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Hybrid Switchgear Market Research Report Information by Voltage (Up to 72.5 kV, 72.5-245 kV and 245-550 kV), Installation (Onshore and Offshore), Application (Infrastructure, Transportation, Industrial and Others) and Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) - Forecast till 2030

ID: MRFR/E&P/6452-HCR | 110 Pages | Author: Anshula Mandaokar| May 2024

Global Hybrid Switchgear Market Research (MRFR Insights)

The  hybrid switchgear market is projected to register a CAGR of 16.89% from 2022 to 2030.Increasing inclination toward sustainable power coupled with a combination of cogeneration plants across grid infrastructure will drive the industry demand. Growing measures to assure security & stability with the retrofitting and substituting conventional power frameworks will stimulate market growth. The absence of reliable & efficient electric networks in-line with the advancements in existing infrastructure across major economies has integrated a positive scenario. The  hybrid switchgear market size is expected to reach approximately USD Significant value by 2030. Moreover, the rapidly growing electrification need in remote areas and the increasing electricity generation have positively affected the growth of several electrical equipment. The growing targets by regional governments for delivering electricity in rural areas and growing investments in this industry are the key market trends projected to cater to the market growth.

COVID-19 Impact Analysis

The COVID-19 pandemic has moderately impacted the overall hybrid switchgear industry statistics because of lockdown inconveniences, closing of different assemblies and industrial facilities, and postponements in various infrastructural projects. Consistent maintenance of electrical grid frameworks during the pandemic and vaccination drives to curb the Covid-19 spread will supplement sector development. Moreover, increasing building construction development facilities, followed by the rising demand for replacing and renovating aging grid infrastructure, will support overall growth.

 Hybrid Switchgear Market Dynamics

The key factors driving the market's growth are the increasing involvement of the private sector in transmission and distribution, resulting in infrastructure development in developing economies such as Australia, China, Thailand, and India. Furthermore, key players such as ABB and GE are actively collaborating with governments of developing economies in Asia to strengthen the efficiency and reliability of transmission and distribution networks. Also, factors such as enhanced power consumption, government mandates on energy efficiency, growing adoption of renewable resources in the power mix, and upgradation of aging hydropower plants in Asia-Pacific are propelling the growth of the hybrid switchgear industry.

 Market Drivers

  • ¬†Exponentially growing industrial infrastructure

The enhanced energy demand to strengthen rapid urbanization and growing awareness for the new generation mix is estimated to fuel the market growth. This equipment is primarily utilized in complex electrical substations and enterprises to withstand variable operating voltages, along with increased environmental conditions to support the stability of the voltage. Infrastructural developments are fueling the utilization of switching components in commercial applications. The construction and upgradation of recent industrial structures, including power plants, government offices, banks, and other commercial buildings, will further drive market growth.

  • The growing integration of smart monitoring and control units across power grid infrastructure

Switching tools are created by digital solutions, integrating advanced smart monitoring and control units and other features for incorporation into the power grid infrastructure. Growing investments in sustainable power generation technology will further accelerate the demand for this equipment. Hence, the enhancing adoption of switching equipment equipped with advanced features is a new trend that would accelerate the  hybrid switchgear market growth over the forecast period.

market Restraints:

  • Harsh environmental conditions & high price of hybrid switchgear equipment

The harsh environmental conditions, such as pressure, temperature, and humidity, along with water leakage from the environment, are some of the major factors which can impact the efficiency of electrical switchgear equipment that is usually installed in an outdoor location. Hence, to cater to the atmospheric circumstances, regulatory institutions formulated stringent restrictions and specifications for higher reliability and feasibility. This equipment includes advanced features and a lot-based control system, which makes its cost higher. It provides a complete solution that is complex and expensive. Therefore, the high capital investment in the hybrid switchgear industry and the harsh environmental conditions may hinder market growth over the forecast period.

Market Opportunities:

  • Growing smart technologies and digitalization

The intelligent switchgear business is expanding continuously with continual advances in infrastructure and production facilities. Smart switchgear, which plays an important part in energy distribution to industry and residential areas, is one of the sector's most important stimulants. As a result, implementing smart power distribution devices such as smart switchgear is critical for ensuring increased performance, power continuity, and resource optimization while lowering the transmission, operational, and maintenance costs. New smart hybrid switchgear is flexible, energy-efficient, and future-proof. They offer update and upgrade solutions with zero downtime; these technologies are expected to grow significantly over the forecasted period and provide growth opportunities.

  • Up gradation of aging power infrastructure

The growing energy demand has led to a need for a reliable and stable T&D network. The primary reasons behind the rising number of blackouts are the lack of investments, aging infrastructure, and improper regulations for the modernization of the grid. New regulations for reducing power blackouts and upgrading the aging power system infrastructure across the globe are creating a potential opportunity for the growth of the market.

Segment Overview

  • By Voltage Insights

The  hybrid switchgear market segmentation, based on voltage, is up to 72.5 kV, 72.5-245 kV, and 245-550 kV. The up to 72.5 kV category held a prominent market share in 2021 owing to the wide deployment in distribution networks along with the high fault enduring capacity. However, 245-550 kV was the fastest-growing category due to growing industrialization and increased demand for the components.

