Dublin, Dec. 30, 2020 (GLOBE NEWSWIRE) -- The "Electrical Enclosures Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028" report has been added to ResearchAndMarkets.com's offering.
The global demand for electrical enclosures is primarily driven by rapid growth in industrialization coupled with the mounting trend towards process automation. Stringent safety regulations and improved investments in renewable energy projects, especially in developed economies are collectively expected to favor market demand in the following years.
Furthermore, the growing need for process automation in the food and beverage sector is also expected to propel the demand for electrical enclosures during the forecast period 2020 - 2028.
These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 5.5% during the forecast period 2020 - 2028.
Report Scope
This report analyzes the global electrical enclosure market in terms of type (by material), application, end-use, and geography. On the basis of type, the market is segmented into metallic and non-metallic electrical enclosures. Similarly, on the basis of application, the market for an electrical enclosure is classified into dust-tight, hazardous environment, drip-tight, and flame/explosion among others. Additionally, based on verticals, the market is segmented into industrial manufacturing, commercial, food and beverage, energy and power, and transportation among others.
The research study covers an in-depth analysis of multiple market segments based on applications, types, end-use, and cross-sectional study across different geographies. In order to help strategic decision-makers, the report also includes competitive profiling of the leading electrical enclosure manufacturers, their SWOT (Strength, Weaknesses, Opportunities, Threats) analysis, market positioning, and key developments.
In 2019, the global electrical enclosures market was dominated by metallic electrical enclosures. The metallic enclosure segment accounted for over 70% of the global electrical enclosures market revenue in the same year. The trend is expected to continue and the segment is presumed to hold on to its dominant position throughout the forecast period 2020 - 2028. The majority of this demand is contributed by the stainless steel variants. The stainless steel electrical enclosures are ideally used in applications that require dealing with corrosion resistance. On the other hand, non-metallic electric enclosures are forecast to exhibit steady growth during the forecast period on account of properties such as lightweight, low cost, and ease of handling and modifications.
Electrical enclosures have witnessed considerable acceptance across multiple industry verticals in recent years.
The global demand for electrical enclosures, especially in the industrial manufacturing segment is primarily driven by rapid growth in industrialization coupled with the growing trend towards process automation. In order to avoid any mishap or accident at the workplace, the government regulations promoting the use of electrical enclosures is expected to drive demand in the industrial manufacturing segment. On the other hand, improving power infrastructure has expanded power transmission and distribution networks across the globe. This development is supporting the demand for electrical enclosures in the energy and power sector. The electrical enclosures that are ideally used to mitigate corrosion are expected to witness robust growth across the food and beverage segment.
The market for electrical enclosures in North America (United States and Canada) is highly structured, while the market in Europe is consolidated. Western Europe has become the hub to manufacturers for outsourcing the production of their electrical enclosures. The trend is expected to continue during the forecast period 2020 - 2028. The demand in these regions is primarily driven by stringent government regulations promoting the safety of workers at the workplace.
In addition, increasing investment in renewable energy projects is expected to favor market demand in these regions. On the contrary, the market for electrical enclosures in the Asia Pacific is highly unstructured. However, with the mounting pressure on manufacturers to deliver standard products, the market in the Asia Pacific is expected to become moderately structured during the latter half of the forecast period.
Companies Mentioned
- General Electric Company (United States)
- Emerson Electric Company (United States)
- Eaton Corporation Plc (Ireland)
- Rittal GmbH & Co. KG (Germany)
- Hubbell Inc. (the United States)
- ABB Ltd. (Switzerland)
- Legrand S.A. (France)
- Siemens AG (Germany)
- Eldon Holding AB (Spain)
- Adalet Inc (the United States)
- Schneider Electric SE (France)
For more information about this report visit https://www.researchandmarkets.com/r/7ey8il
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