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Asia Pacific Vacuum Insulated Switchgear Market Size
- Report ID: GMI7204
- Published Date: Oct 2023
- Report Format: PDF
Asia Pacific Vacuum Insulated Switchgear Market Size
Asia Pacific Vacuum Insulated Switchgear Market was valued at USD 32.9 billion in 2023 and is anticipated to grow at over 6.3% from 2024 to 2032. The increasing demand for reliable and efficient electricity distribution systems, driven by urbanization and industrialization in the region, is fueling the adoption of advanced switchgear technologies. Stringent environmental regulations and a growing emphasis on reducing greenhouse gas emissions are pushing utilities and industries to switch from traditional gas-insulated switchgear to more eco-friendly vacuum insulated switchgear.
Additionally, advancements in renewable energy integration and smart grid infrastructure development are creating opportunities for the deployment of vacuum insulated switchgear. As per National Bureau of Statistics (NBS) of China, Renewables held a share of over 47% in country’s total generation capacity in 2022, which is further anticipated to grow owing to the changing regulatory environment pertaining to the renewable capacity additions.
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Asia Pacific Vacuum Insulated Switchgear Market Scope
