Electrical Enclosures Market Strategic Business Report 2033: Safety Emerges as a Prime Factor Fueling Adoption of Electrical Enclosures in Industrial Facilities - Persistence Market Research
Rising government investments in UK power infrastructure drive the growing demand for electrical enclosures, offering protection against interference for diverse applications
New York, Jan. 19, 2024 (GLOBE NEWSWIRE) -- *Market Size & Overview:*In 2023, the global sales revenue for electrical enclosures is expected to reach approximately US$ 6.4 billion, with a projected compound annual growth rate (CAGR) of 5.4% from 2023 to 2033. Anticipated over this period, the global demand for electrical enclosures is forecasted to contribute to a market size of US$ 10.8 billion by 2033.
Regulatory standards for electrical enclosures market may be set by regional governing bodies, particularly in hazardous environments such as coal mines or petrochemical plants.
These enclosures serve as secure cabinets for electronic equipment, accommodating knobs, switches, and displays to safeguard users against electrical shock and protect devices from external environmental factors. Beyond their protective function, electrical enclosures play a role in enhancing the aesthetics of an area.
Typically constructed from rigid materials like aluminum, steel, or stainless steel, each material type brings its own set of advantages and limitations to the manufacturing process of these enclosures.
The various types of electrical enclosures are categorized based on their performance measures, including waterproof, general purpose, and raintight, among other benefits.
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*Market Scope:*
* Report Coverage* * Details* Market Revenue 2023 US$ 6.4 billionEstimated Revenue 2033 US$ 10.8 billionGrowth Rate - CAGR 5.4% Forecast Period 2023-2033No. of Pages 320 Pages Market Segmentation · Product Type
· Design
· Material Type
· Configuration
· End Use Sector
· Region
Regions Covered · North America
· Europe
· Latin America
· East Asia
· The Middle East & Africa
· South Asia & Pacific
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)
*Top 8 Key Trends Shaping the Market:*
1. Expansion of power and industrial sector is expected to elevate electrical enclosure demand
2. Rising focus on protecting the workplace and workforce along with implementation of safety standards will boost the market
3. Rise of the renewable energy sector is likely to bolster electrical enclosure sales
4. Rapid penetration of factory automation globally is projected to create opportunities for electrical enclosure manufacturers
5. Growing popularity of industrial Internet of Things (IIoT) enabled enclosures will foster market development
6. Rising applications of electrical enclosures in electricity transmission and distribution will boost market revenues
7. Increase in smart city projects, especially in emerging nations, will expand the global electrical enclosures market size
8. Surging demand for advanced electronics packaging might support market expansion
*In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at: *https://www.persistencemarketresearch.com/market-research/electrical-enclosures-market.asp
*Mergers and Acquisitions:*
Vertical Integration: A company involved in the production of materials used for electrical enclosures, such as aluminum, steel, or stainless steel, may consider acquiring a manufacturer of electrical enclosures. This vertical integration can streamline the supply chain and improve cost efficiency.
Technology Acquisition: Companies may seek to acquire or merge with technology-driven firms specializing in advanced materials or innovative manufacturing processes for electrical enclosures. This can enhance product development and differentiation in the market.
Market Expansion: Mergers and acquisitions can be used as a strategy for geographic expansion. Companies may target businesses with a strong regional presence to establish a broader footprint and tap into new markets.
Diversification: To mitigate risks and expand their product portfolio, companies may explore acquisitions in related sectors. For example, a company specializing in electrical enclosures may consider acquiring a firm with expertise in complementary products or services.
Entry into New Segments: With the rise of smart technologies and IIoT-enabled enclosures, companies may look to acquire or merge with entities that have a strong foothold in the development of connected and intelligent enclosure solutions.
Strategic Alliances: Rather than full acquisitions, companies might opt for strategic partnerships or alliances with technology providers, research institutions, or other industry players to collaborate on innovation and research projects.
Consolidation: The industry may witness consolidation among existing players to achieve economies of scale, improve market share, and enhance competitiveness.
Sustainability Focus: Companies looking to strengthen their commitment to sustainability may consider acquiring firms with expertise in eco-friendly materials or energy-efficient enclosure designs.
*Country-wise Insights:*
What is driving the United Kingdom Electrical Enclosure Market?
The electrical enclosures market in the United Kingdom is anticipated to experience a consistent growth rate of 5.4% until 2033, with sales projected to maintain a positive trajectory, resulting in an estimated overall market valuation of approximately US$ 0.380 billion by the same year, as per PMR.
A significant driver of this growth is the increased government expenditure directed towards the expansion of power generation and distribution infrastructure in the United Kingdom. Various initiatives launched by the UK government to fortify power generation and distribution infrastructure, addressing the rising demand for electricity, are contributing to a heightened need for electrical enclosures. This trend is expected to persist, driving the market forward through the year 2033.
Why is China Electrical Enclosure Market Recording Robust Growth?
