![Global Hybrid Switchgear Market](https://res.cloudinary.com/devmoveo/image/upload/v1710957844/skyquest/gallery/Global-Hybrid-Switchgear-Market.jpg)
Report ID: SQMIG10A2037
Report ID:
SQMIG10A2037 |
Region:
Global |
Published Date: March, 2024
Pages:
159
|
Tables:
90 |
Figures:
70
Global Hybrid Switchgear Market size was valued at USD 3.22 billion in 2022 and is poised to grow from USD 9.31 billion in 2023 to USD 14.95 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).
A constant supply of electricity is the backbone of the modern economy. The ability to safely and reliably handle electricity depends primarily on high-voltage switchgear. Increasing demand for more power transmission and lower loss per line is expected to fuel the growth of the global hybrid switchgear market. Furthermore, the use of plug-and-switch systems (PASS) with privatization of the electricity sector is also expected to drive the market growth.
Increasing demand for smaller machines in substations and replacement of old switchgear is expected to create opportunities for key players in the hybrid switchgear market. However, capital requirement and anticipated retaliation from existing players are some of the factors, which are anticipated to pose hurdles for key new entrants in the global hybrid switch gear market.
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Report ID: SQMIG10A2037