Steady Expansion: Electrical Enclosure Market Forecasted to Reach USD 81.3 Billion by 2033, with a CAGR of 5.2%

Posted on 2024-09-04 by Future Market Insights in Industrial // 0 Comments

Electrical enclosures are essential components across various industries, providing critical protection for electrical equipment and ensuring safe operation in diverse environments.

The global Electrical Enclosure Market is poised for significant growth, with its value expected to reach USD 46.6 billion by 2022. This upward trajectory is forecasted to continue, fueled by strong demand from the mining sector and other industrial applications. By 2033, the market is projected to achieve a valuation of USD 81.3 billion, representing a robust compound annual growth rate (CAGR) of 5.2% from 2023 to 2033. Early estimates suggest that the market will reach USD 49.0 billion by 2023, underscoring the strong growth momentum and the vast opportunities within the electrical enclosure market.

Growth Factors

The expansion of electric enclosure applications across electronics and electrical industries is poised to fuel market growth, driven by the need for reliable protection of sensitive equipment and components.

Additionally, the escalating demand for renewable energy sources is set to further propel market expansion, as the renewable energy sector relies on electrical enclosures for safe and efficient operation of equipment.

Moreover, the widespread adoption of advanced technologies is anticipated to drive market growth, as industries seek innovative solutions for enhanced equipment protection and performance.

Furthermore, the ongoing trend of urbanization is expected to provide a significant impetus to market growth, with urban development projects requiring electrical enclosures for various applications, thus stimulating demand across diverse sectors.

Exhaustive Market Report: A Complete Study

Competitive Landscape

Key players operating in the electrical enclosure market are aiming at developing and launching novel products to strengthen their product portfolio and gain a competitive edge. Other manufacturers are focusing on adopting inorganic strategies such as mergers and acquisitions to increase their market share.

In July -2020 – Rittal rounded off its AX range of compact enclosures with its newly developed plastic enclosures. The manufacturer now offers the best of two worlds: the advantages of sophisticated technology combined with the benefits of an extremely robust material. The AX plastic enclosure protects the electrical components even in very harsh environments, such as outdoors. Its new mounting functions make rapid expansion possible and provide greater scope for installation using smart technology.
Eaton provides a comprehensive portfolio of electrical products, including circuit breakers, switches, meters, power distribution units, and surge protection devices. Eaton offers power distribution systems, electrical panel boards, switchgear, and electrical engineering services to customers in the commercial, industrial, and utility sectors.

Key Players

Schneider Electric SE
Legrand SA
Hubbell Inc.
Emerson Electric Co.
ABB Ltd
Eaton Corporation
Eldon Holding AB
AZZ Inc.
Austin Electrical Enclosures
Siemens AG
Pentair PLC
Rittal GmbH & Co. Kg.
Adalet (Scott Fetzer Company)

Key Segmentations

By Product Type :

Junction Enclosures
Disconnect Enclosures
Operator Interface
Enclosures
Environment and Climate
Control Enclosures
Push Button Enclosures

By Material Type :

Metallic
- Aluminium
- Mild steel
- Stainless Steel
Non-Metallic
- Fiberglass
- Polycarbonate
- Polyester
- ABS

By Design :

Standard Type
Custom Type

By Configuration :

Wall Mount Enclosures
Floor Mount Enclosures
Freestanding Enclosures

By End Use Sector :

Industrial
Residential and Commercial

By Region :

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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