Market Size of Asia-Pacific Low Voltage Switchgear Industry
|2020 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2020 - 2022
|> 7.00 %
*Disclaimer: Major Players sorted in no particular order
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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.