Global Electrical Enclosure market amassed revenue worth nearly 6.89 (USD Billion) in 2019 and will register a CAGR of nearly 6.87% during the period from 2020 to 2026.
New York, United States - November 2, 2020 /MarketersMedia/ —
According to Zion Market Research, the global electric enclosure market is expected to witness a stable growth in the coming few years owing to the revival in the oil & gas industry and the surging requirement for hygienic enclosures valves into the food & beverage industry. The market is projected to surge from USD 6.89 billion in 2019 to USD 9.24 billion by 2026, growing at a CAGR of about 6.87% during the forecast period. An electrical enclosure is a filing cabinet that contains different electronic and electrical components. It is designed for protecting the user from electrical shock. The electrical enclosures are planned to be functional in addition to provide aesthetic value.
Some of the key players in the market are Schneider, Rittal, Emerson, Pentair, Hammond, Eaton, Adalet, Fibox, AZZ, ABB, and Legrand.
Rise In Demand For Energy & Electricity Globally To Boost The Global Electrical Enclosures Market
The increasing demand for energy & electricity is a key driving factor in the global electrical enclosures market. China is expected to be a profitable market owing to the fast industrialization in this country. The development of the electrical enclosures market in emerged nations in North America and Europe is anticipated to be moderate and driven by the set up of power stations operating on sustainable sources of energy like wind and solar energy. The requirement for upgrading the power infrastructure in budding countries is expected to boost the market for electrical enclosures in the future. Indonesia, India, and Nigeria are anticipated to invest considerably in the utility segment in the next decade since many parts of these nations do not have access to consistent sources of electricity.
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The global electric enclosure market is bifurcated on the basis of mounting type, form factor, material type, industry vertical and regional analysis. Based on the material type, the market is divided into metallic and nonmetallic. The metallic segment is subdivided into mild steel, aluminum, stainless steel, and others. The nonmetallic segment is subdivided into polycarbonate, fiberglass, PVC, and polyester. Based on the mounting type, the market is divided into floor-mounted/free-standing enclosure, wall-mounted enclosure, and underground. Based on the form factor, the market is divided into compact enclosure, small enclosure, and free-size enclosure. Based on the industry vertical, the market is divided into oil & gas, power generation & distribution, medical, metals & mining, food & beverages, pulp & paper, transportation, and others.
Growing Electricity Consumption In Asia Pacific Region To Spur The Global Electrical Enclosure Market
Based on the geographical analysis, the global electrical enclosure market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The electricity consumption in the Asia Pacific region has surged at a noteworthy rate, driven by increasing population, growth in industrial production & mining, rapid urbanization, and advanced extension of access to contemporary electricity to large sectors of the rural population. Emerging countries in the Asia Pacific region are looking to reform their electricity industry, enhance competitiveness & efficiency, advance new generation technologies, mobilize more funds to propel electricity supplies and develop reliability.
The global electrical enclosure market is segmented as follows:
By material type:
Metallic
Stainless steel
Aluminum
Mild Steel
Others
Nonmetallic
PVC
Fiberglass
Polycarbonate
Polyester
By mounting type:
Floor-mounted/Free-standing enclosure
Wall-mounted enclosure
Underground
By form factor:
Free-size enclosure
Small enclosure
Compact enclosure
By industry vertical:
Metals & mining
Power generation & distribution
Oil & gas
Food & beverages
Medical
Pulp & paper
Transportation
Others
By region:
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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Source: MarketersMedia
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