ID: MRFR/E&P/6452-HCR | February 2021 | Region: Global | 110 pages
Hybrid Switchgear Market is projected to be worth USD 37.53 billion by 2027, registering a CAGR of 16.89% CAGR during the forecast period (2021 - 2027)
Hybrid switchgears were introduced in the late 1990s with the incorporation of two different technologies, namely, AIS and SF6. These switchgears combine the components of both traditional air-insulated switchgear and SF6 gas-insulated switchgear technologies. One technology is used for arc quenching purposes, while air-insulation technology is adopted for busbars to be connected to other equipment present in a high voltage substation. The key advantages of hybrid switchgears include less equipment cost, easy extension, smaller size, making them compact, and combined features of air-insulated and gas-insulated switchgear. Moreover, these switchgears can be used in medium voltage applications such as medium voltage switchgears. The majority of existing substations have functioned beyond their operational lives and the replacement of conventional air-insulated switchgear and electric switchgear components such as disconnectors and circuit-breakers are relatively expensive. This would eventually lead to the development of innovative switchgears with the functions of geographic information system integrated with dead tank circuit breakers, thereby boosting the hybrid switchgear industry.
The global hybrid switchgear market size is expected to reach USD 29.05 Billion by 2024 at a CAGR of 14.05% from 2019 to 2024. The key factors driving the growth of hybrid switchgear market are increasing involvement of private sector in transmission and distribution resulting in infrastructure development in emerging economies such as China, Australia, Thailand, and India. Moreover, key players such as ABB and GE are actively collaborating with governments of developing economies in Asia in order to strengthen the efficiency and reliability of transmission and distribution networks. Also, factors such as increased power consumption, government mandates on energy efficiency, rising adoption of renewable resources in the energy mix, and up gradation of aging hydropower plants in Asia-Pacific are driving the growth of the market for global hybrid switchgear. Moreover, increasing demand for compact devices to be installed in substations and replacement of old switchgears would present an opportunity for players in the hybrid switchgear market. However, cost-intensive nature of hybrid switchgear can pose a restraint to the hybrid switchgear market growth.
The key players in the global hybrid switchgear market are 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).
The global hybrid switchgear market has been segmented based on voltage, installation, and application. On the basis of voltage, it has been compartmentalized into up to 72.5 kV, 72.5–245 kV, and 245–550 kV. The 72.5–245 kV segment is expected to be the fastest-growing segment during the forecast period. Based on installation, the hybrid switchgear market has been segmented into onshore and offshore. The onshore segment is projected to dominate the hybrid switchgear market during the forecast period. Based on application, the market has been segmented into infrastructure, transportation, industrial, and others. I The industrial segment is expected to account for the maximum share during the forecast period.
On the basis of region, the global hybrid switchgear market is branched as Asia Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific is expected to hold the largest market share during the forecast period due to the high demand for electricity, especially in India, China, Japan, and Australia. China is expected to account for the largest share of the regional market and has the highest installed generation and distribution capacity. China is also considered an export-oriented economy and the market has witnessed significant growth in the demand for electricity, mainly driven by industrialization and infrastructure development. These factors are expected to drive the demand for hybrid switchgear in Asia-Pacific.
In April 2020, ABB inked a five-year framework contract for around USD 100 million with Colombia-based Interconexian Electrica SA ESP (ISA). The company plans to supply hybrid switchgear and other equipment to upgrade the regional power grid and strengthen its position throughout Latin America.
In January 2020, Siemens stated that it had completed the acquisition of C&S Electric, an Indian electrical equipment manufacturer, for more than USD 295 million. In addition to industrial automation and smart infrastructure, the company hopes to expand its regional presence by supplying switchgear and other metering devices.
|CAGR||16.89% CAGR (2022-2030)|
|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||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global hybrid switchgear market is expected to record a substantial market valuation of up to USD 37.53 billion by 2027.
The global hybrid switchgear market is projected to register a moderate 16.89% CAGR in the forecast period of 2020-2027.
The 72.5–245 kV segment is slated to expand as the fastest-growing segment.
The industrial segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global hybrid switchgear market are ABB (Switzerland), GE (US), Mitsubishi Electric (Japan), Siemens (Germany), Toshiba Corporation (Japan), Skipperseil (India), and others.