ASEAN Low Voltage Switchgear market size is anticipated to grow at a CAGR of 8.4% respectively during 2023-2029

MCB segment by types attained the highest revenue share in ASEAN Low Voltage Switchgear Market – 6Wresearch

MCB garnered the highest revenue share in ASEAN low voltage switchgear industry due to its wide usage in residential, commercial as well as other sectors. Further, rise in demand of residential units, establishment of commercial offices, hotels among other infrastructural development will escalate the demand of MCB in low voltage switchgear market. The same segment will dominate the market in the coming years.

According to 6Wresearch, the ASEAN Low Voltage Switchgear market size is anticipated to grow at a CAGR of 8.4% respectively during 2023-2029.  In the Philippines, the tourism industry's recovery is set to drive substantial growth in new hotel supply, particularly in Metro Manila. The year 2023 is expected to witness a remarkable development of 4,140 hotel rooms, potentially marking a record high. Concurrently, plans are in place for the establishment of three industrial parks between 2023 and 2024. Furthermore, the demand for housing from the mid-income market is anticipated to remain robust. By the end of 2023, Metro Manila is projected to have delivered 5,600 condominium units. Looking ahead, this trend continues with an impressive forecast of up to 166,400 available housing units in Metro Manila's major business districts by the latter part of 2024. Additionally, Malaysia is poised to experience an upswing in its construction sector, driven by the strategic diversification of investments by multinational corporations (MNCs) away from China. This shift is expected to generate increased demand for the construction of new semiconductor plants and data centers.Furthermore, the forthcoming years are anticipated to witness developers scaling up their new property launches. This shift in trend is attributed to the stabilization of building material costs, paving the way for heightened activity in the property development landscape.

According to Dhaval, Research Manager, 6Wresearch, Indonesia has attained the highest revenue share in ASEAN Low Voltage Switchgear Market since the nation has accomplished highest completion of new condominiums units in 2022.

The ASEAN Low Voltage Switchgear Market (2023-2029) report provides an in-depth analysis with 42 figures and 21 tables, covered in 112 pages. The report comprehensively covers the market by types, applications, and countries. The report provides a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per to the latest and future market dynamics.