The growth of smart electricity infrastructure and rising focus on infrastructure & renewable energy sources are likely to propel the demand for the Asia-Pacific Switchgear Market in the forecast period of 2024-2028.
According to TechSci Research report, “Asia-Pacific Switchgear Market – By Country, Competition Forecast & Opportunities, 2018-2028,” the Asia-Pacific Switchgear Market is expected to rise in the upcoming years owing to increasing demand for electricity in the commercial & residential sectors, governments’ rising investment in renewable energy, and growing demand for clean energy among others.
An electrical equipment called a switchgear is used to control, protect, monitor and isolate electrical equipment. These include switches, circuit breakers, fuses and relays. The market is expanding due to rising infrastructure costs and growing need for effective surveillance and monitoring systems. The industry’s demand is also driven by the need to replace and modernize the traditional electrical infrastructure and introduce renewable energy sources.
According to the International Energy Agency (IEA’s) 2020 Renewable Energy Report, governments around the world announced more than USD470 billion in energy-related stimulus packages for production and consumption in October 2020. The stimulus is provided in the form of loans, grants, refunds and tax credits or exemptions. Most of these measures are primarily aimed at providing relief to public and private businesses and consumers affected by the economic downturn caused by the COVID-19 pandemic. Hence, due to this government plan, the Asia-Pacific switchgear market is also likely to get affected during the forecast period.
The switchgear market in Asia Pacific is expected to grow moderately in the upcoming years as infrastructure construction accelerates. The Asia-Pacific switchgear market is thriving due to increasing effective monitoring and control. The increasing replacement of renewable power generation with convection is also contributing to the growth of the switchgear market in Asia Pacific.
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The Asia-Pacific Switchgear Market is divided into insulation, installation, voltage, current, end user, country and competitive landscape. Based on Insulation, the market is divided into air insulated, gas insulated, and others. Based on the installation, the market is segmented into indoor and outdoor. Based on Voltage, the market is segmented into low (up to 1 kV), medium (between 1.1 kV and 40 kV), and high (above 40 kV). Based on the current, the market is segmented into current alternating current (AC) and direct current (DC). Based on end user, the market is segmented into commercial, residential, transmission & distribution utilities, industrial and others. Based on country analysis, the market is segmented into China, India, Japan, Australia, South Korea, Vietnam, Indonesia, Malaysia, Philippines, Singapore.
Based on insulation, the gas-insulated segment held the largest market share in 2022 and is expected to register a significant CAGR during 2024-2028F. Gas-Insulated products are equipped with high-voltage components such as circuit breakers and disconnectors to operate efficiently & safely in limited spaces. Gas-Insulated products are used in building extensions, industrial facilities, hydropower plants, offshore platforms among others.
Based on end user, the transmission & distribution utilities segment held the largest market share in 2022. The expansion of this market is supported by a significant increase in power demand, as well as increased implementation of smart grids. Increased demand for a product is a result of improvements in the transmission and distribution infrastructure’s development. Urbanization and population growth have increased energy consumption.
In order to meet the rising need for energy using sustainable energy sources, a surge in the adoption of renewable energy sources has been seen across the region. The increasing number ofsmart cities, the aging of infrastructure, and the introduction of automation and intelligent technologies in the distribution of electric power are all factors driving the Asia-Pacific Switchgear Market’s growth.
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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“Asia-Pacific Switchgear Market is expected to rise in the upcoming years and register a strong CAGR during 2023E-2028F, owing to rising investment in renewable energy, rapid urbanization & industrialization, growing demand for electricity from the commercial & residential sectors, governments’ collaboration with private & public partners to enhance, strengthen and transform energy infrastructure among others across the region. The region’s increased use of switchgear equipment is a result of the increased focus on upgrading the region’s current grid infrastructure.
For instance, according to the State Grid Corporation of China (SGCC), China’s largest state-owned power company, the country’s energy demand is expected to exceed 10 petawatts (PWH) in 2030. As a result, the existing transmission network needs expansion, which is expected to increase the demand for high voltage switchgear in the country. Therefore, above mentioned factors are likely to propel the Asia-Pacific Switchgear Market is the upcoming years.” said Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Asia-Pacific Switchgear Market By Insulation (Air Insulated, Gas Insulated, and Others), By Installation (Indoor and Outdoor), By Voltage ((low (up to 1 kV), medium (between 1.1 kV and 40 kV), and high (above 40 kV)), By Current ((Alternating current (AC) and Direct Current (DC)), By End User (Commercial, Residential, Transmission & Distribution Utilities, Industrial and Others), By Country, Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of Asia-Pacific Switchgear Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the of Asia-Pacific Switchgear Market.
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