Safety First: Electric Enclosure Market Surges to $7.91 Billion by 2023

The Electric Enclosure Market is expected to develop at a compound annual growth rate (CAGR) of 6.27%, from USD 6.15 billion in 2018 to USD 7.91 billion in 2023.

Pune, 10/04/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

Forecasts suggest that the Electric Enclosure Market will develop significantly, rising from USD 6.15 billion in 2018 to USD 7.91 billion by 2023, or a Compound Annual Growth Rate (CAGR) of 6.27%.

Numerous factors, such as the quick development of industrial automation and the growing use of electrical equipment in a wide range of industries, are responsible for this growth trajectory. Sensitive electrical components must be protected from the elements, including moisture, dust, and temperature changes, with the help of electric enclosures. The durability and efficiency of enclosures are also being improved by developments in enclosure design and material, which is driving market expansion.

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The electric enclosure market is expected to increase significantly due to a number of important factors. One significant factor driving enclosure demand is the growth of the renewable energy industry, where more solar and wind energy installations mean more electrical components need to be protected. Furthermore, users are being forced by strict safety and process restrictions to look for enclosures that meet regulatory standards, especially in sectors like manufacturing, energy, and utilities. The market is expanding as a result of the growing emphasis on linked cities, particularly in developing nations where strong enclosures are necessary to house electrical equipment for smart city projects. The market is rising as a result of these reasons, which together highlight the growing significance of electric enclosures across various sectors and geographical areas.

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The power generation & distribution industry is expected to lead the electric enclosure market between 2017 and 2023

From 2017 to 2023, the power generation and distribution sector is projected to hold the most market share for electric enclosures. These enclosures are vital to the power production and distribution industry because they protect critical electronics and equipment from adverse environmental conditions. They play a major role in guaranteeing the security of electronic and electrical equipment as well as end users, especially in energy-generating stations. Similar to this, electric enclosures in power transmission and distribution work to protect electronics from outside harm, preserving operational integrity. The demand for electric enclosures in this market is expected to be driven by ongoing infrastructure development and rising energy consumption throughout the forecast period, with the Asia-Pacific region leading the way.

The market for underground electric enclosures is expected to grow at the highest CAGR between 2018 and 2023

Due to factors like low maintenance costs and increasing traction in the power transmission sector, subterranean electric enclosures are anticipated to develop at the fastest compound annual growth rate (CAGR) throughout the course of the forecast period. The need for subsurface electric enclosures is predicted to rise in tandem with the growing trend of subterranean electrical line cable, especially in urban areas. These enclosures provide improved protection for subterranean electrical circuits and components, guaranteeing their longevity and resilience in the face of diverse environmental influences. Because of the necessity for dependable and effective solutions in the power transmission infrastructure, it is projected that the subterranean type of electric enclosures would experience significant growth.

APAC expected to lead the electric enclosure market between 2018 and 2023

The Asia-Pacific (APAC) region is expected to hold the highest share of the electric enclosure market during the forecast period. An important factor contributing to this market domination in APAC is the growing demand for electricity and energy in the region's residential and commercial sectors. The rising urbanisation and industrialization of APAC countries has resulted in a significant demand for dependable electrical infrastructure to sustain growing urban populations and developing industry. Strong electric enclosures must be installed to contain vital electrical components in order to ensure the safety and dependability of power distribution and transmission systems in the face of this increase in energy demand.

Rittal (Germany), Schneider (France), Pentair (UK), Emerson (US), Eaton (US), ABB (Switzerland), Hammond (Canada), and AZZ (US) are the major industry players in the electric enclosure market.

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