Electric Enclosure Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020-2030
Electric enclosure is a cabinet used for protecting the electrical components such as transformers, generators and also to cover switches, knobs, and displays to prevent electric shocks.
In the renewable energy industries, the electric enclosures are in high demand. Many other factors such as growing awareness regarding safety and escalating cost of industrial maintenance operations are also creating sustained opportunities for players. Moreover, development of IOT-based enclosures are on a surge to grow the market and create more opportunities.
Growing Investment in Renewable Energy
Globally, there is a growing focus on reducing dependence on non-renewable sources of energy. Governments, as well as private players, are focusing on developing renewable sources of energy. Solar and wind energy are safe, pollution free and most important, they are free to use and thus, countries especially, developed countries are investing heavily in this.
Effective operation of the systems used in generation of solar and wind energy depends on optimal conditions. Electric enclosures are widely used in these equipment to reduce damage, and wear & tear.
Growing AI based system
AI-based smart home facilities and sensors increase the dependence on electric enclosures. Growing security concerns are giving more opportunities to technology based system. US being the major adopter of technology is taking significant steps regarding AI-based homes.
Less Reliability in Metal Electric Enclosures
Metal electric enclosures when exposed to humid environment corrode or rust downgrading the market growth. Industries are focusing on manufacturing fiberglass and plastic electric enclosures that are reliable, do not corrode and are much more efficient than metallic Electrical Enclosures.
Expensive Metallic Electrical Enclosures
Demand for cheaper and efficient products by the target audience leverage the manufacturers to focus on manufacturing the inexpensive products to maintain steady growth. The companies are focusing on making fiberglass and plastic electric enclosures due to their cost effective nature.
Regional Outlook on Electric Enclosures Market
Being the hub of industrialization, China is a profitable market for electric enclosures. As the awareness regarding the development of infrastructure increases, the need for electric enclosures also goes high thus, escalating the market. India has been investing in electricity since many years to make it available everywhere.
In developed countries like North America and Europe, smart home integration systems, AI based integrated systems are expected to drive the market. The technological advancements in smart and IOT based devices are the opportunities to grow the market for electric enclosures.
Electric Enclosure Market- Competitive Landscape
The prominent players in the market for Electric enclosures are:
Recent developments in Electric Enclosure Market
Electric Enclosure Market- Segments
What is the global electric enclosure market size, and what are future growth prospects?
The global electric enclosure market size is in the upwards of USD 5 billion, and during the period 2020-2030, it will grow at an average rate of over 8%
What will be the key factor to electric enclosure market growth?
Investment in developing renewable sources of energy will be a key driver for electric enclosure market. Governments across the globe are prioritizing development of renewable source of energy.
Which are the most lucrative markets for electric enclosures?
The US, GCC, and Australia-NZ are among the lucrative markets for electric enclosures. Demand is likely to grow in EU3 also during the assessment period.
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