Hybrid Switchgear Market Share, Growth, Regions, Segments, Drivers, Global Players and Forecast to 2024


Posted September 24, 2019 by DhanashreePawar

Global Hybrid Switchgear Market Research Report by Voltage, Installation, Application and Region | Hybrid Switchgear Industry

 
The global hybrid switchgear market is expected to register a CAGR of ~14.05% during the forecast period. The hybrid switchgear has been in use since the late 1990s with the introduction of two major technologies, namely AIS and SF6. These switchgears integrate the components of both traditional SF6 gas-insulated switchgear and air-insulated switchgear (AIS) technologies. The SF6 technology is used for arc quenching purpose, 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 easy extension, less equipment cost, compact size, and combined features of air-insulated switchgear and gas-insulated switchgear.

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Industry Segmentation

The global hybrid switchgear market has been segmented on the basis of application, installation, voltage, and region.

On the basis of application, the hybrid switchgear market has been divided into infrastructure, transportation, industrial, and others. The industrial segment is expected to dominate the market during the forecast period owing to a focus on renewable energy resources in industries.

Based on installation, the market has been bifurcated into onshore and offshore. The onshore segment is expected to dominate the market as the installation process for hybrid switchgears is comparatively easy in onshore environments. However, the offshore segment is expected to register a higher growth rate due to space constraints while installing hybrid switchgear onshore. By voltage, the market has been characterized as up to 72.5 kV, 72.5–245 kV, and 245–550 kV. The 72.5––245 kV segment is expected to dominate the market owing to the increasing use of hybrid switchgears in medium voltage applications within industries including power generation, manufacturing and process, and transportation.

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Key Players

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).

Regional Outlook

On the basis of region, the global hybrid switchgear market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.

The growth of the hybrid switchgear market in Asia-Pacific is driven by key factors such as increasing participation by the private sector in transmission and distribution, resulting in infrastructure development in the emerging economies of Australia, China, Thailand, and India. Moreover, market players such as ABB and GE have signed key contracts with governments in the region in order to strengthen the efficiency and reliability of transmission and distribution networks. Furthermore, factors such as government mandates on energy efficiency, increased power consumption, rising influx of renewable resources in the energy mix, and upgradation of aging hydropower plants are driving the growth of the global hybrid switchgear market.

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Issued By MRFR
Country India
Categories Business , Energy
Tags hybrid switchgear market , hybrid switchgear market analysis , hybrid switchgear market growth , hybrid switchgear market ooportunities
Last Updated September 24, 2019