  • By Installation Insights

The  hybrid switchgear market segmentation, based on installation, is onshore and offshore. In 2021, the onshore category accounted for the largest market share due to the increased adoption of hybrid switchgear in wind turbine towers. However, offshore was the fastest-growing category due to the growing product establishment.

  • By Application Insights

Based on application, the  market is divided into infrastructure, transportation, industrial, and others. The industrial category dominated the market in 2021due to increased demand for hybrid switchgear in the industrial sector. However, infrastructure was the fastest-growing category due to the heavy investment in developing hybrid switchgear.

Global Hybrid Switchgear Market Share by Region, 2021 (%)Hybrid Switchgear Market Share by Region, 2021

 Hybrid Switchgear Market Overview by Region

By region, the  hybrid switchgear market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.

North America

North America dominated the  market share in 2021 due to growing investments in the commercial & industrial sectors. The establishment of supportive government initiatives and favorable directives and targets to provide a sustainable energy mix has accelerated the sale of the witching equipment. The US and Canada are the key countries operating in the region.


Asia-Pacific accounted for the second-largest market share in 2021 due to the presence of huge potential for building large industrial plants along with the rapidly developing residential & commercial sectors projected to contribute to regional growth. Developing countries such as China, India, and South Korea are experiencing excessive energy demand due to the growing need for the transmission & distribution of electric power and electrification projects. According to India Brand Equity Foundation (IBEF), increasing electrification would drive power consumption growth to 1,847 TWh in India by 2022. Other prominent nations present in the Asia-Pacific are Japan, Australia, and Southeast Asian countries, which would also contribute to the industry's growth rate over the forecast period.

 Hybrid Switchgear Market Competitive Landscape

The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have ¬†reach with diverse product portfolios. Companies such as ABB (Switzerland), GE (US), Mitsubishi Electric (Japan), Siemens (Germany), and Toshiba Corporation (Japan) dominate the ¬†market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, joint ventures, product introduction, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in November 2022, GE introduced Digital ‚ÄúHYpact‚ÄĚ Switchgear to make grids more predictable based on the digital hybrid compact switchgear. HYpact switchgear is now fitted with digital power sensors using very sensitive low-power instrument transformers instead of conventional oil-immersed instrument transformers.

Prominent players in the  hybrid switchgear market research include Skipperseil (India), TGOOD (Colombia), Schneider Electric (France), Hitachi (Japan), CG (India), L&T (India), Chint (China), Hyosung (South Korea), Taikai Power Engineering (China), and Capchem Electricals Pvt. Ltd (India), among others.

Scope of the  Hybrid Switchgear Market Segmantation

By Voltage Outlook

  • Up to 72.5 kV

  • 5-245 kV

  • 245-550 kV

By Installation Outlook

  • Onshore

  • Offshore

By Application Outlook

  • Infrastructure

  • Transportation

  • Industrial

  • Others

By Region Outlook

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific

  • Rest of the World

    • South America

    • Middle East

    • Africa

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Hybrid Switchgear Market Forecast & Size:

To identify and estimate the market size for the  hybrid switchgear market report segmented by voltage, installation, and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers of  hybrid switchgear market forecast between 2022 and 2030

  • Market Landscape and Trends:

To identify and infer the drivers, opportunities, restraints, and challenges in the  hybrid switchgear market size

  • Market Influencing Factors:

To find out the factors which are impacting the  hybrid switchgear market size among consumers

  • Impact of COVID-19:

To identify and understand the several factors involved in the market affected by the pandemic

  • Company Profiling:

To provide a detailed insight into the key companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, recent developments, product offerings, SWOT analysis, and key strategies.

Intended Audience

  • Hybrid Switchgear Manufacturer

  • Raw material suppliers

  • Retailers, wholesalers, and distributors

  • Governments, associations, and industrial bodies

Pharma companies

Report Attribute/Metric Details
  Market Size 2027: USD 37.53 billion 2030 : Significant value
  CAGR   16.89% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application, Voltage, Standard
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   ABB (Switzerland), GE (US), Mitsubishi Electric (Japan), Siemens (Germany), Toshiba Corporation (Japan), Skipperseil (India), TGOOD (Colombia), Schneider Electric (France), Hitachi (Japan), CG (India), L&T (India), Chint (China), Hyosung (South Korea), Taikai Power Engineering (China), and Capchem Electricals Pvt. Ltd (India)
  Key Market Opportunities Governments of developing economies in Asia in order to strengthen the efficiency Reliability of transmission and distribution networks
  Key Market Drivers Increasing involvement of private sector in transmission Distribution resulting in infrastructure development in emerging economies

Frequently Asked Questions (FAQ) :

The  hybrid switchgear market forecast period is 2022 - 2030

The market is expected to register a CAGR of ~16.89% over the next 10 years, according to  hybrid switchgear market research.

Asia-Pacific is expected to register the highest CAGR during 2022 - 2030

North America held the largest share in 2021

The market size is expected to be USD Significant value by 2030.

ABB (Switzerland), Mitsubishi Electric (Japan), GE (US), Siemens (Germany), and Toshiba Corporation (Japan) are the major companies operating in the market.

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