Market Size of Asia-Pacific Low Voltage Switchgear Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 |
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.
Asia-Pacific Low Voltage Switchgear Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness - Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Substation
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2.1.2 Distribution
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2.1.3 Utility
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2.2 Installation
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2.2.1 Outdoor
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2.2.2 Indoor
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2.3 Voltage Rating
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2.3.1 Less Than 250 V
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2.3.2 250 V - 750 V
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2.3.3 750 V - 1000 V
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2.4 Geography [Market Size and Demand Forecast till 2028 (for regions only)]
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2.4.1 China
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2.4.2 India
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2.4.3 Japan
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2.4.4 Australia
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2.4.5 Rest of Asia-Pacific
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Asia-Pacific Low Voltage Switchgear Market Size FAQs
What is the current Asia-Pacific Low Voltage Switchgear Market size?
The Asia-Pacific Low Voltage Switchgear Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Low Voltage Switchgear Market?
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.
