Power generation & distribution industry is expected to lead the electric enclosure market

(IT-NEWSWIRE.COM, September 18, 2020 ) According to the new market research report "Electric Enclosure Market by Mounting Type, Form Factor, Material, Industry Vertical (Power Generation & Distribution, Oil & Gas, Metals & Mining, Medical, Pulp & Paper, Food & Beverage, Transportation), and Geography - Global Forecast to 2023", the Electric enclosure market is expected to grow from USD 6.15 Billion in 2018 to USD 7.91 Billion by 2023, at a CAGR of 6.27%. Factors that will be driving this market include increasing demand for enclosures from the renewable energy sector, stringent safety and process regulations, which are forcing users to look for enclosures that are compliant to regulations, and increased focus on connected cities in developing regions.

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“The power generation & distribution industry is expected to lead the electric enclosure market between 2017 and 2023”

Among various applications, the power generation & distribution industry is expected to account for the largest size of the overall electric enclosure market between 2017 and 2023. Electric enclosures are used to protect critical equipment and circuitry in the power generation & distribution industry. These enclosures should be able to withstand harsh environmental conditions. Electric enclosures enhance the safety of end users and electronic/electric equipment, even in energy-generation stations. Similarly, in power transmission & distribution, electric enclosures are used to keep the circuitry safe from external damage. APAC will lead the demand for electric enclosures in the power generation & distribution segment during the forecast period.

“The market for underground electric enclosures is expected to grow at the highest CAGR between 2018 and 2023”

Among mounting type, the underground type of electric enclosures is expected to grow at the highest CAGR during the forecast period. This will be owing to their low maintenance cost and increased adoption in power transmission segment in underground cabling of electricity lines.

“APAC expected to lead the electric enclosure market between 2018 and 2023”

APAC is expected to hold the largest size of the electric enclosure market during the forecast period. Key factor driving the electric enclosure market in APAC is the growing demand for energy & power from both residential and commercial sectors.

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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Power generation & distribution industry is expected to lead the electric enclosure market