Strengthening Power Utilities and Industrial Sector Would Drive the Laos Switchgear Market During the Forecast Period - 6Wresearch
The power sector of Laos is one of the most important strategic verticals. The country exports more than 70% of the generated power to immediate neighbors such as Thailand and Vietnam. In order to continue being the 'Battery of South East Asia', the country plans to further strengthen the power infrastructure over the years to come. A target of increasing the power generation capacity to 14 GW by 2020 has been set by the government, which would see the construction of several new hydroelectric power plants in the country and act as a key driver in the growth of the switchgear market in Laos.
According to 6Wresearch, the Laos Switchgear Market revenues are projected to grow at a CAGR of 7.2% during 2018-24. The long-term goal of the Laos Government is to graduate from the current 'Least Developed Country' (LDC) status that has been imposed on the country by the United Nations. As a result, several initiatives have been adopted including the Vision 2030 Plan, the Ten-year Socio-Economic Development Strategy (2016-2025) and the 8th Five-Year National Socio-Economic Development Plan (2016-2020) which would lead to development across all sectors.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "The industrial and power utilities sectors in Laos are the primary revenue contributors in the country's switchgear market. With efforts being made to achieve around 100% electrification by 2030, these segments are expected to remain dominant over the years to come."
"Laos has tremendous hydroelectric potential and plans on setting up a number of new hydroelectric power plants, substations and potential renewable energy projects in future. This would help the market for switchgears to grow during the forecast period," Ravi further added.
According to Rachit Gulati, Research Associate, Research and Consulting, 6Wresearch, "Laos' small market size implies that a moderate infrastructural development would translate into a substantial push for the country's economic growth. Thus, the construction industry of Laos is predicted to be one of the most rapidly growing construction markets in South East Asia. The demand for switchgears is anticipated to benefit from growth in the construction industry of Laos."
"The low voltage switchgear segment is the majority revenue shareholder in the overall switchgear market in Laos. Further, government efforts to promote Laos as an attractive tourist destination with initiatives such as Visit Laos 2018, would lead to the development of the hospitality and other social infrastructure in the country, thereby promoting the growth of medium voltage switchgears,"Rachit further said.
Some of the major companies in the Laos switchgear market include - Schneider, ABB, Siemens and Mitsubishi Electric.
"Laos Switchgear Market (2018-2024)" provides an in-depth analysis with 51 figures and 19 tables, covered in more than 125 pages. The report estimates and forecast the overall Laos switchgear market by revenue, insulation, regions and applications such as residential, commercial, industrial, power utilities and others. The report also offer insights on the competitive landscape, company profiles, market drivers and restraints.
For Sample Pages & Detailed Report Description Visit : http://www.6wresearch.com/market-reports/laos-switchgear-market-2018-2024-forecast-by-voltage-low-medium-high-insulation-air-gas-mcb-mccb-acb-indoor-isg-osg-rmu-css-verticals-regions.html
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