According to the Graphical Research new growth forecast report titled “Asia Pacific Switchgear Market Size By Voltage (Low, Medium, High), By Insulation (Air, Gas, Oil, Vacuum), By Installation (Indoor, Outdoor), By Current (AC, DC), By Application (Residential & Commercial, Industrial, Utility), Industry Analysis Report, Country Outlook (China, Japan, India, Australia, South Korea), Application Development PAPAC Switchgear Market Size to Grow Significantly During 2020-2026otential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”, to Grow Significantly During 2020-2026.
The Asia Pacific Market Value is anticipated to witness upsurge owing to the rising focus toward energy efficient systems along with growing concerns pertaining to grid stability & security of power supply. Increased integration of sustainable energy across the existing T&D network coupled with expansion of micro-grid infrastructure will drive the industry landscape. Furthermore, increasing demand for smart monitoring and control systems with an aim of improving the overall electricity demand will positively influence the industry growth.
Medium voltage switchgear market size is projected to witness a substantial growth on account of rapid development of commercial and industrial establishments, primarily across the developing economies. Growing investments toward the expansion of power grid along with government initiatives toward the electrification of off-grid locations will positively impact the business scenario. Moreover, ability of these units to provide reliable & safe operations, ease of installation and cost effectiveness will positively stimulate the product deployment.
Gas insulated switchgear market is projected to rise on account of its economical pricing, high efficiency and ability to offer elongated product life. In addition, growing inclination toward the incorporation of GIS technology across the offshore industry provides substantial scope for space & cost reduction in line with enhanced product performance. Moreover, growing industry preference toward compact size substations in consequence of soaring land lease rates across the onshore power sector is set to stimulate the market trends.
Government initiatives including adoption of smart city development and rural electrification programs along with the availability of financial incentives, tax rebates and subsidies on sustainable power generation technologies will strengthen the utility-based switchgear market. In addition, growing concern toward secure power supply and grid stability predominantly across the production and manufacturing establishments will encourage the product adoption.
India switchgear market is anticipated to grow on account of increasing demand for smart electric infrastructure driven by industry automation and advance engineering environment prevailing across the nation. Introduction of tax rebates and duty drawback options available at deployment of renewable energy systems will further strengthen the switchgear market scenario. Increased public and private project funding with an aim of developing the power sector to overcome the escalated electricity demand will further propel the industry statistics.
The leading manufacturers operating across Asia Pacific market include BHEL, ABB, Toshiba, Hyundai Electric, GE, Siemens AG, Mitsubishi Electric Systems, Hitachi Ltd, Schneider Electric and Hyosung.