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.
“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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