ASEAN Switchgear Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The ASEAN switchgear market is segmented by application (residential, industrial and commercial, and utility), installation (indoor and outdoor), insulation (air, gas, and others), voltage (low, medium, and high), and geography (Singapore, Malaysia, Vietnam, and rest of ASEAN). The report offers the market size and forecasts for the ASEAN switchgear market in revenue (USD billion) for all the above segments.

ASEAN Switchgear Market Size

ASEAN Switchgear Market Summary
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Study Period 2019-2028
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR > 7.00 %
Market Concentration Low

Major Players

ASEAN Switchgear Market Major Players

*Disclaimer: Major Players sorted in no particular order


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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 Market Trends

Utility Segment to Dominate the Market

  • The ASEAN region, which consists of 10 Southeast Asian countries, experienced a significant increase in electricity demand over the past few years. It is due to population growth, urbanization, and economic development.
  • According to the ASEAN Centre for Energy, the total electricity demand in the ASEAN region is projected to increase to 1,822 TWh in 2040, representing a compound annual growth rate of 4.4%. ASEAN countries are investing in various measures to increase their electricity generation capacity, improve the efficiency of their power systems, and promote the use of renewable energy sources to meet this increasing demand.
  • According to BP's statistical review of world energy in 2021, the electricity generation in major ASEAN countries such as Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam was recorded at 1071.8 TWh, an increase of almost 4.6% compared to 2020.
  • Furthermore, increasing electricity demand allowed various countries to import energy from neighbouring countries to meet their energy demands. With this import, new transmission and distribution networks are being developed, increasing the demand for switchgear in the region.
  • For instance, in June 2022, Singapore's government initiated its initial renewable energy electricity import through a multilateral power trade with neighbouring countries to address its increasing energy demand. The Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP) will upgrade its existing transmission and distribution systems to import up to 100 MW of renewable hydropower from Lao PDR to Singapore through Thailand and Malaysia.
  • Therefore as per the abovementioned points, the utility sector will likely dominate the switchgear market during the forecasted period.
ASEAN Switchgear Market : Electricity Generation, in TWh, Major ASEAN Countries, 2021

Vietnam to Witness Significant Growth

  • Vietnam's electricity generation, transmission, distribution, and consumption processes are all changing dramatically. Electricity markets, particularly transmission and distribution networks, are restructured to establish an advanced transmission and distribution infrastructure.
  • According to the Institute of Energy of Vietnam, the country is expected to face a surge in demand for electricity. It will be due to an increasing population and urbanization, resulting in increased construction and manufacturing activities. The Government of Vietnam expects power consumption to grow 10-12% annually throughout 2030.
  • Improper grid infrastructure and the increasing power demand need to be met with the current capacity. The country plans investments to set up and modernize power generation, transmission, or distribution networks to fulfill the rising request. Moreover, the increasing adaption of renewable energy in the electricity generation mix is also expected to increase the upgradation of the transmission and distribution sector in the country, consequently driving the demand for switchgear in the region.
  • According to IRENA, Vietnam's installed renewable energy capacity increased by more than 6% between 2021 and 2022. In 2022 the installed renewable energy capacity was around 45,32 GW. A similar trend of growth is estimated during the forecasted period.
  • For instance, in July 2022, a collaboration agreement was signed between NovaWind, the wind power arm of ROSATOM, and An Xuan Energy representatives for developing a wind farm in Vietnam. The agreement outlines a partnership to construct a wind farm of 128 MW capacity in the Son La Province, located in the northwestern region of Vietnam.
  • Therefore, due to the abovementioned points, Vietnam is expected to witness significant growth during the forecasted period.
ASEAN Switchgear Market: Renewable Energy Installed Capacity, In GW, Vietnam, 2018-2022

ASEAN Switchgear Industry Overview

The ASEAN switchgear market is fragmented. Some key players in this market (in no particular order) are ABB Ltd, Schneider Electric SE, Siemens AG, Eaton Corporation PLC, and Mitsubishi Electric Corporation.

ASEAN Switchgear Market Leaders

  1. ABB Ltd

  2. Siemens AG

  3. Mitsubishi Electric Corporation

  4. Schneider Electric SE

  5. Eaton Corporation PLC

*Disclaimer: Major Players sorted in no particular order

ASEAN Switchgear Market Concentration

ASEAN Switchgear Market News

  • June 2022: ABB announced the launch of its new medium voltage switchgear factory in Vietnam, covering an area of 15,700 sq m. The new facility is twice the size of the previous factory operating for 10 years, and boasts enhanced environmental features. The manufacturing plant design is based on the successful lean manufacturing methods utilized in ABB's European facilities. It will produce 2,000 panels of ABB's UniGear medium voltage switchgear annually and 700 plug-and-play modular power distribution systems.
  • March 2022: Larsen & Toubro Ltd, based in India, and Tamco Switchgear (Malaysia) submitted a patent application for a switchgear panel structure they jointly developed. Their clientele includes cement producers in Malaysia.

Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Application

      1. 5.1.1 Residential

      2. 5.1.2 Commercial and Industrial

      3. 5.1.3 Utility

    2. 5.2 Installation

      1. 5.2.1 Indoor

      2. 5.2.2 Outdoor

    3. 5.3 Insulation

      1. 5.3.1 Air

      2. 5.3.2 Gas

      3. 5.3.3 Others

    4. 5.4 Voltage

      1. 5.4.1 Low Voltage

      2. 5.4.2 Medium Voltage

      3. 5.4.3 High Voltage

    5. 5.5 Geography [Market Size and Demand Forecast till 2028 (for regions only)]

      1. 5.5.1 Singapore

      2. 5.5.2 Malaysia

      3. 5.5.3 Vietnam

      4. 5.5.4 Rest of ASEAN


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 ABB Ltd.

      2. 6.3.2 Rockwell Automation Inc.

      3. 6.3.3 Schneider Electric SE

      4. 6.3.4 Siemens AG

      5. 6.3.5 Toshiba International Corporation

      6. 6.3.6 Hitachi, Ltd.

      7. 6.3.7 Eaton Corporation PLC

      8. 6.3.8 Mitsubishi Electric Corporation

      9. 6.3.9 HD Hyundai Electric

      10. 6.3.10 Fuji Electric Co., Ltd.

    4. *List Not Exhaustive

**Subject to Availability

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).

Commercial and Industrial
Low Voltage
Medium Voltage
High Voltage
Geography [Market Size and Demand Forecast till 2028 (for regions only)]
Rest of ASEAN

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Frequently Asked Questions

The ASEAN Switchgear Market is projected to register a CAGR of greater than 7% during the forecast period (2023-2028).

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 Industry Report

Statistics for the 2023 ASEAN Switchgear market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ASEAN Switchgear analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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