Taiwan Electric Power Equipment Market to Expand at a CAGR of 6% Over 2022-2027
The latest research study “Taiwan Electric Power Equipment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the Taiwan electric power equipment market is expected to exhibit a CAGR of around 6% during 2022-2027.
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Industry Definition and Application:
Electric power equipment represents devices that are used for generating, storing, transmitting, and distributing electrical energy. Some of the common product types include switch gear, switchboard apparatus, transformers, etc. These electric power equipment prove effective in facilitating an easy flow of electrical energy throughout the system and ensures under-voltage and overload protection. Consequently, they find extensive applications in numerous industrial, residential, and commercial establishments across Taiwan.
Taiwan Electric Power Equipment Market Trends and Drivers:
The growing 3C (computer, communication, and consumer electronics) industries and the increasing requirement for industry 4.0 solutions and automation across several business segments are primarily driving the Taiwan electric power equipment market. Besides this, the inflating investments by the government bodies in the Smart City Taiwan project that have resulted in the modernization of electrical grids are also positively influencing the market across the country. In addition to this, the shifting preferences toward technologically advanced and sustainable electric power equipment, owing to the rising awareness about the need to reduce energy losses, are acting as significant growth-inducing factors. Moreover, the emerging trend of remote working and the elevating focus among various leading market players on providing electric power equipment at competitive prices to improve their consumer base are further catalyzing the product demand. Apart from this, the escalating research and development (R&D) activities to promote technological innovations, and the expanding integration of machine learning (ML), internet of things (IoT), and artificial intelligence (AI) to enhance production efficiency and lower the manufacturing errors are expected to propel the Taiwan electric power equipment market over the forecasted period.
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Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Product:
• Transformers
• Switchgear
• Switchboard Apparatus
Breakup by Application:
• Industrial
• Commercial
• Residential
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List of Major Key Players:
The major players in the market are ABB Ltd., Eaton Corporation Public Limited Company, Hubbell Incorporated, Mitsubishi Electric Taiwan Co., Ltd., S & C Electric Company, Allis Electric Co., Ltd., Chung Hsin Electric & Machinery Manufacturing, Schneider Electric Taiwan Co., Ltd., Taiwan Hitachi Asia Pacific Co., Ltd., and Toshiba Asia Pacific Pte. Ltd.
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