The global electric enclosures market has witnessed a flurry of activity in recent years, resulting in a moderate yet steady growth. The industrial sector, one of the major end use industry is set to expand in the foreseeable future, subsequently having a positive impact on the electric enclosures market. The study by Future Market Insights on the prospective growth of the market estimates that the electric enclosures industry is likely to grow at a moderate ~5% globally, during the course of the forecast period, from 2018 to 2028.
With consistent demand for electric enclosures globally due to its high application potential in both the industrial, and commercial and residential sectors, it is expected to have a positive impact on the evolution and expansion of the global electric enclosures market landscape.
Growing Preference for Renewable Power
End users across all sectors are rapidly transitioning to alternative and renewable forms of power, away from fossil fuels. This rapid adoption comes on the back of the global push for reduction of carbon emission and dependence on conventional sources of energy, which has impacted all the major verticals in the industrial sector. As this is expected to fuel the growth of the global market for electrical enclosures for both transmission and distribution. Manufacturers are looking to capitalize on this trend and make inroads into markets worldwide, as they begin to offer lucrative prospects in during the forecast period.
Analysis of the Global Market for Electric Enclosures
The global electric enclosures market is expected to witness growth and a surge in demand due to growing electricity consumption, which is in turn being pushed by growing global population and industrial pollution. According to this study on the global electric enclosures market by Future Market Insights, North America will continue to account for a significant share of the total market value. However, the regional market in China is expected to contribute significantly to the global revenue share, offering high incremental opportunities to market players in the global landscape, during the forecast period. This is particularly due to growing demand for electricity from both conventional and alternative sources of energy, which is likely to be a major driver behind rising sales of electric enclosures, worldwide.
Growth in Green Energy and Strengthening Regional Transmissions Network
The permeation and the adoption of what is considered ‘green energy’ is on the rise, which is anticipated to speed up the demand for electrical enclosures as they play a crucial role in warranting the safety and quality of green energy. And as this has become the focus, placed front and centre for China, It is likely to open up several avenues of opportunities for stakeholders to explore and build on. The large scale acceptance and adoption of green energy is rather low, and is infrastructure is still in a nascent stage, but with this scenario set to change, the growth of the electric enclosures market is expected. With infrastructure also developing rapidly, the regional transmissions network is getting increasingly stable and work to strengthen it is also underway, which is also expected to propel the expansion of the electric enclosures market.
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