Strategic Analysis of Global Electrical Enclosures Market Size Projected to Reach USD 11.1 Billion by 2030, Predicts Facts & Factors

NEW YORK, May 15, 2023 /PRNewswire/ -- As per Facts and Factors study, the global electrical enclosures market size was worth around USD 5.9 billion in 2021 and is predicted to grow to around USD 11.1 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.21% between 2022 and 2030.

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Electrical Enclosures Market: Overview

An electric enclosure is a safe cabinet for electronic equipment in which knobs, switches, and displays can be mounted for protecting the users against an electrical shock while handling the systems while also acting as a protective shield for the devices stored within the external environment. There are several other reasons why electrical enclosures are important since they not only act as protective gear but also enhance the overall aesthetics of the area by making them appear appealing.

Regional regulating bodies may dictate the standards of electrical enclosures in areas deemed as hazardous, for instance in coal mines or petrochemical plants. For the manufacturing of electrical enclosures, in most cases, rigid materials are used like aluminum, steel, or stainless steel with each material type providing its set of benefits and limitations. Electric enclosures are divided into several types and each type indicates the performance measure in terms of being waterproof, general purpose, raintight, and other advantages.

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Key Insights:

• As per the analysis shared by our research analyst, the global electrical enclosures market is estimated to grow annually at a CAGR of around 4.21% over the forecast period (2022-2030)
• In terms of revenue, the global electrical enclosures market size was valued at around USD 5.9 billion in 2021 and is projected to reach USD 11.1 billion, by 2030.
• The electrical enclosures industry is projected to grow at a significant rate due to rising levels of electricity consumption
• Based on end-user segmentation, energy & power was predicted to show maximum market share in the year 2021
• Based on metal type segmentation, metallic was the leading type in 2021
• On the basis of region, North America was the leading revenue generator in 2021

Facts and Factors published the latest report titled "Electrical Enclosures Market Size, Share, Growth Analysis Report By End-User (Process Industries, Energy & Power, Metal & Mining, and Others), By Material Type (Non-Metallic and Metallic), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" into their research database.

Industry Dynamics:

Global Electrical Enclosures Market: Growth Drivers

• Rising levels of electricity consumption to propel market demand.

The global electrical enclosures market is projected to grow owing to the increasing electricity consumption levels across the globe driven by the rapid rate at which the population is growing along with rampant urbanization. The world is currently witnessing large-scale efforts directed toward commercial and industrial growth and many factors are propelling industrialization to new heights with every passing year. The growing rate of immigration, western mining, and horizontal & vertical integration of products, services, and businesses in addition to national markets are all acting as supportive factors for high industrial expansion.

However, businesses can only run efficiently till the time they have a constant electric power supply. This is applicable to residential applications as well as urban home runs on electricity starting from charging mobile phones to more essential needs. As the demand for electricity is growing, the players in the electricity industry are expected to invest in resources that can help in increasing electricity production capacity, driving the demand for electric enclosures.

Global Electrical Enclosures Market: Restraints

• Poor quality electrical enclosure to restrict market expansion.

The electrical enclosures industry is expected to face certain growth restrictions due to the presence of poor-quality electrical enclosure suppliers. Although the production of safeguarding units is as per government regulations, in countries that lack stringent measures to monitor regulation adherence, there is a high prevalence of low-quality product producers which can ultimately lead to severe consequences including loss of life and resources.

For instance, as per a recent DNA India report, almost 30 people die every day due to electrocution in the country. Furthermore, rising corruption, negligence on behalf of stakeholders in terms of product quality and maintenance, and declining regard for human life and safety are some of the other reasons that contribute to the approval of low-grade products for circulation in the live market.

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Electrical Enclosures Market: Opportunities

• Growing product advancement to provide growth opportunities.

The global electrical enclosures market is projected to witness high growth opportunities owing to the increasing investments in product development and advancement to meet the high standards laid down by regional bodies in many parts of the world. The global market players are consistently investing in developing better systems that provide enhanced safety features and protection of multiple environmental and non-environmental factors along with increasing research on future materials that can be used to produce electrical enclosures.

