Asia Pacific Switchgear Market share is projected to grow on account of rising investments toward infrastructural expansion coupled with increasing demand for efficient distribution and transmission control systems. Shifting consumer inclination toward renewable power generation along with incorporation of cogeneration plants across the electricity grid infrastructure will drive the product demand.
Growing development of microgrid network coupled with increasing government focus toward rural electrification will stimulate the low voltage switchgear market. Growing industry inclination toward adoption of units integrated with high-end technology facilitating smart system control is set to propel the industry trends. For instance, in 2019, ABB launched its low voltage switchgear, Neogear which offers digital capabilities comprising of predictive and monitoring management, remote assistance and data analytics for real-time industry applications.
Air insulated switchgear market share will rise owing to increasing requirement of low capital investment and effective operational safety. Robust infrastructural development driven by increasing public and private investments will continue to witness the deployment of these units. Furthermore, key factors including low maintenance cost, minimal space requirement along with improved reliability and high dielectric strength will further drive the industry dynamics.
Indoor switchgear industry share is predicted to grow on account of its high reliability, compact design and reduced risk of electrocution. The ability of the systems to offer durability and safer operations in line with its minimal space requirement will further complement the product adoption. In addition, availability of advanced monitoring and control systems along with increased adoption of energy efficient systems will strengthen the business scenario.
DC switchgear market size is anticipated to increase on account of growing demand for HVDC systems across the T&D network. Rapid development of extra high-tension transmission grid to cater to the surging electricity demand will further complement the market growth. In addition, rapid upscaling of technologies across the offshore oil & gas platforms and wind farm will further positively influence the industry potential over the forecast timeframe.
Rising urgency to cater to the peak load demand followed by increasing urbanization owing to mass migration will drive the residential switchgear market. Government initiatives comprising of rural electrification projects followed by fund allocation for development of sustainable residential establishments will enhance the product deployment. Furthermore, ongoing product upgradations and availability of smart control systems facilitating remote monitoring and cost efficiency is set to escalate the industry growth.
China switchgear market is anticipated to increase on account of the exponential rise in electricity demand driven by growing population index. Rising investments toward building establishments along with suitable government policies aimed at grid expansion will complement the business landscape. In 2019, Asian Development Bank (ADB) declared a fund allocation of over USD 1 billion focussed at renewable power generation to enhance the affordability and accessibility of sustainable electricity, ultimately resulting in increased deployment of switchgear.
Eminent industry players operating across the market are focusing toward strategic partnership in order to sustain their competitive advantage. Key players functioning across the Asia Pacific switchgear market include ABB, Toshiba, GE, Siemens, Mitsubishi Electric Systems, Schneider Electric, Hyosung, and Hyundai Electric.