NEW YORK, March 29, 2017 /PRNewswire/ -- KEY FINDINGS
The electrical enclosure market is estimated to grow from USD 4630 Million in 2016 to USD 7741 Million by 2024 at a CAGR of 6.72% during the forecast period. The changing lifestyle, increasing income, technological advancements and improvements in innovations are some of the key drivers for the market growth of electrical enclosure.
The electrical enclosure market is segmented on the basis of Form Factor, Product Type, Material, and Geography. The electrical enclosure on the basis of form factor is segmented into free-size enclosures, small enclosures, and compact enclosures. The electrical enclosures on the basis of the product type is segmented into drip-tight enclosures, hazardous environment enclosure, flame/explosion-proof enclosure, dust-tight enclosures and other enclosure types. The electrical enclosure market on the basis of material is segmented into the non-metallic and metallic enclosure.
The non-metallic electrical enclosure is further segmented into plastic/ polyvinyl chloride (PVC), polycarbonate, fiberglass, and polyester. The metallic electrical enclosure market is further segmented into stainless steel, mild steel, and aluminum. The electrical enclosure on the basis of geography is segmented into North America, Europe, Asia-Pacific and Rest of the world.
The government regulations on the safety of the end-user, the growth in the trend of process automation and rise in residential and industrial infrastructure are some of the primary drivers for the market growth of electrical enclosure.
Asia-Pacific is projected to be the fastest growing region due to financial improvements in the developing economies. North America is estimated to grow at a high CAGR due to increasing demand and usage of electrical enclosures in food and beverage industry. Europe is estimated to grow during the forecast period due to increasing use of industrial applications in the region.
The leading players in the electrical enclosure market are Eaton Corporation (Ireland), Pentair PLC (U.S.), Hubbell Inc. (U.S.), Legrand (France), Rittal GmbH & Co. Kg. (Germany), ABB Ltd (Switzerland), Emerson Electric Co. (U.S.), Fibox Enclosures (Finland), Eldon Holding AB (Spain), General Electric (U.S.), Schneider Electric SE (France), Allied Moulded Products (U.S.), Adalet Inc. (U.S.), and ITS Enclosures (U.S.).
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