Global Hybrid Switchgear Market- Industry Analysis and Forecast (2019-2027)
Global Hybrid Switchgear Market was valued US$ XX Mn in 2019 and is expected to reach US$ XX Mn by 2027, at a CAGR of 14.10 % during a forecast period. The development of mobile substations is one of the key trends , which will gain traction in the global hybrid switchgear market during the forecast period.
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Hybrid switchgear is combination the components of traditional air-insulated switchgear (AIS) and gas-insulated switchgear (GIS) technologies. It encompasses several different functions in one module with a compact and modular design feature.
Global Hybrid Switchgear Market, Dynamics:
The consistent supply of electrical energy is a backbone of the modern economy. The ability to operate safely and reliably electrical energy mainly depends on high-voltage switchgear. The increasing demand for higher transmission power and lower transmission losses per line are expected to drive the global hybrid switchgear market growth. Additionally, the adoption of the plug and switch system (PASS), which is driven by the privatization of the electric power industry are also expected to boost the market growth.
An increase in demand for compact devices in substations and replacement of old switchgears are expected to present an opportunity for key players in the hybrid switchgear market. However, high capital requirement, expected retaliation from existing players are some of the factors, which are expected to form barrier for new entrance key players in the global hybrid switchgear market. The report covers detail analysis of the drivers, restrains, opportunities, and challenges by region. Also, the report study has analyzed revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers and market disrupters in the report and same is reflected in our analysis.
Global Hybrid Switchgear Market, Segment Analysis:
The Offshore segment is expected to contribute XX% share in the global hybrid switchgear market. The prominent key player Hitachi ABB launches first HV hybrid switchgear for offshore in 2020. Growing demand for renewable energy and the corresponding increase in WTG rating are expected to increase the demand for hybrid switchgear offshore installations. The switchgear delivers real-time simulation for proactive management of the life cycle of the asset and remote service intervention.
Global Hybrid Switchgear Market, Regional Analysis:
The Asia Pacific region is projected to be leading region in the global hybrid switchgear market during the forecast period. The growth in the involvement of private sector in transmission and distribution and infrastructure development in emerging economies such as China, Australia, Thailand, and India are expected to drive the regional market growth. Furthermore, key players such as ABB and GE are collaborating with governments of developing economies in Asia to strengthen the efficiency and reliability of transmission and distribution networks are also expected to drive the market growth.
China is directing towards an energy revolution to grip cleaner, high-efficiency and digital technologies. Hitachi ABB Power Grids has introduced a 72.5 kV high-voltage hybrid switchgear, Plug and Switch System (PASS) M00, which will be installed at China’s first 66 kV offshore wind farm to optimize the energy landscape. China is expected to account for more than 37 percent of global renewable capacity by 2024 that will be the key opportunities for the switchgear key players.
Global Hybrid Switchgear Market, Competitive Analysis:
The global hybrid switchgear market is moderately fragmented because of the presence of the international and regional market key players. The hybrid switchgear concept was firstly introduced by the ABB. Currently, Hitachi ABB is one of the leading market players and continues to invest in the development of new products, upgrades and higher voltage levels, and pursues market opportunities for both AIS and GIS substations. The flexibility of the modular design and production approach for HV switchgear breaker solutions like LTB, DTB, hybrid and GIS is the key success strategy of the ABB.
The objective of the report is to present a comprehensive analysis of the Global Hybrid Switchgear Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Hybrid Switchgear Market dynamics, structure by analyzing the market segments and projects the Global Hybrid Switchgear Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Hybrid Switchgear Market make the report investor’s guide.
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Scope of the Global Hybrid Switchgear Market: Inquire before buying
Global Hybrid Switchgear Market, By Voltage
• Up to 7.5 Kv
• 72.5-245 Kv
• 245-550 Kv
Global Hybrid Switchgear Market, By Installation
Global Hybrid Switchgear Market, By Application
Global Hybrid Switchgear Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Hybrid Switchgear Market
• General Electric
• Mitsubishi Electric
• Toshiba Corporation
• Schneider Electric
• Taikai Power Engineering
• Capchem Electricals Pvt.Ltd
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