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Hybrid Switchgear Market Analysis

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

The Hybrid Switchgear market is highly affected by different factors which play an important role in market dynamics of power distribution. The first important aspect is the worldwide shift towards more sustainable energy solutions. Along with the trend of renewable energy sources together with the electrification of different industries, the need for the advanced and secure switchgear technology, including hybrid switchgear, is growing. A hybrid switchgear that utilizes a combination of the conventional gas-insulated and air-insulated technologies is a key component of the evolving landscape of smart grids and the integration of renewable energy.

Technological development becomes decisive factor for the Hybrid Switchgear market. Digital transformation of power industry leads to the need for switchgear solutions endowed with highly advanced monitoring, control, and diagnostic functions. Market players in the hybrid switchgear sector perpetually dedicate themselves to research and development activities to design an integrated control system and introduce eco-friendly insulation technologies that add to the proper functioning of power distribution networks.

Government regulations and environmental matters are the two major drivers for the development of the Hybrid Switchgear market. The implementation of stringent rules to limit the discharge of greenhouse gases facilitates the use of eco-friendly switchgear alternatives. Clean hybrid switchgear with a smaller carbon footprint than conventional SF6-insulated switchgear should meet environmental legislations. Authorities internationally promote employing sustainable innovations which serve to development of the hybrid switchgear market in the sense of environmental sustainability.

The economic factors like the infrastructure development and the investment in power sector also affect the Hybrid Switchgear market. Fast pace of urbanization and industrialization as well as the necessity to replace aging power infrastructure cause the market to grow. Smart grids, renewable energy, and the growth of power transmission lines push the demand for modern switchgears. Economic growth and more focus on energy use efficiency influence the market favorably as utilities and industries in the search for reliable and modern switchgear technologies.

The effect of market competition as a driving force in the hybrid switchgear industry is significant. In the field where many major players compete, the challenge fosters innovations, cost-effective manufacturing, and quality enhancements. Makers seek to give customers a full hybrid switchgear product line with features such as integrated communication capabilities, modular designs, and reduced maintenance by being competitive. This competitive environment is favorable for clients since they can have different high-quality and technologically advanced hybrid switchgear that are available to them.

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


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 “HYpact” 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


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