Electrical Enclosure Market Are Anticipated To Exceed US$ 62.22 Bn By 2028: FMI
Future Market Insights delivers key insights on the
global electrical enclosure market a new publication. The
long-term outlook on the global electrical enclosure market remains positive
with the market value expected to increase at a CAGR of 4.9% during the
forecast period (2022-2028). Among the end use segments in the electrical enclosure
market, the industrial segment is expected to expand at a significant CAGR in
terms of value as well as volume over the forecast period.
Global sales revenue of electrical enclosures is estimated
to be valued at US$ 62.22 Bn by the end of 2022. China is estimated to
account for a value share of 37.1% in the global electrical enclosure market by
2022 end and is anticipated to retain its dominance throughout the
forecast period. In this report, Future Market Insights throws light on the
various drivers and restraints likely to impact revenue growth of the market
during this period.
2013-2021 Electrical Enclosure Market Outlook in
Comparison to 2022-2028 Growth Forecast
The global electrical enclosure market grew at a CAGR
of 4.5% over the past assessment period 2013-2021. The demand for
electrical enclosures is estimated to grow by 1.4x between
2022 and 2028.
Electrical enclosures are cabinets for electronic and
electrical equipment to mount electrical displays, knobs, and switches and
prevent the equipment user from getting electrified. They are enabled with
locks to prevent the electrical circuits from external factors such as rain,
dust, moisture, and others.
Owing to their high safety attributes, electrical enclosures
are extensively being used across electricity distribution, energy and power
production, and building construction activities. This is expected to assist
the market to reach US$ 62.22 Bn by the end of 2028 in
comparison to the US$ 44.40 Bn registered in 2021.
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How will the Construction of Renewable Energy
Infrastructure Favor the Electrical Enclosure Market Growth?
Rising environmental concerns related to nuclear energy and
fossil fuels is encouraging governments worldwide to shift their focus on
alternative sources of energy such as wind and solar energy. They are
extensively focusing on the construction of green energy infrastructures to
make the use of renewable resources.
For instance, the Government of India announced allocating
US$ 4.59 Billion for the construction of green energy infrastructures to
increase the renewable energy capacity to 25,750 MW by 2022 under the Pradhan
Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan.
Construction of solar panels and windmills is significantly
increasing the demand for electrical security solutions such as electrical
enclosures to prevent the theft of electricity and safeguard the electrical
circuits from external factors such as dust, rain, and others. Hence, a slew of
such developments across the world is anticipated to create lucrative growth
opportunities in the market.
As per FMI, the sales in the global electrical enclosures
market are projected to increase at a CAGR of 4.9% over the
forecast period 2022-2028.
Why is the Sales of Electrical Enclosure Surging in the
U.S.?
“Installation on New Power Grids to Bolster the Demand
for Electrical Enclosure Box”
The U.S. is anticipated to exhibit the impressive growth in
the North America electrical enclosures market through 2028, assisting the
region to account for nearly 15.7% of the total sales by 2022.
With the trend of urbanization and industrialization on the
surge, a significant rise in demand for electricity is been witnessed across
the U.S. Hence, the government in the country is increasingly focusing on
installation of new transmission and power distribution lines in order to
create a strong national grid.
Increasing transmission and distribution activities are
estimated to create strong demand for electrical enclosures box in the U.S.
over the coming years.
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What are the Factors Favoring the India Electrical
Enclosure Market Growth?
“Government Initiatives for Electrification to Elevate
the Sales of Electrical Cabinets”
As per FMI, India is estimated to emerge as a highly
lucrative electrical enclosures market, accounting for more than 4.7% of
the revenue share by the end of 2022.
The Government of India is aiming at adopting various
initiatives for strengthening the power distribution infrastructure and
increasing the rate of electrification to address the growing power demand
across urban and rural areas.
For instance, the Ministry of Power in India has announced
launching a Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) scheme to increase
the rate of electrification and improve the quality & reliability of power
supply in rural areas. Such initiates are projected to create sales
opportunities for electrical cabinets in the India market.
Why is the China Electrical Enclosure Market Registering
Robust Growth?
“Rising Emphasis on Renewable Power Generation to
Accelerate Outdoor Electrical Enclosures Sales”
China, being the largest producer of solar and wind energy
in the world, is forecast to continue dominating the global electrical
enclosures market, accounting for more than 38.2% of the
demand share through 2022, reveals FMI.
China is investing increasingly to encourage thed production
of clean energy to achieve its aim of producing nearly 35% to 39% of non-fossil
fuel power, annually. For instance, according to the Center for Strategic
& International Studies, the National Energy Administration in China has
announced its plan of investing over US$ 360 Billion in the development of
renewable energy.
As outdoor electrical enclosures are
extensively used for protecting electrical components and circuits for harsh
external environments in solar and winds plants, a multiplicity of such
developments in the country is expected to propel the demand in the China
market.
Category-wise Insights
Why are Junction Enclosures Gaining Popularity in the
Market?
“Growing Use in Residential and Commercial Sectors
Favor the Electrical Enclosures Box Demand”
The junction enclosure segment in projected to register
growth at a rapid CAGR over the assessment period.
Increasing usage of junction electrical enclosures in the
residential and commercial sector to provide housing for electrical wirings
exposed to external environmental factor and protect them from vandalism is
estimated to fuel the demand for electrical enclosure box across the segment.
Why is the Demand for Non-metallic Electrical Enclosures
Surging at a Rapid Pace?
“Increasing Inclination towards
Non-metallic Protective Solution to Spur the Sales of Plastic Electrical
Enclosure Boxes”
In terms of material type, the global electrical enclosure
market is segmented into metallic and non-metallic. As per FMI, the
non-metallic segment is forecast to account for the dominant share from 2022 to
2028.
Rising customer inclination towards adopting non-metallic
protective solution at renewable energy production plants, owing to favorable
attributes such as high durability, non-conductivity, low cost, and resistance
to water, heat, and dust, is spurring the sales of plastic electrical enclosure
boxes across the segment.
Which Design and Configuration Segments will Account for
Dominant Share in the Market?
“Introduction of Customized Electrical Enclosure
Cabinets to Facilitate Growth”
The custom type segment is anticipated to register rapid
growth in the electrical enclosure market, states FMI. Leading players in the
market are extensively focusing on introducing customized electrical enclosure
cabinets as per end-use applications. This is estimated to facilitate the
growth in the segment.
On the basis on configuration type, the freestanding segment
is projected to account for a significant share in the global electrical
enclosure market through 2028. Growing applications of freestanding electrical
enclosures across external power production, transmission, and distribution is
expected to favor the sales in the segment.
Why is Sales of Electrical Enclosures Rising in
Residential and Commercial Segment?
“Surging Government Investment to Elevate the Sales of
Switch Enclosures”
FMI reveals that the residential and commercial segment is
projected to exhibit growth at a robust CAGR during the forecast period
2022-2028.
Increasing government investment for strengthening
electrical infrastructure and expanding residential and commercial sector
prompt by the trend of urbanization across China, India, and the U.S. among
others is expected to accelerate the sales of switch enclosure across the
segment.
Competitive Landscape
Key players operating in the electrical enclosure market are
aiming at developing and launching novel products to strengthen their product
portfolio and gain competitive edge. Other manufacturers are focusing on
adopting inorganic strategies such as mergers and acquisitions to increase the
market share. For instance,
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