Wellesley, Mass. – BCC Research reveals in its new report on electrical enclosures that the global market for electrical enclosures has been growing at a significant rate, in pace with the electricity transmission and distribution industry, as well as the safe installation of electrical equipment in different locations—particularly in the Asia-Pacific region—over the past five-years.
An electrical enclosure can be metallic or nonmetallic, based on the application. With the replacement of nonmetallic enclosures, these problems are being solved. Global nonmetallic electric enclosures revenue amounted to $826.6 million in 2013 and grew by 22.6% to reach $1 billion in 2014. The market is predicted to increase to about $2.6 billion in 2019 with a 20.5% compound annual growth rate (CAGR) from 2014 through 2019.
The market for electrical enclosures is classified into organized and unorganized companies. In Europe, where rules are stringent, the market is highly consolidated, while the market is structured in North America. The Asia-Pacific and South America regions have the most unstructured markets, although this is changing rapidly with the target of delivering standard products.
“The pressure to develop environmentally friendly recyclable electrical enclosures is expanding even in Asia-Pacific and other developing regions. In addition, Europe has become the hub for Western and Eastern markets to outsource the manufacture of their electrical enclosures,” says BCC Research analyst Aneesh Kumar.
Global Markets for Electrical Enclosures provides an up-to-date analysis of recent developments and current trends in the global electrical enclosures market. It explains the major market drivers of the global electrical enclosures industry, the current trends within the industry, major industry challenges and the regional dynamics of the global electrical enclosures market. Revenue forecasts from 2014 to 2019 are given for each estimate of electrical enclosures.Tagged with tED