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Global Electrical Enclosure Market To Reach Us$ 7.23 Bn By 2023
According to a new market report published by Credence Research, Inc. “Global Electrical Enclosure Market (By Type (Metallic and Non-Metallic Enclosure), By Application (Dust Tight, Hazardous Environment, Drip-Tight, Flame/Explosion, and Others), and By End-use (Industrial, Commercial, Food and Beverage, Energy and Power, Transportation, and Others) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2023”, the global electrical enclosure market is expected to witness a steady growth, expanding at a CAGR of 5.9% from 2016 to 2023.
Browse the Global Electrical Enclosure Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/electrical-enclosure-market
An electrical enclosure is a cabinet for electrical system used to mount knobs and switches and prevent users from electrical shock. Since electrical enclosure housing the electrical equipment is the only part visible to users, the manufacturers focus not only on developing quality product, but also an aesthetic one. In few cases, government regulations and standards dictate characteristics and performance of electrical enclosures used in hazardous environments. The global market for electrical enclosures is moderately matured and is poised to witness steady growth during the forecast period 2016 – 2023.
The nature of the electrical enclosures market varies from region to region. The market in developed economies including Europe and North America is well structured and highly consolidated. On the contrary, the market for electrical enclosures in Asia Pacific and Latin American countries is relatively unorganized comprising large number of regional electrical enclosure and cable management manufacturers. The fragmented nature of the market in these regions requires manufacturers to ensure product enhancements and new product launches at regular intervals to remain competitive in the market. Some of the leading, promising, and emerging electrical enclosure manufacturers identified in the research study include General Electric Company (the United States), Emerson Electric Company (the United States), Eaton Corporation Plc (Ireland), Rittal GmbH & Co. KG (Germany), Hubbell, Inc. (the United States), ABB Ltd. (Switzerland), Legrand S.A. (France), Siemens AG (Germany), Eldon Holding AB (Spain), Adalet Inc (the United States), and Schneider Electric SE (France) among others.
Stringent government regulations promoting worker safety at workplace
Rapid industrialization and growing trend towards process automation
Growing demand from food and beverage and energy and power sectors
Demand for customized solutions
Price competition, especially in Asia Pacific and RoW markets.
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