Global Electric Enclosure Market to Grow from $US6.15 Billion in 2018 to $US7.91 Billion by 2023
Dec 3, 2018
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 , at a CAGR of 6.27%, from $US6.15 billion in 2018 to $US7.91 billion by 20. Factors driving this market include increasing demand for enclosures from the renewable energy sector, stringent safety and process regulations that are forcing users to look for enclosures that are compliant to regulations, and increased focus on connected cities in developing regions.
Among various applications, the power generation and 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 and 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 and distribution, electric enclosures are used to keep the circuitry safe from external damage.
Among mounting types, 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.
Find out more: www.marketsandmarkets.com/Market-Reports/electrical-enclosure-market-6953934.html