China, renowned as the global leader in the production of photovoltaics and vanes, is expected to maintain its unparalleled position as the predominant market for electrical enclosures. This is attributed to a swift shift towards renewable power generation and the robust presence of leading manufacturers in the electrical enclosure sector.
According to the latest analysis, the demand for electrical enclosures in China is projected to experience a substantial growth rate of 5.3% CAGR throughout the assessment period. By the year 2033, it is anticipated that the electrical enclosures industry in China will achieve a valuation of US$ 2.2 billion.
China's strategic increase in investments to promote clean energy production aligns with its goal of generating a significant portion of its electricity from renewable sources annually. This commitment creates a favorable environment for the continued expansion of the electrical enclosures industry.
*Category-wise Insights:*
Why is the Demand for Metallic Electrical Enclosures Rising Globally?
The market is anticipated to sustain robust demand for metallic electrical enclosures, with the metallic segment expected to advance at a CAGR of 5.8% through 2033, according to Persistence Market Research (PMR). The heightened preference among end users for metallic electrical enclosures is attributed to their exceptional properties.
Metallic electrical enclosures offer unparalleled protection in challenging environments, characterized by high impact resistance and the ability to withstand elevated temperatures without melting. The increasing popularity of metallic electrical enclosures is driven by their superior attributes, including durability, high-temperature tolerance, and resistance to water and heat.
Recognizing the growing demand and aiming for profitability, leading manufacturers in the electrical enclosure industry are fortifying their portfolios of metallic electrical enclosures. For instance, nVent Electric plc recently introduced the nVent HOFFMAN Extreme Environments line, featuring stainless steel electrical enclosures.
Which Configuration Segment will Generate Lucrative Revenues for Manufacturers?
As per Persistence Market Research (PMR), the floor-mounted segment is poised for a thriving growth trajectory at a CAGR of 5.6% from 2023 to 2033, slightly lower than the historical growth rate of 6.2% CAGR.
The increased adoption of floor-mounted electrical enclosures across diverse industries stands out as a primary driver behind the growth of this specific segment. These enclosures are purposefully designed to safeguard electrical and electronic components, controls, and instruments in industrial settings. Typically utilized indoors, floor-mounted electrical enclosures come equipped with a range of accessories, including shelves, doors, and drawers.
*Recent Developments:*
Increasing Demand for Customization: The electrical enclosures market has seen a trend towards customization to meet specific industry needs. Companies are offering tailored solutions to accommodate different applications and environmental conditions.
Rising Emphasis on Safety and Compliance: With increasing regulatory standards and a growing focus on safety, electrical enclosure manufacturers have been incorporating advanced features to ensure compliance with industry regulations and standards.
Growth in Industrial Automation: The increasing adoption of industrial automation and the Internet of Things (IoT) has driven the demand for electrical enclosures that can protect sensitive electronic components from environmental factors and ensure reliable operation.
Materials Innovation: Manufacturers have been exploring new materials and coatings to enhance the durability and resistance of electrical enclosures against corrosion, chemicals, and extreme weather conditions.
Expansion in Renewable Energy Sector: The growth of the renewable energy sector, including solar and wind power, has led to increased demand for electrical enclosures to house control systems and components in outdoor environments.
Technological Advancements: Integration of advanced technologies, such as smart monitoring systems and remote control capabilities, has become a notable trend in the electrical enclosures market, allowing for better diagnostics and maintenance.
*Key Companies Profiled:*
· Schneider Electric SE: A global energy management and automation company. Schneider Electric provides a range of products, including electrical distribution, automation and control, and energy management solutions.
· Legrand SA: Legrand is a French multinational specializing in electrical and digital building infrastructures. The company offers a wide range of products, including electrical enclosures, wiring devices, and home automation systems.
· Hubbell Inc.: Hubbell is an American multinational manufacturer of electrical and electronic products for a variety of industries. Their offerings include electrical enclosures, wiring devices, lighting fixtures, and communication products.
· Emerson Electric Co.: Emerson Electric is a diversified global manufacturing and technology company. They provide solutions in the areas of automation, climate technologies, and tools. Emerson offers electrical enclosures as part of its broader product portfolio.
· ABB Ltd: ABB is a Swiss-Swedish multinational corporation known for its expertise in power and automation technologies. ABB provides a range of products, including electrical enclosures, power distribution solutions, and industrial automation systems.
· Eaton Corporation: Eaton is a multinational power management company offering a wide range of electrical components and systems. Their products include electrical enclosures, circuit protection devices, and power distribution solutions.
· Eldon Holding AB: Eldon is a European manufacturer of standard and customized electrical enclosures. The company provides solutions for industrial automation, power distribution, and control applications.
· AZZ Inc.: AZZ is an American provider of metal coating services and highly engineered electrical products. They specialize in manufacturing electrical enclosures, switchgear, and power distribution equipment for various industries.
*Global Electrical Enclosure Market Segmentation:*
*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
Europe
Asia Pacific
Middle East and Africa
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