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(Wireless-NewsWire.Com, November 09, 2016 ) The Global Electrical Enclosure is valued at $4.77 billion in 2014 and is expected to reach $6.87 billion by 2022 growing at a CAGR of 6.03% . The electrical enclosure market is expected to show moderate growth over the forecast period. The Primary factors driving the Electrical Enclosure market are attractive industrial automation, home automation segments and industrial safety regulations. Huge investments in renewable energy projects by various governments and heavy demand for process automation in food & beverage sector are the opportunities involved for the market growth. The high price of enclosures and highly fragmented market are the major restraints for the market growth.
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The favorable investments in renewable energy projects by various countries such as U.S. and U.K, rising demand from food & beverage segment are fuelling the market growth. The smart home equipment penetration is expected to boost the demand for electrical enclosure market. Europe and North America are having stringent rules and these markets are consolidated, whereas the Asia Pacific electrical enclosure market is expected to register a significant CAGR during the forecast period. Stringent government regulations against emmission, increasing automotive production, changing consumer preferences, are some of the factors which are influencing the market growth in Asia Pacific region. Asia Pacific market is likely to mount as a good quality product production destination and is expected to produce eco-friendly electrical enclosures.
Global Electrical Enclosure market is segmented by form factor, by product type, by material, by verticals and by geography. Based on form factor, electrical enclosure market is further segmented into small, compact and free-size. Based on product type, electrical enclosure market is segmented into flame/explosion-proof, dust-tight, drip-tight and hazardous environment. Based on materials, electrical enclosure market is segmented into metallic and non-metallic. Based on verticals, electrical enclosure market is segmented into energy & power, food & beverages, commercial & industrial and transportation. Electrical Enclosure market by geography is segmented into North America, Europe, Asia Pacific, and Rest of the World.
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The Key players in the market include, General Electric, Emerson Electric Company, Eaton Corporation, Rittal GmbH & Co. KG, ABB Ltd., Legrand, Siemens AG, Adalet Inc and Schneider Electric SE.
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