Impact of COVID-19 pandemic on Electrical Enclosure Market Structure and Its Segmentation
XploreMR presents useful insights on the competitive landscape and key player strategies in a new study titled “Impact of COVID-19 pandemic on Electrical Enclosure Market Structure and Its Segmentation"
An electrical enclosure is a container/ box that encloses electrical connections for safekeeping as well as to ensure the safety of the general public. The whole point of an electrical enclosure box is to keep wires safe, free from dirt and dust and secured. An electrical enclosure is usually installed within the layers of a wall so that all wires are concealed and the overall build looks neat and tidy.
Growth of end-use applications, such as electric transmission and distribution, energy and power, transportation network, industrial and commercial and residential construction, are expected to create healthy growth opportunities for the Electrical Enclosure market.
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Some of the end-use applications considered in this report on electrical enclosures include industrial, commercial and residential sectors. The global Electrical Enclosure market is estimated to have been valued at US$ 6,161.0 Mn at the end of 2017 and is expected to reach US$ 10,370.0 Mn by the end of 2028 while expanding at a CAGR of 4.9% over the forecast period. The global Electrical Enclosure market is anticipated to represent incremental opportunity of US$ 3,940.2 Mn between 2018 and 2028.
Growing Electricity Consumption in SEAP Will Push the Global Electrical Enclosure Market
Electricity consumption in SEAP has grown at a significant pace, driven by rising population, rapid urbanization, growth in industrial production and mining and progressive extension of access to modern electricity to large segments of the rural population.
Developing countries in South East Asia & Pacific are looking to restructure their electricity industry, improve competitiveness and efficiency, stimulate new generation technologies and mobilize more private funds to boost electricity supplies and improve reliability. All of these factors will require reliable power controlling facilities, which will ultimately drive the demand for electrical enclosures, thereby boosting the demand in the Global Electrical Enclosures market.
Growing Demand for Green Energy Will Boost the Demand for Electrical Enclosures
The rate of penetration of green energy is anticipated to accelerate the demand for electrical enclosure as these play an effective role in ensuring safety and effective connection quality of green energy. Renewable or green energy has been the major focal point in China over the last decade.
The adoption of green energy is still low due to the high technological cost associated with it and associated power system issues. Only relatively limited work has been carried out to incorporate system devices into green energy plants. However, the establishment of renewable energy plants will definitely enhance the growth of the electrical enclosures market during the forecast period.
Strengthening Regional Transmission Network Will Push the Demand for Electrical Enclosures
Over the last decade, utility companies have been investing to strengthen their transmission network, especially in rural areas. The projects include designing, manufacturing, installing and commissioning of capacitor banks at substations to improve flexibility and reduce their reliance on a single power station.
All these measures are being taken to improve energy generation, transmission and distribution as well as increase reliability and precision in industrial processes, infrastructure and buildings. However, the region lags behind in terms of safety installations in the region as compared to developed countries, which will both be an opportunity and a driving factor for the growth of the electrical enclosure market over the forecast period.
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China Is Expected to Remain the Dominant Regional Market in the Global Electrical Enclosures Market over the Forecast Period
The China Electrical Enclosure market is expected to represent significantly high incremental opportunity between 2018 and 2028 and the North America Electrical Enclosure market is projected to expand at a significant CAGR in terms of volume over the forecast period. Sales of Electrical Enclosure in North America is expected to represent a total incremental opportunity of US$ 523.3 Mn between 2018 and 2028.