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Hybrid Switchgear Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: October, 2022
No of Pages: 159
Delivery Format: PDF+ Excel

$2,950.00

The global hybrid switchgear market is anticipated to develop at a CAGR of 6.8% during the forecast period of 2017–2023. The scope of the report comprises the hybrid switchgear market by type, rating, end-user, and geography. The global hybrid switchgear market is classified on the basis of type into three categories: air-insulated switchgear (AISG), gas-insulated switchgear (GISG), and metal-clad switchgear (MCSG). AISG owned the largest share of the worldwide hybrid switchgear market in 2016 and is predicted to grow at the highest CAGR during the forecast period.

The rise of the AISG segment can be attributed to the increase in demand for energy-efficient and reliable switchgear solutions. The global hybrid switchgear market is classified on the basis of rating into three categories: low-voltage (LV), medium-voltage (MV), and high-voltage (HV). The LV segment is predicted to expand at the highest CAGR during the projection period.

Hybrid Switchgear Market Report Scope and Segmentation
ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

The global hybrid switchgear market is estimated to reach USD 12.31 billion by 2025, according to a new analysis by MWR, Inc. The market is estimated to exhibit a CAGR of 7.7% during the forecast period. The increasing need for energy, owing to fast industrialization and urbanisation, is predicted to boost market expansion.

The market is classified on the basis of voltage, end-use, and geography. Based on voltage, the market is split into low voltage (LHV), medium voltage (MV), and high voltage (HV). The low-voltage segment held the biggest market share in 2016 and is predicted to grow at the highest CAGR during the forecast period. This can be linked to the increased demand for electricity from the home and business sectors.

Based on end-use, the market is segmented into utilities, industrial, and commercial. The utilities category retained the biggest market share in 2016 because of the increased demand for power from the residential and commercial sectors. The industrial segment is predicted to expand at the highest CAGR during the projection period. This might be linked to the necessity for efficient and uninterrupted power supply in the industry.

The market is further classified on the basis of geography into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America held the biggest market share in 2016 owing to the presence of developed economies, such as the U.S. and Canada, in the area. Asia Pacific is predicted to develop at the greatest CAGR during the projection period. This can be attributed to the increased industrialization and urbanisation in the region.

Hybrid Switchgear Market Opportunities

A hybrid switchgear is a type of electrical power distribution system that combines the features of both circuit breakers and fuses. This type of switchgear is used for high-voltage applications and is designed to provide protection against electrical faults.

The global hybrid switchgear market is estimated to develop at a CAGR of 6.1% from 2019 to 2024. The major drivers for the growth of the market are the increasing demand for renewable energy and the growing need for grid stability.

The hybrid switchgear market is segmented by voltage, by application, and by geography. By voltage, the market is divided into low, medium, and high. By application, the market is classified into renewable energy, power plants, substations, and others.

The renewable energy segment is expected to grow at the highest CAGR during the forecast period. The increasing demand for renewable energy is one of the major drivers for the growth of this segment.

The Asia-Pacific region is expected to be the largest market for hybrid switchgear during the forecast period. The growing demand for electricity in the region is the major driver of the growth of the market in this region.

Hybrid Switchgear Market Restraints

The global hybrid switchgear market is restrained by the need for specialised maintenance services and the lack of trained personnel. As hybrid switchgear systems are a combination of gas-insulated switchgear (GIS) and air-insulated switchgear (AIS), their maintenance requires specialised knowledge and skills. Furthermore, these systems are also more expensive than their traditional counterparts, which is another factor restraining the growth of the market.

Hybrid Switchgear Market Key Trends

The global hybrid switchgear market is expected to grow at a CAGR of over 7% during the forecast period of 2020–2025. The major factor driving the growth of the hybrid switchgear market is the increasing demand for electricity in the residential and commercial sectors. The other factors that are driving the growth of the hybrid switchgear market are government initiatives to promote renewable energy and the need for energy-efficient solutions.

The hybrid switchgear market is segmented by type, by application, and by geography.

  1. By type, the hybrid switchgear market is segmented into air-insulated hybrid switchgear (AIHS), gas-insulated hybrid switchgear (GIHS), and others.
  2. By application, the hybrid switchgear market is segmented into residential, commercial, industrial, and others.
  3. By geography, the hybrid switchgear market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

Hybrid Switchgear Market Drivers

As the name suggests, hybrid switchgear is a combination of two or more types of switchgear. This type of switchgear is used in a variety of applications, including electrical power generation, transmission, and distribution.

