Future Growth Potential from Digital and Environmentally Friendly Value Propositions Driving Growth Opportunities
Southeast Asia’s medium voltage switchgear market includes Singapore, Malaysia, Vietnam, the Philippines, Thailand, and Indonesia and covers voltages ranging from 1 kilovolt (kV) to 38 kV. Its growth is expected to continue at a steady 5.1% compound annual growth rate from 2020 to 2026, driven by rising power demand and grid connectivity across the region. Increasing industrialization following companies’ diversification of supply chain networks also propels the market. The Southeast Asia switchgear market is projected to generate $4.14 billion in the next 6 years. In 2020, the COVID-19 pandemic resulted in a significant revenue decline, estimated at negative 18.4%.
This study analyzes Southeast Asia’s medium voltage switchgear market and Mega Trends likely to impact the grid business. It presents tangible growth opportunities expected to disrupt the market, including eco-friendly gas for switchgear, strategic acquisitions and partnerships, digitalization, and innovative business models. With 2020 as the base year, the research service also offers market forecasts up to 2026 and competitive analysis.
