The electric enclosure market is expected to grow
from USD 6.15 Billion in 2018 to USD 7.91 Billion by 2023, at a CAGR of
6.27%.
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Key factors driving the growth of the electric enclosure market
are the demand for Industrial Internet of things (IIoT) enabled
enclosures, the growing demand for hygienic enclosures in food &
beverages industry, and the adoption of intelligent transport systems
(ITS) in the transportation vertical. Key industry players adopt organic
and inorganic growth strategies such as product launches and
developments, mergers and acquisitions, expansions, agreements,
collaborations, joint ventures, and partnerships to drive the growth of
the market.
Major electric enclosure manufacturers have a tight control on the
pricing of the products, which is forcing other manufacturers to reduce
the price of products to remain in competition. The electric enclosure
industry will witness healthy product development programs and
innovations in the coming years.
Among various applications, the power generation
& distribution industry is expected to account for the largest size
of the overall electric enclosure market between 2018 and 2023. Electric
enclosures are used in the power generation & distribution industry
in substations to protect critical components and circuitry. Electric
enclosures used in oil & gas, metals & mining, and pulp &
paper industries are rugged in design and should be able to withstand
harsh environmental conditions. Over the past few years, oil & gas
products have witnessed strong demand from developing nations. Such
continuously increasing demand for oil & gas products is expected to
drive the electric enclosure market.
Nonmetallic enclosures are gaining rapid acceptance
in oil & gas and metals & mining verticals. This is due to
increasing research & development of nonmetallic materials for
enclosure application. Extensive research and product development has
enabled manufacturers to introduce several new nonmetallic products with
favorable and necessary features, which are making nonmetallic
enclosures gain acceptance for critical applications.
APAC is expected to hold the largest size of the
electric enclosure market during the forecast period. 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 electric
enclosure market in the region.
Rittal (Germany), Schneider (France), Pentair (UK),
Emerson (US), Eaton (US), Hammond (Canada), ABB (Switzerland), Hubbell
(US), and Fibox (Finland) are the major players operating in the
electric enclosure market.
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Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
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