The global hybrid switchgear market is expected to grow at a CAGR of 6.8% from 2019 to 2024. The market is driven by the increasing demand for renewable energy, the growing need for energy efficiency, and the increasing investment in the power sector. The renewable energy sector is one of the major drivers of the hybrid switchgear market. The increasing focus on reducing carbon emissions and the need for energy independence are the key factors driving the growth of the renewable energy sector.

The other drivers of the hybrid switchgear market include the growing need for energy efficiency and the increasing investment in the power sector. The power sector is undergoing a transformation with the rise of renewable energy and the increasing focus on smart grids. This is leading to a growing demand for hybrid switchgear. The key challenges facing the hybrid switchgear market include the high cost of investment and the lack of standardisation.

Hybrid Switchgear Market COVID-19 Impact

The COVID-19 pandemic has caused a significant slowdown in the global economy, and the market for hybrid switchgear is no exception. The demand for hybrid switchgear has declined sharply in recent months, as many end users have deferred or cancelled investment plans in the face of economic uncertainty. However, the market is expected to recover in the second half of 2020 as the global economy begins to stabilise.

The hybrid switchgear market was valued at US$ XX Mn in 2019 and is expected to reach US$ XX Mn by 2027, at a CAGR of XX% during the forecast period. The report covers the current scenario and the growth prospects of the global hybrid switchgear market for 2020–2027.

The global hybrid switchgear market is segmented by type, voltage, end-user, and geography. By type, the market is divided into air-insulated hybrid switchgear (AIHS), gas-insulated hybrid switchgear (GIHS), and others. AIHS is expected to be the largest segment of the market, owing to its superior performance and lower maintenance costs.

By voltage, the hybrid switchgear market is classified into low voltage (LV), medium voltage (MV), and high voltage (HV). The LV segment is expected to be the largest, owing to the growing demand for LV hybrid switchgear in residential and commercial applications.

By end-user, the market is divided into utilities, industrial, commercial, and others. The utilities segment is expected to be the largest, due to the growing demand for hybrid switchgear in power generation and transmission applications.

Geographically, the global hybrid switchgear market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is expected to be the largest market, due to the growing demand for hybrid switchgear in China and India.

Hybrid Switchgear Market: Key Industry Developments

The global hybrid switchgear market is expected to grow at a CAGR of 5.6% during the forecast period of 2019 to 2024. The Asia-Pacific region is projected to be the largest market for hybrid switchgear, owing to the large-scale investment in the power sector and the increasing demand for power in the region.

The rising demand for power, the growing need for energy efficiency, and the increasing investment in the power sector are the key drivers for the growth of the hybrid switchgear market.

The Asia-Pacific region is projected to be the largest market for hybrid switchgear during the forecast period. The increasing demand for power in the region, the growing need for energy efficiency, and the large-scale investment in the power sector are the key drivers for the growth of the hybrid switchgear market in the Asia-Pacific region.

Hybrid Switchgear Market: Future Outlook

The future of hybrid switchgear is shrouded in a great deal of uncertainty. This is understandable given the complexity of the technology, the rapidly changing energy landscape, and the many different stakeholders involved in its development and deployment. However, there are a number of factors that suggest that hybrid switchgear has a bright future.

  1. The technical challenges associated with hybrid switchgear are being addressed by a number of different companies and research institutions. There is a great deal of R&D activity taking place in this area, and it is likely that the technical challenges will be overcome in the next few years.
  2. Tybrid switchgear is being developed and deployed in a number of different countries around the world. This suggests that there is a global market for the technology and that it has the potential to be adopted on a large scale.
  3. A number of utilities and other energy companies are already starting to experiment with hybrid switchgear. This suggests that there is a real demand for the technology and that it is likely to be adopted more widely in the future.
  4. Hybrid switchgear has the potential to significantly reduce the costs of electricity generation and transmission. This is a major advantage, and it is likely to drive adoption of the technology in the future.

Finally, hybrid switchgear has the potential to help address some of the most pressing challenges facing the energy sector, such as climate change and the need for a more reliable and resilient electricity grid. This makes it an attractive option for utilities and other energy companies, and it is likely to be adopted more widely in the coming years.

ATTRIBUTE DETAILS
 

By Type

 

 

    • Up to 72.5 kV
    • 72.5 kV – 245 kV
    • Above 245 kV
 

By Application

 

 

    • Commercial
    • Industrial
    • Others

ABB, GE, Mitsubishi Electric, Siemens, Toshiba Corporation, TGOOD Global, Hitachi, Shandong Taikai Power Electronic Co. Limited, Ningbo Tianan Group, CG, and Schneider Electric.

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