Press release
Hybrid Switchgear Market 2020 Insights, Current and Future Trends, COVID – 19 Impact Analysis, Sales Revenue, Key Manufacturers, Scope, Demand and Business Boosting Strategies till 2024
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.
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.
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In emerging economies of China, India, Thailand, Australia, infrastructure development has assumed a key position. Both the government, as well as the private sector, is involved in the modernization of transmission and distribution infrastructure from where much of the growth of the hybrid switchgear market is stemmed. Increasing power demand, along with stringent energy efficiency regulations, has propelled the demand for hybrid switchgears. Moreover, in developed countries, rigorous efforts are being made in the upgradation of existing infrastructure to support renewable technologies, which is further boosting the growth of the market.
On the contrary, the cost-intensive nature of the market can deter market growth over the forecast period.
Segmentation
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.
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. 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.
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.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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