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Market OverviewThe electrical enclosures market was valued at USD 5.34 billion in 2018, and is expected to reach USD 8.74 billion by 2024, at a CAGR of 8.57% over the forecast period (2019 - 2024). Owing to the increasing power and industrial infrastructure, the need for protection of the workplace and workforce is also increasing, which has led to the adoption of safety standards for equipment in the industries. This has made electrical enclosures a crucial element in industrial and residential applications.
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- Global energy consumption continues to grow at about 1.9% annually, according to the Precision Metal Industries, as demand for electricity is increasing, as the trend for an ever-connected world accelerates.
- Power generated from solar and wind sources use sensitive electrical components and batteries that if exposed to the elements cause system failure. Therefore, the energy generation sector is significantly using electrical enclosures for safety purposes.
- The acceptance of industrial and factory automation allows the entry of more mechanical, electromechanical, and solid-state devices, components, and controls that need to be enclosed for safety and aesthetic purposes, thereby driving the market growth. As a result of this, the governments of many countries have implemented stringent regulations regarding safety globally, and this parameter is significantly driving the growth of the electrical enclosures market.
Scope of the Report
An electrical enclosure is a cabinet for electrical or electronic equipment to mount switches, knobs, and displays and to prevent electrical shock to equipment users and protect the contents from the environment. Electrical enclosures are made up of two types of material, namely metallic and non-metallic. The electrical enclosures are being used in energy and power, industrial, process industries, transportation, infrastructure, and telecommunication industries.
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Key Market Trends
Energy and Power End-User Industry to Hold a Significant Share
- Environmental issues related to fossil fuels and nuclear energy are prompting a rise in alternative energy sources, such as solar and wind energy. Solar and wind energy are considered as safe, pollution-free renewable energy. Countries around the world are embracing this technology.
- Power generated from solar and wind sources use sensitive electrical components and batteries that if exposed to the elements cause system failure. Therefore, the energy generation sector is significantly using electrical enclosures for safety purposes.
- Wind and solar energy equipment require capabilities that include seismic protection, EMC shielding, electronics cooling, security, resistance to corrosion, and integration of power conversion and multi-component systems, which is achieved by the use of electrical enclosures.
- As the electrical enclosures are deployed in protecting the electrical and electronic components and systems of solar, wind, and electrical power plants, government regulations are also supporting the adoption of renewable energy sources, in turn, boosting the demand for electrical enclosures.
North America to Account for a Major Share
- The growing industrial automation and smart home integration are expected to drive the electrical enclosures market significantly in this region, particularly due to the United States being an early adopter of industrial automation.
- About 63% of this electricity generation was from fossil fuels, a decline by 2% from 65% in 2018. About 20% of the energy from fossil fuels was from nuclear energy and about 17% was from renewable energy sources. The US Energy Information Administration estimates that an additional 30 billion kWh of electricity generation was from small-scale solar photovoltaic systems in 2018. The regulating bodies in the region have been the prime players in stimulating the electrical enclosures demand.
- There is a significant penetration of smart homes in North America owing to the growing security concerns and awareness in energy conservation. The technological advancements in smart devices and the adoption of those devices into many households are expected to act as opportunities for the electrical enclosures market, owing to the consumer behavior of having a clean environment.
- The increasing establishments of such plants and the stringent rules associated with them are expected to drive the electronic enclosures market exponentially in the North American region.
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Competitive Landscape
The electronic enclosure market is fragmented. Industry 4.0, along with the increasing energy consumption in different regions provides opportunities in the electronic enclosures market. The competitive rivalry among existing competitors is high. Moving forward, the innovation strategies of large companies are driving the electronic enclosures market.
- May 2018 - JSC Rusatom Automated Control Systems and Schneider Electric signed a Memorandum of Understanding and Cooperation aimed at further cooperation for high safety and reliability, cost-efficiency, as well as better competitiveness of electrical equipment for NPP power units and electric power grid.
- February 2018 - Rittal North America LLC introduces the SE 8 line of stand-alone enclosures which provides strength and durability and 30% more useable internal space than comparable unibody designs. SE 8 features multiple interchangeable accessories, including all TS 8 interior system accessories, plus cable entry options, swing frames, chassis, rails and partial panels, lighting and grounding systems, plinth, cable base and flex block.
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Contact Info:
Name: Hector Costello
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Organization: Orbis Research
Website: https://www.orbisresearch.com/reports/index/electrical-enclosures-market-growth-trends-forecast-2019-2024
Release ID: 88923226
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