A recent research report by MarkNtel Advisors cites that the Global Hybrid Switchgear Market is set to register around 11.5% CAGR during 2023-28. The ever-increasing energy requirements & consumption, the rising focus on adopting renewable sources in the energy mix, and the mounting need for upgrading aging substations & power plants are projected to drive the market in the forecast years. In addition, the surging adoption of PASS (Plug and Switch System), on account of the increasing number of private power sector companies worldwide, especially in Australia, India, China, & Thailand, is another prominent aspect expected to boost the hybrid switchgear industry in the years to come. One of the noteworthy developments in the market in the past few years include:
- In April 2020, ABB tested its 350KV-Rated Hybrid HVDC Circuit Breaker in the independent laboratory of KEMA in Arnhem, Netherlands, which was in line with the company’s collaboration with ‘PROMOTioN,’ an EU-funded project. The scope of this technology’s application can be increased notably if lines could be built with over two terminals in order to enable them to develop into HVDC grids.
Such collaborations among the industry players & governments of emerging nations to boost the efficiency & reliability of power transmission & distribution networks, coupled with various mandates being imposed by governments on energy efficiency and the rising demand for installing compact devices in substations while replacing old switchgear, are creating lucrative prospects for the hybrid switchgear market to expand at a notable pace in the coming years.
Asia-Pacific to Dominate the Hybrid Switchgear Market with the largest share during 2023-28.
As countries like India, China, Japan, & Australia are witnessing dramatically growing electricity demands, it is leading to massive investments in upgrading their transmission & distribution infrastructure. China is the largest industry for hybrid switchgear across the entire Asia-Pacific region. The country has been investing significantly in power distribution network expansion and revamping its aging hydropower plants. With the highest installed generation & distribution capacity, China is undergoing rising industrialization & increasing number of infrastructure development projects, which, in turn, is accelerating electricity requirements across the region and stimulating regional market growth.
Moreover, the ever-growing participation of private companies in the power sector is attracting significant investments in the expansion of transmission & distribution networks, especially in India, China, Pakistan, Thailand, & Australia. Various initiatives by the governments of India & China toward expanding transmission networks to improve existing infrastructures are also some notable aspects projected to bode well for the Asia-Pacific Hybrid Switchgear Market growth in the years to come.
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The key companies operating in the Global Hybrid Switchgear Market include ABB, CHINT Group., General Electric, Hitachi, L&T, Mitsubishi Electric, Siemens, Schneider Electric, Switchgear Company, TGOOD, and Toshiba Corporation.
Key Questions Answered in the Study:
- What are the current and future trends of the Global Hybrid Switchgear Market?
- How has the industry been evolving in terms of end-user demand & application areas?
- How has the competition been shaping across various countries, followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Global Hybrid Switchgear Market?
- What is customer orientation, purchase behavior, and expectations from hybrid switchgear suppliers across various regions?
- By Voltage (Up to 72.5KV, 72.6 to 245KV, Above 245KV)
- By Installation (Onshore, Offshore)
- By End-User (Infrastructure, Transportation, Industrial, Others)
- By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific)
- By Country (The US, Canada, Mexico, Brazil, Argentina, The UK, Germany, Italy, France, GCC, South Africa, China, India, Japan, South Korea, Australia)