New York, July 26, 2021 (GLOBE NEWSWIRE) -- Hybrid Switchgear Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Hybrid Switchgear Market Research Report, Type, Application, Voltage, Standard and Region - Forecast till 2027” the market size is projected to be worth USD 37.53 billion by 2027, registering a CAGR of 16.89% CAGR during the forecast period (2021 - 2027).
Several Factors Contributing to Market Growth
The rising involvement of the private sector in transmission and distribution, resulting in infrastructure development in developing economies such as China, Australia, Thailand, and India, is one of the primary reasons driving the hybrid switchgear market growth. Furthermore, prominent businesses like ABB and GE are actively partnering with governments in Asia's growing countries to improve the efficiency and reliability of transmission and distribution networks. In addition, factors such as increased power consumption, government regulations on energy efficiency, rising adoption of renewable resources in the energy mix, and the upgrade of aging hydropower plants in the Asia Pacific are propelling the worldwide hybrid switchgear market forward. Furthermore, rising demand for compact devices to be deployed in substations, as well as the replacement of obsolete switchgears, would create an opportunity for hybrid switchgear market players.
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Key Players
List of the key companies in the worldwide hybrid switchgear market are –
- ABB (Switzerland)
- GE (US)
- Mitsubishi Electric (Japan)
- Siemens (Germany)
- Toshiba Corporation (Japan)
- Skipperseil (India)
- TGOOD (Colombia)
- Schneider Electric (France)
- Taikai Power Engineering (China)
- Hitachi (Japan)
- CG (India)
- L&T (India)
- Chint (China)
- Hyosung (South Korea)
- Capchem Electricals Pvt. Ltd (India)
Competitive Landscape
The market looks to be moderately fragmented due to the presence of a broad set of multinational and regional switchgear manufacturers. ABB pioneered the hybrid switchgear concept, and the company is currently one of the market's leaders. The requirement for significant capital expenditure inhibits the entry of new competitors into the market, and they will also struggle to compete with multinational vendors in terms of quality, design, product features, turnaround time, services, and customer relationship management. All major vendors have a large global presence, with some having a comparatively stronger presence in particular regions than others.
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Industry News
In April 2020, ABB inked a five-year framework contract for around USD 100 million with Colombia-based Interconexian Electrica SA ESP (ISA). The company plans to supply hybrid switchgear and other equipment to upgrade the regional power grid and strengthen its position throughout Latin America.
In January 2020, Siemens stated that it had completed the acquisition of C&S Electric, an Indian electrical equipment manufacturer, for more than USD 295 million. In addition to industrial automation and smart infrastructure, the company hopes to expand its regional presence by supplying switchgear and other metering devices.
Market Segmentation
The global hybrid switchgear market has been segmented on the basis of voltage, installation, and application.
On the basis of voltage, the global hybrid switchgear market has been segmented into 72.5 kV, 72.5–245 kV, and 245–550 kV.
On the basis of installation, the global hybrid switchgear market has been segmented into onshore and offshore.
On the basis of application, the global hybrid switchgear market has been segmented into infrastructure, transportation, industrial, and others.
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Regional Analysis
APAC to Lead the Global Market
The Asia Pacific held the highest share of the global hybrid switchgear market, owing to increased investments in transmission and distribution, rising energy demand, and space limitations. During the projected period, the region's market is likewise expected to be the fastest-growing. Furthermore, factors such as increased power demand, government mandates on energy efficiency, an increase in the influx of renewable resources into the energy mix, and the upgrade of aging hydropower facilities are driving market expansion. China is expected to hold the greatest hybrid switchgear market share in the Asia Pacific over the projected period, owing to increased spending on transmission and distribution networks, as well as increased manufacturing facilities in the region.
North America to Follow APAC
Due to the rising energy demand and infrastructure modernization, North America is likely to be the second-largest market. The United States will dominate the North American market during the forecast period.
Europe to Grow at a Rapid Pace
The market in Europe is also predicted to grow at a rapid pace, owing to the introduction of numerous advanced technologies by some of Europe's leading companies. Due to the advent of new hybrid switchgear projects, specifically built for railway transmission systems, Germany is likely to dominate the European market.
Segmentation of Market covered in the research:
Information by Voltage (Up to 72.5 kV, 72.5-245 kV and 245-550 kV), Installation (Onshore and Offshore), Application (Infrastructure, Transportation, Industrial and Others) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Information by Voltage (Up to 72.5 kV, 72.5-245 kV and 245-550 kV), Installation (Onshore and Offshore), Application (Infrastructure, Transportation, Industrial and Others) and Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) - Forecast till 2027