The Global Electrical Enclosure Market is estimated to account for US$ 5894.4 Mn in terms of value by the end of 2021. Electrical enclosures are built according to NEMA standards. These standards specify the types of enclosures that can be used, as well as the performance criteria for these enclosures. They are also available in different sizes and materials. An electrical enclosure must be made from durable materials that are sturdy enough to protect against the effects of environmental elements. It is also important to choose an electrical enclosure that has a reliable mounting option. A strong mounting option allows for easy installation and use. It also helps to prevent foreign objects from entering the enclosure.
Global Electrical Enclosure Market: Drivers
Increasing automation in industries and factories is expected to propel growth of the global electric enclosure market over the forecast period. Due to increasing factory and industrial automation, the number of solid-state, electrochemical, and mechanical devices, controls and components needing enclosure is increasing. Thus, several governments around the world are imposing regulations about safety. Thus, demand for electric enclosure solutions is increasing globally, which in turn is driving growth of the global electrical enclosure market over the forecast period.
Global Electrical Enclosure Market: Opportunities
Increasing population and urbanization all over the world is likely to create lucrative environment for growth opportunities in the global electrical enclosure market over the forecast period. As the population and urbanization is growing around the world, the industrial production and mining is witnessing a strong growth. Due to this demand for electricity has increased significantly in recent years. Thus, the global electrical enclosure market is likely to be presented with several growth opportunities.
Global Electrical Enclosure Market: Restraints
Impact of Covid-19 is expected to hinder growth of the global electrical enclosure market over the forecast period. During the pandemic period, various industries were negatively impacted. Production and demand was disrupted in many industries including the one in discussion. Due to the lack of manpower and raw material supply several manufacturing facilities were closed down temporarily. Thus, these factors are likely to affect the market growth adversely.
Global Electrical Enclosure Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of coronavirus in China spread across several countries around the world. It negatively impacted various industries. The global electrical enclosure market was negatively impacted by the pandemic due to disrupted market activities such as manufacturing, supply chains and distribution operations. The demand for electrical enclosure was adversely impacted during the pandemic, as many industries were closed down for short period. However, the market is likely to regain growth, as the pandemic situation is returning to normal in many region.
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Key Takeaways:
The global electrical enclosure market was valued at US$ 5894.4 Mn in 2021 and is forecast to reach a value of US$ 11017.0 Mn by 2030 at a CAGR of 4.20% between 2022 and 2030.
Energy and Power segment held dominant position in the global electrical enclosure market in 2021, accounting for 38.81% % share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Electrical Enclosure Market Trends:
Energy and Power in end-user segment is gaining traction in the global electrical enclosure market. The demand for alternative energy sources is increasing due to growing environmental concerns related to nuclear energy and fossil fuels. As renewable energy sources are environmental-friendly, it is highly being adopted all over the world. Thus, the demand for electric enclosure is increasing rapidly in energy generation sector. This trend is projected to continue in the market over the forecast period.
Increasing focus of manufacturers on adoption growth strategies such as product launch, and merger and acquisition for strengthening their market share is a growing trend in the global electrical enclosure market. For instance, in February 2018, Rittal North America LLC, a provider of enclosure and case system in the U.S. introduced a novel range of stand-alone enclosures, the SE8. The usable internal space offered by these enclosure is 30% more and they offer better durability as compared to designs that are unibody.
Global Electrical Enclosure Market: Competitive Landscape
Adalet (Scott Fetzer Company), Schneider Electric SE, Rittal GmbH & Co. Kg., Legrand SA, Nvent Electric PLC, Hubbell Inc., Siemens AG, Emerson Electric Co., Austin Electrical Enclosures, ABB Ltd., AZZ Inc., Eaton Corporation, and Eldon Holding AB.
Global Electrical Enclosure Market: Recent Developments
In January 2020, Siemens AG announced the acquisition of C&S Electric of India in INR 2,100 crores for increasing the presence of the company in low voltage switch gear business and enclosure business in the building segment.
In May 2019, ABB Ltd. announced the launch of UK600 modular enclosures that could ensure the successful installation of ABB smart devices such as ABB-free@home, ABB i-bus KNX. With these enclosures, the company offers a wide range of customized options to the consumers.
