New York, May 17, 2023 (GLOBE NEWSWIRE) — The global electrical enclosures market size is expected to rise from US$ 6.4 billion in 2023 to US$ 10.8 billion by 2033. From 2023 to 2033, global electrical enclosure sales are likely to soar at 5.4% CAGR.
Demand is anticipated to remain high for metallic electrical enclosures in the global market. This is due to various benefits that metallic electrical enclosures offer. The target segment is expected to progress at 5.8% CAGR through 2033.
Robust expansion of renewable energy generation sector worldwide is emerging as a key factor that will boost electrical enclosure sales during the forecast period.
In recent years, factors such as rising environmental concerns and depletion of fossil fuels put renewable energy sector into spotlight. Large investments are being spent by governments for developing and expanding the renewable energy sector. This is expected to create demand for electrical enclosures.
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Electricity generated from wind and solar sources uses subtle electrical batteries and components that can cause system failures when exposed to the elements. Thus, the power generation sector makes extensive use of control enclosures.
Rising popularity of smart homes and penetration of industrial automation will also play a key role in boosting the electrical enclosures market.
The acceptance of factory and industrial automation has increased usage of mechanical, electromechanical, and solid-state devices, components, and controls. These products must be sealed and protected, and this can be accomplished by using electrical enclosures.
Growing need to protect workplaces and workforces coupled with introduction of safety standards for industry equipment is expected to fuel demand.
Electrical enclosures can effectively protect electrical and electronic components from external factors. Usage of these solutions also improves workers safety.
The market is witnessing mixed development as manufacturers and suppliers endure to develop combined solutions for battery protection cases. For instance, in March 2022, a Tier 1, Mexico-based automotive company, Katcon, developed a multi-material toolbox for cost-effective and scalable battery case design for electric vehicles.
Key Takeaways from the Electrical Enclosures Market Report:
- Global sales of electrical enclosures are projected to rise at 5.4% CAGR through 2033.
- By material type, metallic segment is expected to exhibit a CAGR of 5.8% through 2033.
- Based on mounting, floor-mounted segment is anticipated to surge at 5.6% CAGR during the assessment period.
- The United Kingdom electrical enclosures market is forecast to expand at 5.4% CAGR.
- Electrical enclosure demand in China is likely to increase at 5.3% CAGR from 2023 to 2033.
- The United States electrical enclosure industry is expected to reach a valuation of US$ 2.0 billion in 2033.
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Competitive Landscape:
Siemens AG, Legrand SA, Schneider Electric SE, Hubbell Inc., Rittal GmbH & Co. Kg, Emerson Electric Co., Eldon Holding AB, ABB ltd, Eaton Corporation, Eldon Holding AB, AZZ Inc., Austin Electrical Enclosures, Pentair PLC, and Adalet (Scott Fetzer Company) are key electrical enclosure manufacturers listed in the report.
These key players are focusing on strengthening their portfolios by developing better products. They are also adopting strategies such as partnerships, mergers, acquisitions, and collaborations to expand their presence.
Recent Developments:
- In October 2022, a new lightweight enclosure made from carbon fiber-reinforced thermoplastic (CFRTP) tape was introduced by Tri-Mack Plastics Manufacturing Corp.
More Insights Available
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the electrical enclosures market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals growth projections based on product type (junction enclosures, disconnect enclosures, operator interface enclosures, environment and climate control enclosures, and push button enclosures), material type (metallic, non-metallic), design (standard type, custom type), configuration (wall mount enclosures, floor mount enclosures, freestanding enclosures), end use sector (industrial, residential, and commercial) across various regions.
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