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Asia-Pacific Switchgear Market: Investment Outlook and Strategic Recommendations
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According to a report by TechSci Research titled "Asia-Pacific Switchgear Market - By Country, Competition Forecast & Opportunities, 2018-2028," the Asia-Pacific Switchgear Market is anticipated to witness growth in the coming years. Factors driving this growth include increasing electricity demand in the commercial & residential sectors, rising government investments in renewable energy, and a growing demand for clean energy solutions, among others.
Switchgear, an essential electrical equipment, is utilized for controlling, protecting, monitoring, and isolating electrical systems, comprising switches, circuit breakers, fuses, and relays. The market is expanding due to escalating infrastructure costs and the growing necessity for effective surveillance and monitoring systems. Additionally, there's a demand to replace and modernize traditional electrical infrastructure, coupled with an emphasis on introducing renewable energy sources.
Governments worldwide, as per the International Energy Agency (IEA's) 2020 Renewable Energy Report, have announced stimulus packages exceeding USD 470 billion for energy-related projects. These packages aim to provide relief to businesses and consumers affected by the economic downturn caused by the COVID-19 pandemic. Consequently, the Asia-Pacific switchgear market is expected to be impacted during the forecast period.
Report Scope
In this report, the Asia-Pacific Switchgear Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Asia-Pacific Switchgear Market, By Insulation:
Air Insulated
Gas Insulated
Others
Asia-Pacific Switchgear Market, By Installation:
Indoor
Outdoor
Asia-Pacific Switchgear Market, By Voltage:
Low (Up To 1 kV)
Medium (Between 1.1 kV and 40 kV)
High (Above 40 kV)
Asia-Pacific Switchgear Market, By Current:
Alternating Current (AC)
Direct Current (DC)
Asia-Pacific Switchgear Market, By End User:
Commercial
Residential
Transmission & Distribution Utilities
Industrial
Others
Asia-Pacific Switchgear Market, By Country:
China
India
Japan
Australia
South Korea
Vietnam
Indonesia
Malaysia
Philippines
Singapore
The Asia-Pacific Switchgear Market is segmented based on insulation, installation, voltage, current, end user, country, and competitive landscape. Gas-insulated switchgear held the largest market share in 2022 and is projected to exhibit a significant CAGR during 2024-2028F. These products, equipped with high-voltage components, are efficient and safe in limited spaces, finding applications in various sectors such as industrial facilities and hydropower plants.
Key market players in the Asia-Pacific Switchgear Market include:
ABB Ltd
General Electric Company
Siemens AG
Toshiba International Corporation
Mitsubishi Electric Corporation
Bharat Heavy Electricals Limited
Larson & Turbo Limited
Hyosung Heavy Industries Corp.
Hitachi Energy Ltd
Eaton Corporation PLC
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Transmission & distribution utilities accounted for the largest market share in 2022, supported by increased power demand and smart grid implementation. Factors such as urbanization, population growth, and the adoption of renewable energy sources are driving market growth.
The Asia-Pacific Switchgear Market is expected to register a strong CAGR during 2023E-2028F, driven by rising investments in renewable energy, rapid urbanization & industrialization, and increasing electricity demand from commercial & residential sectors. Governments' efforts to enhance energy infrastructure also contribute to market growth. Expansion of transmission networks, especially in China, is expected to increase demand for high voltage switchgear.
In conclusion, the report "Asia-Pacific Switchgear Market By Insulation, Installation, Voltage, Current, End User, Country, Competition Forecast & Opportunities, 2018-2028" provides insights into market structure, size, share, and future growth, aiming to assist decision-makers in making informed investment decisions. It also identifies emerging trends, drivers, challenges, and opportunities in the Asia-Pacific Switchgear Market.
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