The Asia Pacific Switchgear Market would witness market growth of 6.3% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 10878 thousand units, showcasing a growth of 6.2% (2019-2022).
The adoption of switchgear is closely tied to the development and maintenance of electrical grid infrastructure. As countries and regions expand their electrical grids or upgrade aging infrastructure, there is a growing need for switchgear to manage and control power distribution. Industries such as manufacturing, mining, oil and gas, and petrochemicals rely heavily on it to protect electrical equipment, ensure worker safety, and maintain uninterrupted operations. Adopting switchgear in these sectors is driven by factors like expanding industrial activities, safety regulations, and the need for reliable power. The growing trend toward electrification of transportation, including electric vehicles (EVs), electric buses, and charging infrastructure, has led to increased adoption of these for EV charging stations and power distribution in transportation systems.
Switchgear is frequently installed during new commercial and residential building construction to ensure safe electricity distribution within these structures. Factors like urbanization and population growth influence the demand for switchgear in this sector. Adopting smart grid technologies and automation in power distribution systems relies on advanced switchgear with digital monitoring, control, and communication capabilities. This is particularly important for improving grid efficiency and reliability. In some regions, there is a shift toward environmentally friendly switchgear options, such as gas-insulated switchgear (GIS) with eco-friendly insulating gases, to reduce the environmental impact of electrical infrastructure.
The APAC region is rich in renewable energy resources, including solar, wind, hydroelectric, geothermal, and biomass. The availability of these resources varies across countries, influencing the choice of renewable energy sources for power generation. Adopting renewable energy sources for switchgear systems in the Asia-Pacific region is critical to transitioning toward cleaner and more sustainable energy infrastructure. Economic, environmental, and energy security factors drive the adoption of renewable energy for switchgear in the Asia-Pacific region. The market is significantly impacted by the renewable energy sector in this region.
The China market dominated the Asia Pacific Switchgear Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $14,728.2 million by 2030. The Japan market is registering a CAGR of 5.6% during (2023 - 2030). Additionally, The India market would experience a CAGR of 6.9% during (2023 - 2030).
Based on Installation, the market is segmented into Outdoor, and Indoor. Based on Insulation, the market is segmented into Vacuum, Air, and Oil & Gas. Based on Voltage Type, the market is segmented into Low Voltage, Medium Voltage, and High Voltage. Based on End-use, the market is segmented into Transmission & Distribution (T & D) Utilities, Commercial & Residential, and Industrial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Switchgear Market is Predict to reach $152 Billion by 2030, at a CAGR of 5.8%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Ltd., Alstom SA, Bharat Heavy Electricals Ltd., Eaton Corporation PLC, General Electric Company, Legrand Group, Hitachi, Ltd., Crompton Greaves Consumer Electricals Limited., Larsen & Toubro Limited, Mitsubishi Electric Corporation.
By Installation (Volume, Thousand Units, USD Million, 2019-2030)
By Insulation (Volume, Thousand Units, USD Million, 2019-2030)
By Voltage Type (Volume, Thousand Units, USD Million, 2019-2030)
By End use (Volume, Thousand Units, USD Million, 2019-2030)
By Country (Volume, Thousand Units, USD Million, 2019-2030)
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