Market Size of ASEAN 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 | Low |
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.
