The electric enclosure market is likely to witness
steady growth in the coming years because of the upturn in the oil &
gas industry and the demand for hygienic type enclosures valves in the
food & beverages industry. The electric enclosure market is expected
to grow from USD 5.84 Billion in 2017 to USD 7.91 Billion by 2023, at a
CAGR of 6.27% between 2018 and 2023.
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The base year considered for the
study is 2017, and the forecast period is between 2018 and 2023. The
objective of the report is to provide a detailed analysis of the
electric enclosure market on the basis of mounting type, material type,
form factor, industry vertical, and geography. The report provides
detailed information regarding the major factors influencing the growth
of the electric enclosure 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.
The power generation & distribution industry is expected to lead the electric enclosure market between 2017 and 2023”
Among various applications, the power generation
& distribution industry is expected to account for the largest size
of the overall electric enclosure market between 2017 and 2023. Electric
enclosures are used to protect critical equipment and circuitry in the
power generation & distribution industry. These enclosures should be
able to withstand harsh environmental conditions. Electric enclosures
enhance the safety of end users and electronic/electric equipment, even
in energy-generation stations. Similarly, in power transmission &
distribution, electric enclosures are used to keep the circuitry safe
from external damage. APAC will lead the demand for electric enclosures
in the power generation & distribution segment during the forecast
period.
“The market for underground electric enclosures is expected to grow at the highest CAGR between 2018 and 2023”
Among mounting type, the underground type of electric
enclosures is expected to grow at the highest CAGR during the forecast
period. This will be owing to their low maintenance cost and increased
adoption in power transmission segment in underground cabling of
electricity lines.
“APAC expected to lead the electric enclosure market between 2018 and 2023”
APAC is expected to hold the largest size of the
electric enclosure market during the forecast period. Key factor driving
the electric enclosure market in APAC is the growing demand for energy
& power from both residential and commercial sectors.
Rittal (Germany), Schneider (France), Pentair (UK),
Emerson (US), Eaton (US), ABB (Switzerland), Hammond (Canada), and AZZ
(US) are the major industry players in the electric enclosure market.
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USA : 1-888-600-6441
sales@marketsandmarkets.com
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