Market Size of Asia-Pacific High Voltage Switchgear Industry
| Study Period | 2019-2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2019 - 2021 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific High Voltage Switchgear Market Analysis
The Asia-Pacific high voltage switchgear market is expected to register a CAGR of more than 5% over the forecast period.
- The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels. Over the medium period, increasing electricity generation and consumption, along with the changing power generation industry dynamics, are expected to be the major drivers for the transmission and distribution network growth, which, in turn, is expected to drive the high voltage switchgear market during the forecast period.
- On the other hand, stringent environmental and safety regulations related to the high voltage switchgear market are restraining factors. Also, increasing competition from the unorganized sector of the overall switchgear market is expected to restrain the high voltage switchgear market in the coming years.
- Nevertheless, expanding power transmission and distribution infrastructure to achieve high electricity access rates in developing and underdeveloped nations is expected to create significant opportunities for high-voltage switchgear manufacturers.
- China dominates the Asia-Pacific high voltage switchgear market, with the major demand for high-voltage switchgear coming from the country, fueled by the rising investment in alternative energy sources.
