The market for Electrical Enclosure is expected to reach USD XX million Bn in 2023.
The global demand for electrical enclosures is primarily driven by rapid growth in industrialization coupled with the mounting trend toward process automation. In addition, stringent safety regulations and improved investments in renewable energy projects, especially in developed economies, are collectively expected to favor market demand in the coming years. Furthermore, the growing need for process automation in the food and beverage sector is also expected to propel the demand for electrical enclosures during the 2016–2023. These factors are expected to contribute to a compounded annual growth rate (CAGR) of 5.9% during the 2016–2023.
This report analyses the global electrical enclosure market in terms of type (by material), application, end-user, and geography. Based on type, the market is segmented into metallic and non-metallic electrical enclosures. Similarly, based on application, the market for electrical enclosures is classified into four categories: dust-tight, hazardous environment, drip-tight, and flame/explosion, among others. Additionally, based on verticals, the market is segmented into industrial manufacturing, commercial, food and beverage, energy and power, and transportation, among others. Finally, the geographical distribution of the global electrical enclosure market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
The purpose of this strategic research study titled "Global Electrical Enclosure Market: Growth, Share, Opportunities, and Competitive Analysis, 2016–2023" is to offer industry investors, company executives, and industry participants in-depth insights to enable them to make informed strategic decisions related to the opportunities in the global electrical enclosure market.
Overall, the research study provides a holistic view of the global electrical enclosure market, offering market size and estimates for the period from 2014 to 2023, keeping in mind the abovementioned factors.
Metallic Enclosures
Non-Metallic Enclosures
As of 2015, metallic enclosures dominated the global market of electrical enclosures. The metallic enclosure segment accounted for around three-fourths of the global electrical enclosures market revenue in the same year. The trend is expected to continue, and the segment is presumed to hold on to its dominant position throughout the 2016–2023. The majority of this demand is contributed by the stainless steel variants. The stainless steel electrical enclosures are ideally used in applications that require corrosion resistance. On the other hand, non-metallic electric enclosures are forecast to exhibit steady growth during the forecast period on properties such as lightweight, low cost, and ease of handling and modification.
The contribution of these end-use segments to the global electrical enclosures market in 2015 and 2023 is shown in the figure below.
The global demand for electrical enclosures, especially in the industrial manufacturing segment, is primarily driven by rapid growth in industrialization coupled with the growing trend toward process automation. To avoid any mishap or accident at the workplace, government regulations promoting the use of electrical enclosures are expected to drive demand in the industrial manufacturing segment. On the other hand, improving power infrastructure has expanded power transmission and distribution networks across the globe. This development supports the demand for electrical enclosures in the energy and power sectors. The electrical enclosures that are ideally used to mitigate corrosion are expected to witness robust growth across the food and beverage segment.
The market for electrical enclosures in North America (the United States and Canada) is highly structured, while the market in Europe is consolidated. Western Europe has become the hub for manufacturers outsourcing the production of their electrical enclosures. The trend is expected to continue during the 2016–2023. The demand in these regions is primarily driven by stringent government regulations promoting the safety of workers at the workplace. In addition, increasing investment in renewable energy projects is expected to favor market demand in these regions. On the contrary, the market for electrical enclosures in the Asia Pacific is highly unstructured. However, with the mounting pressure on manufacturers to deliver standard products, the market in Asia Pacific is expected to become moderately structured during the latter half of the forecast period.
The market for Electrical Enclosure is expected to reach USD XX million Bn in 2023.
The Electrical Enclosure market is expected to see significant CAGR growth over the coming years, at 5.9%.
The report is forecasted from 2016 -2023
The base year of this report is 2015.
General Electric Company, Emerson Electric Company, Eaton Corporation Plc, Rittal GmbH & Co. KG, Hubbell, Inc., ABB Ltd.are some of the major players in the global market.