Malaysia Wiring Devices Market Overview
Malaysia wiring devices market grew modestly between 2017 and 2019, owing to the country's developing healthcare tourism sector. Through initiatives outlined in the Malaysia Healthcare Travel Industry Blueprint 2021-2025, the government health tourism sector to generate direct revenue of RM800 million in 2022 and RM1.7 billion in 2025, thus strengthening the wire devices market in the forecast period. Furthermore, rising investments in robust infrastructure development projects such as the Centro Mall project, the Bintulu Methanol Plant, and the ALIX Residences, among others, would act as a key catalyst for the overall growth of the wiring devices market.
According to 6Wresearch, Malaysia Wiring Devices Market size is projected to grow at a CAGR of 6.5% during 2021-2027. The outbreak of COVID-19 in 2020 resulted in a decline in market revenues due to curtailment measures including nationwide lockdowns, which in turn led to supply chain disruptions, and d. However, as economic conditions normalize and commercial activities resume, the market is expected to recover by 2022 and grow thereafter due to rising investments in public infrastructure and residential projects, which are expected to strengthen the wiring devices market during the forecast period.
Market by Verticals Analysis
By Verticals, the commercial sector held the highest market revenue share owing to its wide applicability in building wiring, the same trend is projected to persist in the coming years owing to government initiatives such as insight conferences to promote and collaborate in the medical travel sector in Malaysia.
Key Highlights of the Report
- Malaysia Wiring Devices Market Overview
- Malaysia Wiring Devices Market Outlook
- Malaysia Wiring Devices Market Forecast
- Market Drivers and Restraints
- Industry Life Cycle
- Market Trends
- Impact Analysis of COVID-19
- Key Strategic Recommendations
- Competitive Benchmarking
- Company Profiles
- Porter’s Five Force Analysis
- Malaysia Wiring Devices Market Revenue Share, By Companies
- Historical Data and Forecast of Malaysia Wiring Devices Market Revenues, By Types, for the Period 2017-2027F
- Historical Data and Forecast of Malaysia Wiring Devices Market Revenues for the Period 2017-2027F
- Historical Data and Forecast of Malaysia Wiring Devices Market Revenues, By Verticals, for the Period 2017-2027F
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