Future-Ready: Adapting to the 7.91 Billion USD Electric Enclosure Market Potential
A recent analysis by MarketsandMarketsTM forecasts strong growth for the Electric Enclosure Market. By 2023, the market is expected to grow from USD 6.15 billion in 2018 to USD 7.91 billion, representing a Compound Annual Growth Rate (CAGR) of 6.27%.
This anticipated expansion is due to a number of factors, including improvements in industrial automation, the need for secure and safe electrical infrastructure, and rising demand from various industry sectors, including power generation, oil and gas, metals and mining, medical, pulp and paper, food and beverage, and transportation. In order to satisfy the growing need for electric enclosures that guarantee the effectiveness and safety of electrical components in a variety of applications, the market is changing.
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Several important reasons are strongly driving the Electric Enclosure Market's anticipated expansion. First, the growing demand for enclosures from the renewable energy industry is a key factor in the market's growth. Electrical enclosures must be effective and secure in order to protect vital components as the renewable energy industry expands. Second, the demand for enclosures that adhere to industry standards and regulations is driving market expansion due to strict safety and process restrictions. Finally, the need for electric enclosures is driven by the increased focus on linked cities, especially in emerging nations, where they are an essential component of the infrastructure required for modern urban connection and smart city programmes. These elements work together to support the Electric Enclosure Market's positive growth trajectory.
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The power generation & distribution industry is expected to lead the electric enclosure market between 2017 and 2023
From 2017 to 2023, the electric enclosure market is anticipated to be led by the power generation & distribution industry. Within the market for electric enclosures, it is projected that this sector will hold the biggest market share over this time. Electric enclosures must be able to survive harsh environmental conditions in order to protect crucial machinery and electronics within the power generation and distribution sector. Electric enclosures are essential in this industry because they improve end-user safety and safeguard electronic and electric equipment in energy-generation plants. Additionally, in power transmission and distribution, these enclosures protect the integrity of the circuitry against damage from the outside world.
The market for underground electric enclosures is expected to grow at the highest CAGR between 2018 and 2023
In the market for electric enclosures, the subterranean electric enclosure market is anticipated to experience the highest compound annual growth rate (CAGR) between 2018 and 2023. This increase is mostly attributable to their low maintenance costs and expanding use in the power transmission sector, particularly for electrical line subterranean cabling. subsurface electric enclosures are becoming more popular, which is supported by the benefits of lower maintenance costs and their compatibility with subsurface infrastructure. This indicates that they have a significant growth potential over the upcoming years.
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APAC expected to lead the electric enclosure market between 2018 and 2023
Between 2018 and 2023, Asia-Pacific (APAC) is predicted to secure the greatest market share and take the lead in the electric enclosure market. An important element that contributes to this domination is the growing demand for energy and power coming from both the household and business sectors. Strong energy infrastructure and effective electricity distribution are essential as economies in the APAC area experience increasing urbanisation, industrialization, and expansion. With the rising need for energy in this dynamic and changing market environment, electric enclosures are essential for ensuring the safe and secure operation of electrical systems and components.
Rittal (Germany), Schneider (France), Pentair (UK), Emerson (US), Eaton (US), ABB (Switzerland), Hammond (Canada), and AZZ (US) are the major industry players in the electric enclosure market.
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