Brisk development in grids and construction, revamping construction buildings as well as increasing utilization of electronic appliances are expected to drive the growth of the Asia Pacific switchgear market during the forecast period – 6Wresearch
The Asia-pacific region accounted for the largest switchgear market revenue share in the global switchgear market, owing to rapid development in countries such as India and China. Additionally, development across sectors such as residential, commercial, industrial, and power utilities is accountable for the largest switchgear market revenue share in the global market. Furthermore, factors such as political instability and corruption scandal plagued the country in the past couple of years, leading to a slowdown in the growth of the switchgear market. On the flip side, the strengthening sectors such as residential, commercial, industrial, and power utilities along with recovering political stability would open up new avenues for the application of switchgears in the country.
According to 6Wresearch, Asia Pacific (APAC) Switchgear Market size is projected to grow at a CAGR of 6.4% during 2019-25. China is the market leader in terms of revenues in the APAC region, owing to its large power generating capacity in order to cater to the demand of the remote areas. Furthermore, the strategic focus of the government is ramping up the construction sector with projects such as the smart cities mission would also play a key role in the surging demand of switchgears in the region. However, growth would be directly sustained by the development in lower-tier cities as the construction sector has already reached the saturation point in major metro cities of countries such as China. Additionally, expansion of transmission and distribution lines, as well as increasing usage of electrical appliances, would play an important part in the overall surge in demand for switchgears in the region during the forecast period.
According to Akash Sharma, Research Analyst, 6Wresearch, “Low voltage segment acquired the maximum revenue share, by voltage, on account of increasing construction of residential apartments, as low voltage switchgears are majorly utilized in the residential sector. Secondly, increasing electricity consumption to satisfy the countries having the largest population and growing urbanization across several countries with development in the residential and commercial sector would benefit the switchgear market in terms of revenues in the Asia Pacific.”
According to Shubham Chaurasia, Research Associate, 6Wresearch, “Power utilities held the highest market revenue share, by applications, owing to recovering investor’s confidence due to stabilizing political situation, this factor would lead to more investment in the commercial and residential sector which will eventually accelerate the growth of switchgears in the Asia Pacific market. Furthermore, increasing private participation in the electricity sector and linkage of power grids of various countries will also skyrocket the demand for switchgears in the region.”
Some of the major companies in the Asia Pacific switchgear market include Siemens AG, ABB Ltd., Schnieder Electric SE, and General Electric.
"Asia Pacific Switchgear Market (2019-2025)" report provides an in-depth analysis with 90 figures covered in 200 pages. The report estimates and forecasts the overall Asia Pacific switchgear market by voltage, insulation type, applications, camera, and countries. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.