The global electrical enclosure market is projected to reach approximately USD 49.0 billion by the end of 2023, with sales expected to exceed USD 81.3 billion by 2033, reflecting a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2023 to 2033. Future Market Insights provides critical insights into the electrical enclosure market, indicating a positive long-term outlook with a significant growth trajectory. The industrial segment is anticipated to witness considerable expansion in both value and volume throughout the forecast period. This report by Future Market Insights highlights the various factors influencing revenue growth in the market, including both drivers and restraints.
Rapid Growth of Renewable Power Generation as a Key Growth Driver
There is a noticeable shift among end users towards alternative energy sources rather than relying on fossil fuel-operated power generators. Renewable energy forms, such as wind and solar power, are gaining traction among a wide range of consumers. With increasing carbon emissions and a growing dependency on fossil fuels, there is a pressing need to adopt renewable energy sources. This trend is expected to shape the energy and power industry significantly. The establishment of renewable energy generation facilities will drive demand for electrical enclosures in the coming years. Countries like the U.K. and Germany are planning to adopt more renewable energy sources, further amplifying the need for electrical enclosures in transmission and distribution systems.
Capacity Addition Plans and Installation of New Grids Boosting the Electrical Enclosure Market
Governments worldwide are investing heavily in projects aimed at improving electricity services. For example, Russia has initiated plans such as the GOELRO plan, the Russian SFSR Electrification Plan, and the Railway Electrification Plan to establish new power grids for rural electrification. These initiatives are supported by the State Commission for Electrification of Russia. The government is also focused on installing new transmission lines to create a national grid and enhance railway electrification, which will subsequently increase the demand for electrical enclosures. These planned investments across various sectors, including infrastructure, power, and railways, are poised to drive significant growth in the electrical enclosure market.
Competitive Landscape of the Electrical Enclosure Market
- Product Innovation: Key players are focusing on developing and launching new products to enhance their offerings and gain a competitive advantage in the electrical enclosure market.
- Inorganic Growth Strategies: Manufacturers are pursuing mergers and acquisitions to increase their market share and expand their reach in the industry.
- Rittal’s New Product Launch: In July 2020, Rittal introduced new plastic enclosures as part of its AX range, combining advanced technology with robust materials to protect electrical components in harsh environments.
- Eaton’s Comprehensive Portfolio: Eaton offers a wide range of electrical products, including circuit breakers, switches, meters, and power distribution units, catering to commercial, industrial, and utility sectors.
- Enhanced Mounting Functions: Rittal’s AX plastic enclosures feature new mounting functions that facilitate rapid expansion and integration of smart technology for greater installation flexibility.
Key Companies Profiled
- Schneider Electric SE
- Legrand SA
- Hubbell Inc.
- Emerson Electric Co.
- ABB Ltd
- Eaton Corporation
- Eldon Holding AB
- AZZ Inc.
- Austin Electrical Enclosures
- Siemens AG
- Pentair PLC
- Rittal GmbH & Co. Kg.
- Adalet (Scott Fetzer Company)
Electrical Enclosure Market by Category
By Product Type:
- Junction Enclosures
- Disconnect Enclosures
- Operator Interface
- Enclosures
- Environment and Climate
- Control Enclosures
- Push Button Enclosures
By Material Type:
- Metallic
- Aluminium
- Mild steel
- Stainless Steel
- Non-Metallic
- Fiberglass
- Polycarbonate
- Polyester
- ABS
By Design:
- Standard Type
- Custom Type
By Configuration:
- Wall Mount Enclosures
- Floor Mount Enclosures
- Freestanding Enclosures
By End Use Sector:
- Industrial
- Residential and Commercial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
Report Preview: https://www.futuremarketinsights.com/reports/electrical-enclosure-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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