Future Market Insights supplies key insights on the worldwide Electrical Enclosure marketplace in a brand new publication. The long-time period outlook on the worldwide electric enclosure marketplace stays tremendous with the marketplace cost anticipated to boom at a CAGR of 4.9% throughout the forecast period (2022-2028).
Among the give up-use segments withinside the electric enclosure marketplace, the commercial phase is anticipated to enlarge at a huge CAGR in phrases of cost in addition to an extent over the forecast period. Global income sales of electrical enclosures are expected to be worth US$ 62.22 Bn through the give up of 2022.
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| Attribute | Details |
| Electrical Enclosure Market Estimated Size in 2022 | US$ 46.64 Bn |
| Electrical Enclosure Market Projected Size in 2028 | US$ 62.22 Bn |
| Electrical Enclosure Market Historical CAGR (2013-2021) | 4.5% |
| Electrical Enclosure Market Value-based CAGR (2022-2028) | 4.9% |
China is expected to account for a cost proportion of 37.1% withinside the international electric enclosure marketplace through 2022 give up and is expected to keep its dominance at some point of the forecast period. In this report, Future Market Insights throws mild at the numerous drivers and restraints probable to affect the sales boom of the marketplace throughout this period.
Rapid Growth of Renewable Power Generation Key Growth Driver
Most of the end-users are now shifting their focus to alternative forms of power or energy rather than depending on energy generation by fossil fuel operated power generators. These alternative forms of energy – for instance, wind power, solar power and other forms of renewable energy are gaining popularity among all types of end-users. Additionally, carbon emissions and dependency on fossil resources are increasing day by day. Thus, to control this dependency, the usage of renewable energy sources such as wind and solar energy is likely to be the new trend in the energy and power industry.
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The establishment of these power generation facilities will increase the demand for electrical enclosures in the upcoming years. Many countries such as the U.K. and Germany among others are planning to adopt renewable energy sources, which is expected to further increase the demand for electrical enclosures for transmission and distribution.
Capacity Addition Plans and Installation of New Grids to Power the Electrical Enclosure Market
The governments of various countries have planned to make huge investments in numerous projects to provide better electricity services. For instance, the government of Russia has devised plans such as the GOELRO plan, Russian SFSR Electrification Plan, and Railway Electrification Plan among others, for establishing new power grids to provide electricity in the rural areas of the country. These plans are being supported by the State Commission for Electrification of Russia. Also, the government is focussing on installing new transmission lines to create a national grid and also to develop railway electrification, which will, in turn, boost the demand for electrical enclosures. These planned investments across various sectors such as infrastructure, power, and railways among others, will drive significant growth in the electrical enclosure market.
Need for Integration of Grid Infrastructure
Increasing transmission and distribution activities across the globe have increased the demand for installations of enclosures, which in turn, is driving the market of electrical enclosures. Transmission and distribution expansion, along with urbanisation, is necessary for the development of the industrial and manufacturing sectors. Some countries, such as GCC countries and Turkey have the potential to become the hub for many manufacturing industries, which will increase the demand for electrical enclosures owing to rapid industrialisation. By material type, metallic enclosures will witness supreme demand as they have a longer life and reduce the risk of fire hazards. Climate control enclosures can work in extreme climatic conditions and are ideal for use in several regions, thereby driving demand in the global market.
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Segmentation Analysis
The electrical enclosure market is segmented based on product type into junction enclosure, disconnect enclosure, operator interface enclosure, environment and climate control enclosure and push-button enclosure.
Based on product type, the junction enclosure segment is anticipated to continue to dominate the global market in terms of value over the forecast period. The junction enclosure segment is estimated to grow at a relatively high CAGR as compared to other types over the forecast period. It is expected to represent a total incremental opportunity of US$ 1,691.2 Mn between 2022 and 2028.
Regional Market Projections
The electrical enclosure market in China is expected to represent a significantly high incremental opportunity between 2022 and 2028, while the North American electrical enclosure market is projected to expand at a significant CAGR in terms of volume over the forecast period. Sales of electrical enclosures in North America is expected to represent a total incremental opportunity of US$ 523.3 Mn between 2022 and 2028.
For more information on the global electrical enclosure market, write into the team of analysts at [email protected]
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centres in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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