Expansion in Power Transmission and Distribution Network, Growing Construction Industry Along with Rising Commercial Sector Would Fuel the Growth of Switchgear During 2018-24 - 6Wresearch
Power transmission and distribution network in Cambodia is anticipated to witness significant growth on account of power sector development initiatives such as Power to the Poor Program, Rural Electrification Initiative and Solar Home System Program. Additionally, development of new commercial and residential projects and growing urbanization in the country are also contributing to increase in demand for power transmission and distribution equipment. These factors are driving the switchgear market in Cambodia.
According to 6Wresearch, Cambodia Switchgear Market Revenues are projected to grow at a CAGR of 9.5% during 2018-24. In Cambodia only 19 provinces out of 25 are connected with the electricity grid. Moreover, Cambodia government aims to connect all 25 provinces by grid until 2020. With such large-scale electrical grid development initiatives, the demand for switchgear across the country is anticipated to spur during the forecast period. Further, development of retail sector projects such as AEON (2) Sen Sok, Tropic Mall, Olympia Plaza and Parkson Phnom Penh City Centre coupled with residential sector development schemes such as affordable public housing for lower middle class would also lead to the evolution switchgear market in the country over the coming years.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "Power utilities application captured the major revenue share in Cambodia switchgear market in 2017 and would continue to dominate the market by 2024 due to rising investment in power transmission & distribution sector in the country."
"Other key consumers include industrial and residential applications, whose market is expected to spur on account of ambitious government initiatives such as Power to the Poor Program and rising participation of private players in the industrial sector," Ravi further added.
According to Prakhar Srivastava, Senior Research Analyst, Research and Consulting, 6Wresearch, "By Voltage Type, Low Voltage Switchgear captured the highest revenue share in 2017 and is projected to maintain its dominance during the forecast period on account of its high consumption in residential, commercial and industrial applications.
"With Cambodia being a key partner for China's One Road initiative, foreign direct investment in infrastructure sector is anticipated to surge over the coming years, resulting in the growth of switchgear market during the forecast period," Prakhar further added.
Some of the major companies in Cambodia Switchgear Market include- ABB, Siemens, Schneider and GE.
"Cambodia Switchgear Market (2018-2024)" provides in-depth analysis with 51 figures and 18 tables covered in more than 120 pages. The report estimates and forecast the overall Cambodia switchgear market by voltage, insulation, types, and applications such as Residential, Industrial, Commercial, Power Utilities & others as well as regions. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.
For Sample Pages & Detailed Report Description Visit : http://www.6wresearch.com/market-reports/cambodia-switchgear-market-2018-2024-forecast-by-low-voltage-medium-high-voltage-air-gas-insulation-mcb-mccb-cr-acb-cos-indoor-isg-outdoor-rmu-css.html
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