Increasing Access to Electrification along with Strengthening Power Sector Would Drive the Myanmar Switchgear Market - 6Wresearch
Construction of new housing units, development of several large-scale transportation infrastructure projects as well as strengthening of the power infrastructure in the country are some of the top objectives of the NLD government in Myanmar over the coming years. Initiatives such as the Myanmar National Electrification Plan have been adopted with an aim to achieve full electrification in the country by 2030. In addition, increasing foreign investment for the development of energy and utilities, residential and public infrastructure sectors of Myanmar would also contribute to the rise in sales of switchgears. These factors would fuel the growth of switchgear market in the country.
According to 6Wresearch, the Myanmar Switchgear Market revenues are projected to grow at a CAGR of 8.4% during 2018-24. In order to keep up with the growing population of Myanmar, the Ministry of Construction plans on developing several residential and commercial projects in future, which would generate more demand for MCCBs, MCBs and other low voltage switchgears. Multiple new hydro and solar power plant projects are also in the construction phase and would provide additional power supply in the country. Additionally, the planned expansion of the transmission and distribution network in the country would increase the demand for medium and high voltage switchgear devices during the forecast period.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "The power utilities and commercial sectors are the key revenue generating segments in the Myanmar switchgear market due to the wide utilization of low and high voltage switchgears in these two verticals."
"The planned construction of new power plants, expansion of transmission and distribution lines and setting up of new renewable energy projects would further surge the demand for switchgears in the power utilities segment over the coming years,", Ravi further added.
According to Rachit Gulati, Research Associate, Research and Consulting, 6Wresearch, "low voltage segment is the highest market revenue share holder in the overall switchgear market. However, with initiatives such as the National Transport Master Plan 2030 in place, the medium and high voltage switchgear segments are expected to gain significant revenue share in future."
"Myanmar's construction industry would be driven by investment in several segments, government focus on infrastructure development, setting up of new industrial zones and rising interest in low-cost residential development. This would drive the growth of switchgear market in the country," Rachit further said.
Some of the major companies in the Myanmar switchgear market include " ABB, Siemens, Schneider, Fuji Electric and Khin Maung Nyunt Manufacturing Company.
"Myanmar Switchgear Market (2018-2024)" provides an in-depth analysis with 64 figures and 21 tables covered in more than 140 pages. The report estimates and forecast the overall Myanmar 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/myanmar-switchgear-market-2018-2024-forecast-by-voltage-low-medium-high-insulation-ais-gis-mcb-mccb-cr-acb-cos-vertical-competitive-landscape.html
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