The global electrical enclosure market size was valued at US$ 6.2 Billion in 2018. An electrical enclosure refers to a closed cabinet that houses various equipment such as power generators, transformers and telecommunication devices along with various other components such as mount switches, knobs and display monitors. They are used to prevent the damage resulting from accidental contact by users and add to the aesthetic value of the space. The enclosures can be both metallic and non-metallic depending upon their application and the preference of the end user. Electrical enclosures seal tightly and prevent penetration of water or moisture. They also protect against electromagnetic interference, electrical breakdown and power dissipation. They find extensive applications in locations with potential risks of flammable gasses, combustible dust and volatile vapors or particles.
The growing trend of automation in industries, along with the increasing product integration in smart homes is one of the key factors driving the growth of the market. In various developing nations, there is an urgent need to upgrade the existing power infrastructure to meet the energy demand of the rapidly increasing population. This, coupled with the installation of power stations running on renewable energy sources such as solar and wind, is another factor contributing to the market growth. Additionally, governments of both the developed and emerging nations are mandating the installation of electrical enclosures in residential, commercial and industrial complexes in order to prevent accidents and casualties. Other factors such as increasing adoption of smart grids, growing demand for internet of things (IoT)-enabled industrial enclosures, rising awareness regarding the benefits of electrical enclosures, are further driving the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 8.7 Billion by 2024, registering a CAGR of 5.8% during 2019-2024.
The report has also analyzed the competitive landscape of the market with some of the key players being Schneider Electric, ABB Ltd., Eaton Corporation, Adalet, Emerson Electric Company, Pentair, Siemens, Allied Moulded Products, AZZ Incorporated, Fibox Enclosures, GE, Legrand SA, Hubbell Incorporated, Socomec Group SA, Rittal GmbH & Co. Kg., etc.
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