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.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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