Environmental parameters such as temperature and humidity and ground water seepage are some of the factors that affect the grid efficiency of hybrid switchgear, especially those installed outdoors. In the substation environment, equipment must meet or exceed strict specifications, so environmental conditions are a key factor that needs to be considered before installing any electrical equipment including hybrid Switchgears.
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Some government agencies have added reliability components to performance-based revenue rules. These rules have a financial incentive structure, which can be unilateral, that is, dealers can be punished for non-compliance, or bilateral, and dealers can also receive bonuses for their extra work. In addition to monitoring performance against standards, these incentive systems also allow regulators to directly control and improve reliability standards. These programs will encourage the use of hybrid switches to provide uninterrupted and uninterrupted services.
The hybrid Switchgears isolates the circuit from the power source to ensure safe maintenance or troubleshooting. Electricity consumers use the product to protect electrical equipment from irregular surges. Due to all these characteristics, the cost of hybrid Switchgears is high.
Hybrid switch components are composed of two types of components: conductive components, such as switches, circuit breakers, fuses and lightning rods, which conduct or interrupt current, and control systems, such as switchboards, current converters, etc., power transformers, monitoring, control and protection Potential of live components and other protective relays and related circuits. These components constitute a complex and expensive complete hybrid board solution. The capital intensity of the hybrid Switchgears will hinder the growth of the market.
- ABB signed a five-year framework contract worth about USD 100 million with South America’s biggest company, Interconexian Electrica SA ESP (ISA). The company is set to cover the supply of hybrid switchgear and other equipment to improve the regional power grid and enhance its position across all nation present in Latin America. The deal took place in April 2020.
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Key Benefits of the Report
- This study presents the analytical depiction of the Hybrid Switchgear industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Hybrid Switchgear market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the Hybrid Switchgear market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Hybrid Switchgear market analysis based on competitive intensity and how the competition will take shape in coming years
COVID-19 Impact analysis
- As a result of the global economic slowdown caused by the pandemic, the supply chain got disrupted due to which specialized equipment market got a diverse affect. Hence, production of low voltage switchgear got stopped due to which there is huge decline in the hybrid switchgear market.
- During the time of lockdown in major parts of the world, the manufacturing units went down as the workers were not available for the work due to the fear of getting infected which led to the shortage of the inventories.
- During Covid-19 increased consumption of electricity in emerging and developed economies drive the growth of the hybrid switchgear market.
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