Electrical Enclosures Market: Challenges

• Drastically changing climate conditions to act as a major challenge.

One of the key challenges the businesses functioning in the segment have to face is the navigation through the climate changes being observed worldwide due to global warming. Electrical insulators are manufactured in ways that can provide protection against multiple factors like high external and internal heat or severely low temperatures. However, the growing unpredictability of the climate has resulted in a roadblock for the electrical enclosures industry players since they are required to keep multiple prospects in view while designing or manufacturing the product.

Global Electrical Enclosures Market: Segmentation

• The global electrical enclosures market is segmented based on end-user, material type, and region.

Based on end-user, the global market is divided into process industries, energy & power, metal & mining, and others.

• In 2021, the global market registered the highest growth in the energy & power segment which is projected to dominate during the forecast period as well
• The factors that contribute to the segmental growth are increasing urbanization causing more people to shift to urban areas resulting in high demand for constant electricity supply along with rising investment in rural infrastructure necessitating the requirement of an increase in energy & power in remote areas as well
• In 2020, the US reported electricity access at 100%
• The metal & mining segment is also a significant growth contributor where only high-grade electrical enclosures can be used to avoid any unwanted incidents

Based on material type, the electrical enclosures industry is segmented into non-metallic and metallic

• The global market registered high growth in the metallic segment in 2021 since they are the most widely used material types for producing electrical enclosures
• Stainless steel and carbon steel are the most commonly used materials since they provide high resistance to corrosion along with exceptional durability
• These metals are also the strongest of all the other options
• Stainless steel has 10.5% of chromium content which allows it to become highly resistant to corrosion

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List of Key Players in Electrical Enclosures Market:

• Johnson Controls
• BYD Company Ltd.
• TOSHIBA CORPORATION
• Schneider Electric SE
• Hubbell Inc.
• Legrand SA
• Emerson Electric Co.
• ABB Ltd
• Eldon Holding AB
• Pentair PLC
• Siemens AG
• Rittal GmbH & Co. Kg.
• Saginaw Control & Engineering
• Hammond Manufacturing Ltd.
• TAKACHI ELECTRONICS ENCLOSURE CO. LTD.
• Leviton Manufacturing Co. Inc.
• Fibox Oy Ab
• OMEGA Engineering
• General Electric
• Socomec
• Austin Electrical Enclosures
• Rittal GmbH & Co. Kg.
• Adalet
• AZZ Inc.
• Nvent Electric PLC
• Eaton Corporation

Key questions answered in this report:

• What are the growth rate forecast and market size for Electrical Enclosures Market?
• What are the key driving factors propelling the Electrical Enclosures Market forward?
• What are the most important companies in the Electrical Enclosures Market Industry?
• What segments does the Electrical Enclosures Market cover?
• How can I receive a free copy of the Electrical Enclosures Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• North America dominates with the highest CAGR.

The global electrical enclosures market is expected to be dominated by North America in the coming years mainly driven by the standard approach adopted by the. governments in terms of quality and installation of electrical enclosures across the region. The US and Canada, the largest contributors to regional growth, already have an exceptional power and energy infrastructure which results in more demand for high-grade enclosures. Furthermore, the growing mining activities in the US could be a growth-propelling factor.

Since the 19th century, mining has become a highly sought-after industry for the US economy with metals and precious metals becoming the major segment of interest. Additionally, a growing number of players along with an established dominance of existing players providing electrical enclosure solutions across industries worldwide are also major regional market growth drivers. The Middle East is projected to grow due to the rampant infrastructure development in the regional areas.

Global Electrical Enclosures Market is segmented as follows:

Electrical Enclosures Market: By End-User Outlook (2022-2028)

• Process Industries
• Energy & Power
• Metal & Mining
• Others

Electrical Enclosures Market: By Material Type Outlook (2022-2028)

• Non-Metallic
• Metallic

Electrical Enclosures Market: By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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