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Global Electrical Enclosures Market with over 35% Market Share Through 2028
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The global electrical enclosures market is set to grow at a 4.9% CAGR by 2028, driven by renewable energy and industrial demand, with China leading the market.
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 (2018-2028). 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.
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Global sales revenue of electrical enclosures is estimated to be valued at US$ 6,429.8 Mn by the end of 2018. China is estimated to account for a value share of 37.1% in the global electrical enclosure market by 2018 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.
Rapid Growth of Renewable Power Generation Key Growth Driver
Most of the end users are now shifting their focus to alternative forms of power or energy rather than depending on energy generation by fossil fuel operated power generators. These alternative forms of energies – for instance, wind power, solar power and other forms of renewable energy are gaining popularity among all types of end users. Additionally, carbon emission and dependency on fossil resources is increasing day-by-day.
Thus, in order to control this dependency, usage of renewable energy sources such as wind and solar energy is likely to be the new trend in the energy and power industry. Establishment of these power generation facilities will increase the demand for electrical enclosures in the upcoming years. Many countries such as the U.K. and Germany among others, are planning to adopt renewable energy sources, which is expected to further increase the demand for electrical enclosures for transmission and distribution.
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Capacity Addition Plans and Installation of New Grids to Power the Electrical Enclosure Market
The governments of various countries have planned to make huge investments on numerous projects to provide better electricity services. For instance, the government of Russia has devised plans such as the GOELRO plan, Russian SFSR Electrification Plan, and Railway Electrification Plan among others, for establishing new power grids to provide electricity in the rural areas of the country.
These plans are being supported by the State Commission for Electrification of Russia. Also, the government is focussing on installing new transmission lines in order to create a national grid and also to develop railway electrification, which will in turn boost the demand for electrical enclosures. These planned investments across various sectors such as infrastructure, power, and railways among others, will drive significant growth in the electrical enclosure market.
Need for Integration of Grid Infrastructure
Increasing transmission and distribution activities across the globe have increased the demand for installations of enclosures, which in turn, is driving the market of electrical enclosures. Transmission and distribution expansion, along with urbanisation, is necessary for the development of industrial and manufacturing sectors. Some countries, such as GCC countries and Turkey have the potential to become the hub for many manufacturing industries, which will increase the demand for electrical enclosures owing to rapid industrialisation. By material type, metallic enclosures will witness supreme demand as they have a longer life and reduce the risk of fire hazards. Climate control enclosures can work in extreme climatic conditions and are ideal for use in several regions, thereby driving demand in the global market.
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Segmentation Analysis
The electrical enclosure market is segmented on the basis of product type into junction enclosure, disconnect enclosure, operator interface enclosure, environment and climate control enclosure and push button enclosure.
On the basis of product type, the junction enclosure segment is anticipated to continue to dominate the global market in terms of value over the forecast period. The junction enclosure segment is estimated to grow at a relatively high CAGR as compared to other types over the forecast period. It is expected to represent a total incremental opportunity of US$ 1,691.2 Mn between 2018 and 2028.
Regional Market Projections
The electrical enclosure market in China is expected to represent significantly high incremental opportunity between 2018 and 2028, while the North America electrical enclosure market is projected to expand at a significant CAGR in terms of volume over the forecast period. Sales of electrical enclosures in North America is expected to represent a total incremental opportunity of US$ 523.3 Mn between 2018 and 2028.
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The article discusses the growth and trends in the global electrical enclosures market, projected to grow at a 4.9% CAGR by 2028.
The shift towards renewable energy and government investments in grid infrastructure are key drivers of market growth.
China is expected to maintain a dominant position with a 37.1% market share by the end of 2018.
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