Taiwan Electric Power Equipment Market | Growth Rate, Trends and Industry Analysis 2022-2027

Market Overview 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.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What are the major drivers for the Taiwan electric power equipment market?

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.

Report Segmentation:

The report has segmented the market on the basis of product and application.

Breakup by Product:
• Transformers
• Switchgear
• Switchboard Apparatus

Breakup by Application:
• Industrial
• Commercial
• Residential

List of Major Key Players:
• ABB Ltd.
• Allis Electric Co., Ltd.
• Chung Hsin Electric & Machinery Manufacturing
• Eaton Corporation Public Limited Company
• Hubbell Incorporated
• Mitsubishi Electric Taiwan Co., Ltd.
• S & C Electric Company
• Schneider Electric Taiwan Co., Ltd.
• Taiwan Hitachi Asia Pacific Co., Ltd.,
• Toshiba Asia Pacific Pte. Ltd.

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This release was published on openPR.