ASEAN Switchgear Market Size (2024 - 2029)

The ASEAN switchgear market is projected to experience substantial growth over the forecast period, driven by rising investments in the electricity sector and the adoption of renewable energy sources. Despite the challenges posed by high operations and maintenance costs, advancements in technology aimed at producing energy-efficient switchgear are expected to offer significant opportunities for market expansion. Vietnam is anticipated to see notable growth due to its increasing electricity demand and renewable energy adoption, contributing to the overall market size in the region.

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Market Size of ASEAN Switchgear Industry

ASEAN Switchgear Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 7.00 %
Market Concentration Low

Major Players

ASEAN Switchgear Market Major Players

*Disclaimer: Major Players sorted in no particular order

ASEAN Switchgear Market Analysis

The ASEAN switchgear market is anticipated to register a CAGR of over 7% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market reached the pre-pandemic levels.

  • Over the medium term, the increasing investment in the electricity sector and the increasing adaption of renewable energy sources are expected to increase the demand for switchgear in the region.
  • On the other hand, high operations and maintenance costs are expected to hinder the market growth.
  • Nevertheless, the increasing technological investments in the market to produce energy-efficient switchgear are expected to create huge opportunities for the ASEAN switchgear market.
  • Vietnam is expected to witness significant growth during the forecasted period due to the increasing demand for electricity and the increasing adaption of renewable energy sources.

ASEAN Switchgear Industry Segmentation

Switchgears are electrical equipment that controls, protects, and isolates electrical circuits and equipment. They are commonly used in power systems, industrial and commercial facilities, and other applications that require reliable and safe electrical power distribution. Switchgear typically consists of circuit breakers, disconnect switches, fuses, relays, and transformers. These components work together to ensure the safe and efficient operation of the electrical system.

The ASEAN switchgear market is segmented by application, installation, insulation, voltage, and geography. The market is segmented by application into residential, industrial, commercial, and utility. By installation, the market is segmented into indoor and outdoor. By insulation, the market is segmented into air, gas, and others. The market is segmented by voltage into low, medium, and high. The report also covers the market size and forecasts across major regional countries. The market sizing and forecasts for each segment are based on a revenue capacity (USD billion).

Application
Residential
Commercial and Industrial
Utility
Installation
Indoor
Outdoor
Insulation
Air
Gas
Others
Voltage
Low Voltage
Medium Voltage
High Voltage
Geography [Market Size and Demand Forecast till 2028 (for regions only)]
Singapore
Malaysia
Vietnam
Rest of ASEAN
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ASEAN Switchgear Market Size Summary

The ASEAN switchgear market is poised for substantial growth, driven by increasing investments in the electricity sector and the adoption of renewable energy sources. The region, comprising ten Southeast Asian countries, has seen a surge in electricity demand due to factors like population growth, urbanization, and economic development. This rising demand has prompted countries to enhance their electricity generation capacity and improve power system efficiency, thereby boosting the need for switchgear. Despite challenges such as high operational and maintenance costs, technological advancements aimed at producing energy-efficient switchgear present significant opportunities for market expansion. Vietnam, in particular, is expected to experience notable growth, fueled by its burgeoning electricity demand and renewable energy integration.

The market landscape is characterized by fragmentation, with key players such as ABB Ltd, Schneider Electric SE, Siemens AG, Eaton Corporation PLC, and Mitsubishi Electric Corporation actively participating. Recent developments include ABB's establishment of a new medium voltage switchgear factory in Vietnam, which underscores the region's strategic importance. Additionally, collaborative efforts, such as the partnership between NovaWind and An Xuan Energy for wind farm development in Vietnam, highlight the ongoing investments in renewable energy infrastructure. These initiatives, along with projects like the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, are expected to drive the demand for switchgear, particularly in the utility sector, throughout the forecast period.

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ASEAN Switchgear Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Residential

      2. 2.1.2 Commercial and Industrial

      3. 2.1.3 Utility

    2. 2.2 Installation

      1. 2.2.1 Indoor

      2. 2.2.2 Outdoor

    3. 2.3 Insulation

      1. 2.3.1 Air

      2. 2.3.2 Gas

      3. 2.3.3 Others

    4. 2.4 Voltage

      1. 2.4.1 Low Voltage

      2. 2.4.2 Medium Voltage

      3. 2.4.3 High Voltage

    5. 2.5 Geography [Market Size and Demand Forecast till 2028 (for regions only)]

      1. 2.5.1 Singapore

      2. 2.5.2 Malaysia

      3. 2.5.3 Vietnam

      4. 2.5.4 Rest of ASEAN

ASEAN Switchgear Market Size FAQs

The ASEAN Switchgear Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

ABB Ltd, Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE and Eaton Corporation PLC are the major companies operating in the ASEAN Switchgear Market.

ASEAN Switchgear Market Report Snapshots

ASEAN Switchgear Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)