrial segment is presumed to capture the maximum share of the market over the forecast period.
Competitive Landscape
GE (US), Toshiba Corporation (Japan), Capchem Electricals Pvt. Ltd (India), Skipperseil (India), TGOOD (Colombia), CG (India), Chint (China), Siemens (Germany), Taikai Power Engineering (China), Hitachi (Japan), Schneider Electric (France), L&T (India), Mitsubishi Electric (Japan), Hyosung (South Korea), and ABB (Switzerland) are the notable players in the global hybrid switchgear market.
Regional Analysis
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. The APAC market is anticipated to be the fastest growing market for hybrid switchgear over the forecast period.
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.
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.
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