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SAN FRANCISCO , March 3, 2022 /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 What's New for 2022?
Edition: 8; Released: February 2022 Executive Pool: 38019 Companies: 94 - Players covered include ABB Limited; Adalet; Allied Moulded Products, Inc.; Atlas Precision Sheet Metal Solutions; Attabox LLC; APX Enclosures, Inc.; Austin Electrical Enclosures; AZZ, Inc.; B&R Enclosures Pty. Ltd.; Eaton Corporation; 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 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; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Argentina ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Iran ; Israel ; Saudi Arabia ; UAE; Rest of Middle East ; Africa .
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Global Electrical Enclosures Market to Reach US$7.6 Billion by the Year 2026 Electrical enclosure, referring to a cabinet containing various electrical as well as electronic components, provides protection to components and also designed to enhance overall aesthetic value. The enclosures exhibit properties such as protection against power dissipation, electrical breakdown and electromagnetic interferences. Rising demand for electricity and the subsequent efforts of the power industry worldwide to expand generation capacity have been driving demand for electrical enclosures. A trend with significant implications for the market is the increasing power being generated by renewable sources of energy, specifically solar and wind power. 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 also 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 Billion in the year 2022, is projected to reach a revised size of US$7.6 Billion by 2026, growing at a CAGR of 5.2% 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 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 5.9% CAGR for the next 7-year period. This segment currently accounts for a 35.1% share of the global Electrical Enclosures market. Non-metallic electrical enclosures continue to account for a significant share of the global market, with growth driven by their increasing adoption in major end-use markets such as the 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 $1.9 Billion in 2022, While China is Forecast to Reach $1.4 Billion by 2026 The Electrical Enclosures market in the U.S. is estimated at US$1.9 Billion in the year 2022. The country currently accounts for a 32.01% share in the global market. China , the world's second largest economy, is forecast to reach an estimated market size of US$1.4 Billion in the year 2026 trailing a CAGR of 8.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 2.5% and 4% respectively over the analysis period. Within Europe , Germany is forecast to grow at approximately 3.5% CAGR while Rest of European market (as defined in the study) will reach US$1.5 Billion by the end of the analysis period. 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 . In developed economies of North America and Europe , growth is likely to be mainly 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. In Europe , demand for electrical enclosures will arise from the growing need to upgrade existing power transmission and distribution infrastructure.
Innovations & Advancements Boost Market Prospects Innovations and advancements in the electronic enclosure designs are essential against the backdrop of progressive changes in electronic and electrical system architectures, which are influenced by regulations, rise of automation technologies, and rapidly changing end-use level requirements. Acknowledging the critical requirements of modern electronic systems, designers are coming up with advanced models that fully suffice the various demanding needs of clients besides addressing the requirements in terms of regulatory compliance and automation technology integration. For instance, programmable logic controllers (PLCs), the long-standing components in industrial electrical system, underwent considerable technological modifications in recent years to significantly improve their features and functionality, besides making them more affordable than earlier version PLCs. Modern enclosure designs emphasize sophisticated features such as explosion-proof, fire protection, extra durable, and high compression strength, while bringing down the product price and making them more affordable. More
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