The Hybrid Switchgear Market is projected to reach a strong value of USD 37.53 billion by 2027 and a CAGR of 16.89 % between 2022 to 2030 during the forecast period.
Hybrid switchgear includes components of traditional air-insulated switchgear and gas-insulated switchgear. The major advantages of this equipment are it is cost-efficient, easy to extend, and smaller in size. Therefore, it is widely preferred for installation. These switchgears are used for medium voltage applications. Due to its wider demand for electrical appliances, it eventually led to the development of innovative switchgear integrated with geographic information systems with dead tank circuit breakers. These properties have boosted the growth of the Hybrid Switchgear Market.
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The chief driving factors of the market, such as the increased rate of involvement of the private sector in transmission and distribution that is resulting in infrastructure development in developing nations such as China, Australia, Thailand, and India, is accelerating the market. The higher adoption of renewable resources for the upgradation of ageing hydropower plants in APAC is propelling the global demand for hybrid switchgear. Furthermore, the rise in demand for compact devices installation in substations and the replacement of old switchgear with hybrid switchgear are setting wide growth opportunities for the market.
Due to the COVID-19 pandemic, the economy of the Hybrid Switchgear Market was highly affected, which disrupted the supply chain process. The production of hybrid switchgear was halted due to a huge impact on the global market’s growth rate. But the consumption of electricity in this period, in most nations, and this factor has driven the market’s growth.
The Hybrid Switchgear Market is segmented into voltage, installation and application.
The voltage segment of the market is divided into 72.5 kV, 72.5–245 kV, and 245–550 kV. The 72.5 to 245 kV segment is estimated as the fastest-growing segment in the forecast period due to wide application.
The installation segment is bifurcated into onshore and offshore. The onshore segment is the dominating segment during the forecast period. While, the application is fragmented into infrastructure, transportation, industrial, and others because, in these sectors, the hybrid switchgear is highly utilized. Among the above application sector, the industrial segment accounts for the maximum share in the forecast period.
According to the geographical status, the Hybrid Switchgear Market shows tremendous growth in major regions such as the Asia Pacific, North America, Europe, the Middle East and Africa, and South America. The Asia-Pacific region is set to occupy the largest market share during the forecast period due to the rise in demand for electricity in emerging nations such as Japan, India, China, and Australia. China will establish the largest share of the regional APAC market because the region has the highest installation generation and distribution capacity. The country is also considered an export-oriented economy with significant growth in electricity demand. This factor is chiefly driving industrialization and infrastructure development, further fueling the demand for hybrid switchgear in the Asia-Pacific region.
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In April 2020, ABB announced a five-year framework partnered contract of around USD 100 million with Colombia-based Interconexian Electrica SA ESP to supply hybrid switchgear and other equipment for upgrading the regional power grid and strengthening its position throughout Latin America.
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