Market Definition
Hybrid switchgear is a compact switchgear that comprises components of AIS (Air-Insulated Switchgear) & GIS (Gas-Insulated Switchgear). This technology enables the isolation of the circuit from the power source to ensure safe maintenance or troubleshooting. Key advantages offered by hybrid switchgear include high reliability, substation modularization, space-saving, enhanced performance, easy installation, and fewer switching components, among others. Due to these benefits, several energy consumers are increasingly adopting this technology to protect different electrical equipment from irregular surges.
Market Insights
The Global Hybrid Switchgear Market is expected to grow at a combined CAGR of around 11.5% during the forecast period, i.e., 2023-28. The growth of the market is projected to be driven mainly by the ever-increasing energy requirements & consumption, mounting focus on adopting renewable sources in the energy mix, the surging need to upgrade the aging substations & power plants, and the growing privatization of the power sector worldwide, especially in Australia, India, China, & Thailand and, consequently, increasing adoption of PASS (Plug and Switch System).
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 11.5% |
| Regions Covered | North America: USA, Canada, Mexico |
| South America: Brazil, Argentina, Rest of South America | |
| Europe: The UK, Germany, France, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| Middle East & Africa: GCC, South Africa, Rest of Middle East & Africa | |
| Key Companies Profiled | ABB, CHINT Group., General Electric, Hitachi, L&T, Mitsubishi Electric, Siemens, Schneider Electric, Switchgear Company, TGOOD, Toshiba Corporation |
| Unit Denominations | USD Million/Billion |
Moreover, increasing collaborations among the industry players and governments of emerging economies to boost the efficiency & reliability of power transmission & distribution networks are also stimulating market expansion. Additionally, various mandates on energy efficiency imposed by governments of different countries, coupled with the rising demand for installing compact devices in substations and replacing old switchgear, are also set to create lucrative prospects for the Global Hybrid Switchgear Market through 2028.
