SAN FRANCISCO, June 2, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled «Electrical Enclosures – Global Market Trajectory & Analytics». The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: May 2021
Executive Engagements: 37995
Companies: 82 – Players covered include ABB Limited; Adalet; Allied Moulded Products, Inc.; APX Enclosures, Inc.; Atlas Precision Sheet Metal Solutions; Attabox LLC; Austin Electrical Enclosures; AZZ, Inc.; B&R Enclosures Pty. Ltd.; Eaton Corporation; Eldon Holding AB; Emerson Electric Co.; Fibox Oy AB; Hammond Manufacturing Ltd.; Hubbell Inc.; Legrand; nVent Electric plc; Rittal GmbH & Co. KG; Saginaw Control and Engineering; Schneider Electric SE (France). and Others.
Coverage: All major geographies and key segments
Segments: Material (Metallic, Non-Metallic); Mounting (Floor Mounted, Wall Mounted, Underground); End-Use (Power Generation & Distribution, Oil & Gas, Metals & Mining, Transportation, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Electrical Enclosures Market to Reach $8.8 Billion by 2026
Electrical enclosure, which is a cabinet containing various electrical as well as electronic components, not just provide protection to components but are also designed to enhance overall aesthetic value. The enclosures exhibit properties such as protection against power dissipation, electrical breakdown and electromagnetic interferences. Growth in the global market is set to be fueled by rising demand for enclosures in various end-use industries. Rising demand for electricity and the subsequent efforts of the power industry worldwide to expand generation capacity is leading to greater demand for enclosures. Since renewable energy generation units involve the use of several sensitive electrical components as well as batteries that need to be protected to prevent system failures, the demand for electrical enclosures to ensure safety of the systems is on the rise. Rising demand for hygienic electrical enclosures in the food & beverage sector, given the enhanced emphasis on hygienic surroundings, sustained demand for robust enclosures from oil & gas, and metals & mining sectors, and the escalating needs of renewable energy sector are fueling market growth. Also favoring market is the growing adoption of IIoT (Industrial Internet of Things)-enabled enclosures, while the rising importance of intelligent transport systems is fueling need for electrical enclosures.
Amid the COVID-19 crisis, the global market for Electrical Enclosures estimated at US$6.4 Billion in the year 2020, is projected to reach a revised size of US$8.8 Billion by 2026, growing at a CAGR of 5.1% over the analysis period. Metallic, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$5.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Metallic segment is readjusted to a revised 5.7% CAGR for the next 7-year period. This segment currently accounts for a 35% share of the global Electrical Enclosures market. Metal enclosures are generally used for addressing the conductivity needs of electrical safety bonding, and also to protection the enclosed content from any kind of electromagnetic interferences. Demand in the Non-Metallic segment is driven by their increasing adoption in oil & gas and metals & mining industries. The segment also benefits from the significant increase in research and development activity associated with non-metallic enclosure materials, whereby manufacturers have developed and launched enclosure products with characteristics that make them ideal for use in critical applications.
The U.S. Market is Estimated at $1.8 Billion in 2021, While China is Forecast to Reach $1.7 Billion by 2026
The Electrical Enclosures market in the U.S. is estimated at US$1.8 Billion in the year 2021. The country currently accounts for a 27.11% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$1.7 Billion in the year 2026 trailing a CAGR of 7.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR while Rest of European market (as defined in the study) will reach US$1.9 Billion by the end of the analysis period. In developed economies of North America and Europe, growth is fueled by the deployment of renewable energy power plants specifically those operating on wind and solar power. In the US, strong pace of industrial automation and trend towards smart homes augurs well for the electrical enclosures market. Growth in the Asia-Pacific region is being propelled by the steady rise in investments into expanding power generation and distribution infrastructure, especially in high growth economies of China and India. Governments’ focus on increasing electrification rates, efforts to provide uninterrupted power to residential and industrial customers, and enhanced focus on renewable energy deployments are all driving growth in power infrastructure, thus fueling demand for enclosures. More
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SOURCE Global Industry Analysts, Inc.