Asia-Pacific Low Voltage Switchgear Market Size (2024 - 2029)

The Asia-Pacific low voltage switchgear market is anticipated to experience significant growth, driven by rising investments in the electricity sector and the development of substations and distribution systems. Despite the challenges posed by high operations and maintenance costs, the market is benefiting from technological advancements aimed at producing energy-efficient switchgear, which are expected to offer substantial opportunities. China is projected to lead the market due to its increasing electricity demand and investments in upgrading infrastructure.

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Market Size of Asia-Pacific Low Voltage Switchgear Industry

Asia-Pacific Low Voltage 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 Medium

Major Players

Asia-Pacific Low Voltage Switchgear Market Major Players

*Disclaimer: Major Players sorted in no particular order

Asia-Pacific Low Voltage Switchgear Market Analysis

Asia-Pacific's low voltage switchgear market is projected to register a CAGR of over 7% during the forecast period.

  • COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels. Over the medium term, the increasing investment in the electricity sector and the increasing development of substations and distribution systems are expected to increase the demand for an Asia-Pacific low voltage switchgear market.
  • 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 Asia-Pacific low voltage switchgear market.
  • China is expected to dominate the market during the forecasted period due to the increasing demand for electricity and increasing investments in upgrading electricity infrastructure.

Asia-Pacific Low Voltage Switchgear Industry Segmentation

Low voltage switchgear refers to a collection of electrical equipment used to control, protect, and isolate electrical equipment and circuits with a voltage rating of up to 1000V AC (alternating current) or 1500V DC (direct current). The main function of low-voltage switchgear is to distribute electrical power from the source of power to various electrical equipment and loads and to protect the equipment and circuits from overloads, short circuits, and other faults. Low-voltage switchgear is essential to any electrical distribution system, ensuring the safe and reliable delivery of electrical power.

The Asia-Pacific low voltage switchgear market is segmented by application, installation, voltage rating, and geography. By application, the market is segmented into substation and distribution. By installation, the market is segmented into indoor and outdoor; by voltage rating, the market is segmented into below 250 V, 250 V - 750 V, and 750 V - 1000 V. The report also covers the market size and forecasts across major countries in the region, such as China, India, Japan, Australia, and Rest of Asia-Pacific.

For each segment, the market sizing and forecasts have been done based on revenue capacity in USD Billion.

Application
Substation
Distribution
Utility
Installation
Outdoor
Indoor
Voltage Rating
Less Than 250 V
250 V - 750 V
750 V - 1000 V
Geography [Market Size and Demand Forecast till 2028 (for regions only)]
China
India
Japan
Australia
Rest of Asia-Pacific
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Asia-Pacific Low Voltage Switchgear Market Size Summary

The Asia-Pacific low voltage switchgear market is poised for significant growth, driven by increasing investments in the electricity sector and the development of substations and distribution systems. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded to pre-pandemic levels and is expected to continue expanding. The region's growing demand for electricity, particularly in countries like China, India, and Indonesia, is fueling the need for enhanced electricity infrastructure. Despite challenges such as high operational and maintenance costs, technological advancements aimed at producing energy-efficient switchgear present substantial opportunities for market growth. The integration of renewable energy sources is also a key factor, as it necessitates the expansion of power distribution networks, thereby increasing the demand for low voltage switchgear.

China is anticipated to dominate the Asia-Pacific low voltage switchgear market, supported by its ambitious renewable energy targets and substantial investments in upgrading electricity infrastructure. The country's focus on reducing air pollution has accelerated the adoption of renewable energy technologies, further driving the demand for improved electricity distribution systems. Collaborative efforts, such as those between Siemens Gamesa and Doosan Enerbility in South Korea, highlight the region's commitment to expanding renewable energy capabilities. The market is moderately fragmented, with key players like ABB Ltd, Schneider Electric SE, Siemens AG, Eaton Corporation PLC, and Mitsubishi Electric Corporation actively participating. Recent developments, such as Elmeasure's IoT-Enabled Low Voltage Switchgear and LS Electric's expansion in Vietnam, underscore the dynamic nature of the market and its potential for continued growth.

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Asia-Pacific Low Voltage 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 Substation

      2. 2.1.2 Distribution

      3. 2.1.3 Utility

    2. 2.2 Installation

      1. 2.2.1 Outdoor

      2. 2.2.2 Indoor

    3. 2.3 Voltage Rating

      1. 2.3.1 Less Than 250 V

      2. 2.3.2 250 V - 750 V

      3. 2.3.3 750 V - 1000 V

    4. 2.4 Geography [Market Size and Demand Forecast till 2028 (for regions only)]

      1. 2.4.1 China

      2. 2.4.2 India

      3. 2.4.3 Japan

      4. 2.4.4 Australia

      5. 2.4.5 Rest of Asia-Pacific

Asia-Pacific Low Voltage Switchgear Market Size FAQs

The Asia-Pacific Low Voltage 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 Asia-Pacific Low Voltage Switchgear Market.

Asia-Pacific Low Voltage Switchgear Report Snapshots

Asia-Pacific Low Voltage Switchgear Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)