Market Research Report
Electrical Enclosure - Global Market Outlook (2021 - 2028)
|Electrical Enclosure - Global Market Outlook (2021 - 2028)|
Published: April 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Electrical Enclosure Market is accounted for $6.26 billion in 2021 and is expected to reach $10.87 billion by 2028 growing at a CAGR of 8.2% during the forecast period. An electrical enclosure is a device that contains various electronic components. It serves mainly two functions, first, protecting the user from electrical shock and second, safeguarding the parts it covers from external damage. Electrical enclosures are designed to be functional as well as provide visual value. An electrical enclosure is typically fitted within the layers of a wall so that all wires are hidden and the overall form looks clear.
The growing trend of automation in industries
The growing trend of automation in industries, along with the increasing product integration in smart homes is one of the key factors driving the growth of the market. In various developing nations, there is an urgent need to upgrade the existing power infrastructure to meet the energy demand of the rapidly increasing population. This coupled with the installation of power stations running on renewable energy sources such as solar and wind, is another factor contributing to the market growth.
High cost and seal leakage problems in electric enclosures
The high cost and seal leakage problems in electric enclosures restrain the market growth. Electrical enclosures seal tightly and prevent penetration of water or moisture. They also protect against electromagnetic interference, electrical breakdown and power dissipation. They find extensive applications in locations with potential risks of flammable gasses, combustible dust and volatile vapors or particles.
The growing need for protection of the workplace & workforce
The growing need for protection of the workplace & workforce due to increasing power and industrial infrastructure is expected to drive the market over the predicted years. Also, the necessity to upgrade the power infrastructure in emerging countries and stringent safety & process regulations expects a boost to the market in the coming years. Additionally, the increasing focus on connected cities in developing regions, upsurging importance of customer services, and need for IIoT-enabled enclosures are anticipated to fuel the market during the forecasted period.
There are a slew of restraining factors impeding market expansion. Some concerns, such as electrical leakage difficulties in electric enclosures and price competition, are key roadblocks. The global electrical enclosures market is highly competitive and fragmented with the presence of a few prominent companies and a high number of smaller players in the unorganized sector.
The oil and gas segment is expected to have the highest CAGR during the forecast period
The oil and gas segment is growing at the highest CAGR in the market. Growing demand in oil & gas industry for the nonmetallic enclosure is expected to increase the overall share of nonmetallic electric enclosure segment in the electric enclosure market.
The energy segment is expected to be the largest during the forecast period
The energy segment is expected to be the largest share in the market. Environmental issues related to fossil fuels and nuclear energy is prompting a rise in alternative energy sources, such as solar and wind energy. Solar and wind energy are considered as safe, pollution-free renewable energy. Countries around the world are embracing this technology.
Region with highest share:
North America is projected to hold the largest share in the market. The growing industrial automation and smart home integration are expected to drive the electrical enclosures market significantly in this region, particularly due to the United States being an early adopter of industrial automation.
Region with highest CAGR:
The Asia Pacific is projected to have the highest CAGR in the market. Major factors driving the market in APAC are the increased investment in the power generation & distribution sector in China and India. An addition of vast rail and road network will also be a major boost for the market in the region.
Key players in the market:
Some of the key players profiled in the Electrical Enclosure Market include ABB Ltd., Adalet Ltd, AZZ Incorporated, Eaton Corporation, Emerson Electric Co., Fibox, Hammond Manufacturing, Hubbell Incorporated, Legrand SA, Leviton Manufacturing Ltd, Pentair PLC., Rittal GmbH & Co. Kg., Saginaw Control and Engineering, Schneider Electric, and Socomec Group SA.
In May 2018: JSC Rusatom Automated Control Systems and Schneider Electric signed a Memorandum of Understanding and Cooperation aimed at further cooperation for high safety and reliability, cost-efficiency, as well as better competitiveness of electrical equipment for NPP power units and electric power grid.
In February 2018: Rittal North America LLC introduces the SE 8 line of stand-alone enclosures which provides strength and durability and 30% more useable internal space than comparable unibody designs. SE 8 features multiple interchangeable accessories, including all TS 8 interior system accessories, plus cable entry options, swing frames, chassis, rails and partial panels, lighting and grounding systems, plinth, cable base and flex block.
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What our report offers:
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.