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.
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).
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|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.
Based on Installation:
Of them all, onshore installation is projected to acquire a sizeable share of the Global Hybrid Switchgear Market during 2023-28. It owes to its various benefits, such as less prone to damage due to superior security, lower operational costs, reduced risk of electrocution, easy maintenance, excellent durability, and less space required than offshore variants.
As more and more manufacturing facilities or assembling plants are opting for the onshore installation of hybrid switchgear as an integral part of their power network, the industrial sector is set to provide a pool of opportunities for switchgear manufacturers to expand their production & distribution capacities in order to cater to end-user requirements.
Additionally, the emerging trend of smart homes is another prominent aspect projected to fuel the demand for hybrid switchgear integrated with IoT, which would offer real-time monitoring, predictive diagnostics, & precise protection against electrical faults. Consequently, it would stimulate the overall expansion of the Global Hybrid Switchgear Market in the coming years.
Based on End-User:
Here, the industrial sector is expected to become the largest end-user of hybrid switchgear in the forecast years. It attributes to the extensive use of switchgear in industrial setups for smoother power T&D (Transmission & Distribution). In order to cater to the ever-growing energy demands worldwide, more & more T&D utilities are being established to provide enhanced energy efficiency with minimum losses & incidents.
As a result, the need for effective switchgear for these utilities is rising at a significant pace, thereby augmenting the demand for hybrid switchgear across the industrial sector, which is amongst the largest energy consumers worldwide. Moreover, growing requirements for power generation through renewable energy sources have necessitated the upgradation of current infrastructure for easy integration of electricity generated, i.e., another crucial aspect anticipated to propel the growth of the Global Hybrid Switchgear Market across the industrial sector through 2028.
Geographically, the Global Hybrid Switchgear Market expands across:
Of all regions globally, Asia-Pacific is expected to dominate the Hybrid Switchgear Market with the largest share during 2023-28. It owes to the exponentially rising electricity demand, especially across India, China, Japan, & Australia, i.e., leading to massive investments in upgrading the transmission & distribution infrastructure across these countries to cater to the ever-increasing energy requirements.
Across Asia-Pacific, China is the largest market for hybrid switchgear and is investing substantially in the expansion of the power distribution network while also revamping its aging hydropower plants. The country has the highest installed generation & distribution capacity and is undergoing rising industrialization & increasing number of infrastructure development projects, i.e., accelerating electricity requirements across the region and, in turn, propelling the hybrid switchgear industry.
Moreover, the growing participation of private companies in the power sector, i.e., attracting significant funding for expanding transmission & distribution networks in countries like India, China, Pakistan, Thailand, & Australia. Additionally, various government initiatives for the expansion of transmission networks to improve existing infrastructures in India & China are other prominent aspects likely to drive the Asia-Pacific Hybrid Switchgear Market over the forecast years.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Hybrid Switchgear Market is projected to register a combined CAGR of around 11.5% during 2023-28.
A. Ever-increased energy demands and the mounting need to upgrade the aging power infrastructure worldwide are the prime aspects expected to drive the Hybrid Switchgear Market during 2023-28.
A. ABB, CHINT Group., General Electric, Hitachi, L&T, Mitsubishi Electric, Siemens, Schneider Electric, Switchgear Company, TGOOD, and Toshiba Corporation are the key companies participating in the Hybrid Switchgear Market.
A. Onshore Installation would provide profitable opportunities for the leading players in the Hybrid Switchgear Market during 2023-28.
A. Globally, Asia-Pacific would continue generating lucrative prospects for the Hybrid Switchgear Market during over the coming years.