The continuous and rapid growth in electricity demand along with emphasis being put on improving the electrification rate is expected to increase the demand for switchgears across the Southeast Asian region. Further, various government focus on capitalizing the potential of renewable sources for electricity generation, including setting up of new solar and wind power plants would lead to development of new power generation, transmission and distribution infrastructure across the region. These factors would increase the demand for switchgears in the Southeast Asian region.
According to 6Wresearch, Southeast Asia Switchgear Market is projected to grow at a CAGR of 6.3% during 2019-25. The continuous and reliable supply of power is vital for the growth of any economy. As Southeast Asia region is emerging as a hub of economic and commercial activities, electricity demand in the region is also rising subsequently with economic growth. As switchgears are an integral part of the power infrastructure, the strengthening of the latter would create potential for growth in the former’s market. Further, the commercial domain is also expected to generate substantial demand for switchgears, owing to rise in digitalization of several sectors in the region, such as the e-banking sector, leading to growing number of new data centers across Southeast Asia, along with the development of hotels, healthcare, retail and office spaces.
According to Gurbani Kaur, Research Analyst, Research and Consulting, 6Wresearch, "High population growth across several Southeast Asian countries is leading to rapid development across multiple domains such as residential, commercial and industrial verticals. Further, with emphasis being put on increasing the electrification by multiple governments across the region, the impact on the switchgear market is expected to be two-fold, as such equipment is not only deployed across the aforementioned segments but also across electricity generation and transmission infrastructure."
According to Akash Sharma, Research Associate, Research and Consulting, 6Wresearch, "The region’s development in recent years as an attractive location for global corporations to setup operations including manufacturing and sales facilities to effectively cater to the rapidly growing regional customer base has led to significant growth in the commercial infrastructure of South East Asia region. Further, with global giants such as Google and Facebook setting up their data centers in Southeast Asia, the demand for switchgears in the commercial domain is expected to grow at a significant rate over the coming years."
"Southeast Asia is also witnessing increase in tourist arrivals, with majority of the countries implementing development plans for their hospitality sector in particular. Major global hospitality chains are increasing their presence in the region and setting up of new hospitality establishment is further expected to have a positive impact on the Southeast Asia switchgear market," Akash further added.
Some of the prominent companies in Southeast Asia switchgear market are Schneider Electric, Siemens, ABB and Fuji Electric.
"Southeast Asia Switchgear Market (2019-2025)" report provides an in-depth analysis with 266 figures and 107 tables, covered in more than 450 pages. The report estimates and forecast the overall Southeast Asia switchgear market revenues by voltage, insulation, types, verticals and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics."