ASEAN Switchgear Market Size

Statistics for the 2023 & 2024 ASEAN Switchgear market size, created by Mordor Intelligence™ Industry Reports. ASEAN Switchgear size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of ASEAN Switchgear Industry

ASEAN Switchgear Market Summary
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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

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