Transparency Market Research delivers key insights on the power distribution component market in Asia and Australia. In terms of revenue, the power distribution component market in Asia is estimated to expand at a CAGR of ~6%, while the power distribution component market in Australia is estimated to expand at a CAGR of 5.5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the power distribution component market in Asia and Australia.
The power distribution component market in Asia and Australia market is broadly affected by several factors, including government initiatives to promote construction and infrastructure industries, and development of energy efficient solutions. Furthermore, the implementation of smart grids to modernize the grid system is a key factor that is anticipated to propel the power distribution component market in Asia and Australia.
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Asia and Australia Power Distribution Component Market: Dynamics
Power distribution components primarily include plugs and sockets. These are known for their safety features in residential and commercial applications. Panels provide safe and secure supply of electricity to electronic appliances, while sockets reduce the risk of electric shocks, as they have shutters that prevent the entry of foreign objects.
Plugs and sockets also have a long lifespan, making them the optimal choice over conventional connecting cables and bare wires. Residential and commercial plugs and sockets have an approximate lifespan of more than 15 years. This makes them one of the highly durable equipment in electrical settings. The installation of residential and commercial plugs and sockets is carried out by skilled professionals, while their day-to-day operation can be performed by anyone who may or may not be skilled. Thus, ease of operation as compared to bare wires and cables, long lifespan, and no associated training costs are anticipated to boost the demand for power distribution components in residential and commercial applications.
Asia and Australia Power Distribution Component Market: Prominent Countries
China held a prominent share of the power distribution component market in Asia and Australia in 2019. Rapid industrialization and urbanization have resulted in high demand for electricity and electrification in China. This is a key factor propelling the power distribution component market in the country. This trend is expected to continue during the forecast period. Thus, China is projected to dominate the power distribution component market during the forecast period.
The power distribution component market in ASEAN is projected to expand considerably during the forecast period, due to the rise in investment in the construction industry. According to IMF, the economy of countries in ASEAN is expanding at an average of 5% per year, a level that continues to outperform the global rates. Their combined GDP reached US$ 2.7 Trn in 2017. It is projected to reach US$ 4.1 Trn by 2022. Furthermore, rise in inflow of the FDI in these countries is expected to propel the demand for housing and commercial projects. This increase in demand for residential and commercial projects is expected to boost the demand of power distribution components in the region.
The power distribution component market in India is projected to expand at a rapid pace during the forecast period. The Government of India is taking initiatives to promote the development of the construction industry by implementing various programs such as smart cities. It is also providing affordable housing for the lower middle class population. These is anticipated to boost the demand for electricity and electrification in the country. In turn, this is projected to augment the demand for power distribution components during the forecast period.
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Asia and Australia Power Distribution Component Market: Key Players
Major players operating in the power distribution component market in Asia and Australia market are ABB, Siemens, Eaton, Schneider Electric, Mitsubishi Electric, Hyundai Electric & Energy Systems Co. Ltd., Fuji Electric Co, L&T, CSE Solutions Pvt. Ltd, and Chubu Electric Power Co., Inc.
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