Dublin, March 06, 2024 (GLOBE NEWSWIRE) -- The "ASEAN Low Voltage Switchgear Market (2023-2029) Trends, Analysis, Forecast, COVID-19 Impact, Size, Growth, Share, Industry, Value, Revenue & Companies: Market Forecast By Types, By Applications, By Countries and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Between 2019 and 2022, the ASEAN Low Voltage Switchgear Market saw robust expansion, primarily attributed to growth in residential, commercial, and other construction projects. Nonetheless, the market encountered setbacks in 2020 due to the COVID-19 pandemic, leading to supply chain disruptions and a temporary construction halt. For instance, Indonesia's construction industry witnessed a contraction of 2.9% in Q1 2020 and -5.39% in Q2 2020.
Despite these challenges, the ASEAN region's burgeoning infrastructure development remains a driving force behind the demand for low-voltage switchgear products. Additionally, a noteworthy trend is the focus of ASEAN countries on fostering a green economy and launching renewable energy projects. These initiatives are poised to further fuel the demand for low-voltage switchgear throughout the forecast period.
According to this research, the ASEAN Low Voltage Switchgear market size is anticipated to grow at a CAGR of 8.4% respectively during 2023-2029. The impending creation of Indonesia's new capital city, Nusantara, holds the potential for the construction of 184 residential towers in the foreseeable future. Concurrently, there are plans to construct 1,601 housing units, with a target completion date set for Q2 2025 with an investment of approximately $246 million.
Furthermore, Vietnam's government is actively working on introducing more than 1 million residences for individuals with lower incomes by the year 2030. Additionally, Singapore's landscape is poised for commercial advancement, anticipating an influx of 4.2 million square feet in office supply within the span from 2023 to 2025. Such large-scale projects are poised to generate demand for switchgear in the coming years.
Market by Types
MCB has accounted highest revenue share in ASEAN low voltage switchgear industry owing to its wide usage in residential, commercial and other sectors. Further, growing demand of residential units, establishment of commercial offices, hotels among other infrastructural development would escalate the demand of MCB in low voltage switchgear market.
Market by Applications
Within the ASEAN low voltage switchgear market, the residential sector has emerged as a dominant revenue contributor. This is attributed to the considerable number of flats completed by The Housing and Development Board (HDB) in Singapore in 2022, coupled with the successful completion of high-end condominiums in Malaysia and Indonesia. Additionally, the governments' ambitious initiatives to construct millions of affordable houses in countries like the Philippines and Vietnam are poised to substantially enhance the demand for low voltage switchgear products within the residential sector in the years ahead.
Market by Countries
Indonesia has garnered maximum revenue share in low voltage switchgear market of ASEAN as the country has accounted highest completion of new condominiums units in 2022 which was up by 7.6% annually. Further, development of new capital city and rising tourism would lead to new supply of hotels and thus, would contribute towards the demand of low voltage switchgear products in the country.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- ASEAN Low Voltage Switchgear Market Overview
- ASEAN Low Voltage Switchgear Market Outlook
- ASEAN Low Voltage Switchgear Market Forecast
- Historical Data and Forecast of ASEAN Low Voltage Switchgear Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of ASEAN Low Voltage Switchgear Market Revenues, By Types, for the Period 2019-2029F
- Historical Data and Forecast of ASEAN Low Voltage Switchgear Market Revenues, By Applications, for the Period 2019-2029F
- Historical Data and Forecast of ASEAN Low Voltage Switchgear Market Revenues, By Countries, for the Period 2019-2029F
- Market Drivers and Restraints
- Industry Life Cycle
- Porter's Five Force Analysis
- Impact Analysis of Covid-19
- Market Trends
- ASEAN Country-wise Low Voltage Switchgear Market Revenue Ranking, By Companies
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Types
- MCB
- MCCB
- RCD (Residual Current Device)
- ACB
- DB's (Distribution Board)
- Contactors and Relays
By Applications
- Residential
- Commercial
- Industrial
- Power Utilities
- Transportation and Infrastructure
By Countries
- Malaysia
- Thailand
- Indonesia
- Singapore
- Philippines
- Vietnam
Company Profiles
- ABB Ltd
- Schneider Electric
- Eaton Corporation
- Fuji SMBE Pte Ltd.
- Siemens AG
- HD Hyundai Electric
- LS ELECTRIC Co., Ltd.
- Hager Group
- CHINT Group Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ov4iof
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