The electric enclosure market is likely to witness steady growth in the coming years because of the upturn in the oil & gas industry and the demand for hygienic type enclosures valves in the food & beverages industry. The electric enclosure market is expected to grow from USD 5.84 Billion in 2017 to USD 7.91 Billion by 2023, at a CAGR of 6.27% between 2018 and 2023. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The objective of the report is to provide a detailed analysis of the electric enclosure market on the basis of mounting type, material type, form factor, industry vertical, and geography. The report provides detailed information regarding the major factors influencing the growth of the electric enclosure market.
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“The power generation & distribution industry is expected to lead the electric enclosure market between 2017 and 2023”
Among various applications, the power generation & 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 & 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 & distribution, electric enclosures are used to keep the circuitry safe from external damage. APAC will lead the demand for electric enclosures in the power generation & distribution segment during the forecast period.
“The market for underground electric enclosures is expected to grow at the highest CAGR between 2018 and 2023”
Among mounting type, 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.
“APAC expected to lead the electric enclosure market between 2018 and 2023”
APAC is expected to hold the largest size of the electric enclosure market during the forecast period. Key factor driving the electric enclosure market in APAC is the growing demand for energy & power from both residential and commercial sectors.
Rittal (Germany), Schneider (France), Pentair (UK), Emerson (US), Eaton (US), ABB (Switzerland), Hammond (Canada), and AZZ (US) are the major industry players in the electric enclosure market.
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