The increasing use of electrical enclosures in applications such as power transmission and distribution is expected to drive the market growth.
The global electrical enclosures market size is expected to reach US$ 46.6 billion in 2024. The demand for electrical enclosures is likely to remain high during the assessment period. This is due to the increase in mining and is expected to generate US$ 81.3 billion in 2033, growing at a CAGR of 5.2% from 2023 to 2033. The market size may reach US$ 49 billion in 2023.
During the estimated period from 2018 to 2024, the global electrical cabinet market is expected to grow at a CAGR of 4.8%.
Electrical cabinets are cabinets for electronic and electrical equipment used to house electrical displays, knobs, and switches to protect users of the equipment from electric shock. An electrical cabinet is equipped with a lock to protect the circuit from external factors such as rain, dust, moisture, etc.
Due to the high level of safety, electrical cabinets are widely used in power distribution, energy and power generation, and building construction. The market size is expected to reach US$81.3 billion by the end of 2033, and it will be US$49 billion in 2023.
Growing environmental concerns about nuclear power and fossil fuels have prompted governments around the world to shift their focus to alternative energy sources such as wind and solar power. They are placing great emphasis on developing green energy infrastructure to utilize renewable resources.
For example, the Indian government has announced US$4.59 billion for clean energy infrastructure under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan scheme, which aims to increase renewable energy capacity to 25,750 MW by 2023.
The construction of solar panels and windmills has significantly increased the demand for electrical security solutions such as electrical cabinets to prevent electricity theft and protect circuits from external factors such as dust, rain, etc. A large number of such developments across the globe are expected to create lucrative growth opportunities for the market.
According to FMI, the global electrical enclosures market sales are expected to grow at a CAGR of 5.2% during the forecast period from 2023 to 2033.
The United States is expected to show impressive growth in the North American electrical cabinet market through 2033, with sales in this region accounting for nearly 16.5% of total sales by 2023.
With the continuous development of urbanization and industrialization trends, the demand for electricity in the United States has increased significantly. The U.S. government is increasingly focusing on laying new transmission and distribution lines to create a powerful national grid.
The expansion of electric power transmission and distribution activities is expected to drive high demand for electrical enclosures in the United States in the coming years.
According to FMI, India is expected to become a profitable electrical enclosures market by the end of 2023, with a revenue share of over 4.8%.
The Government of India is planning to take various initiatives to strengthen distribution infrastructure and increase the pace of electrification to meet the growing demand for electricity in both urban and rural areas.
For example, the Indian Ministry of Power has announced the launch of the Rural Power Scheme (DDUGJY) to increase rural electrification and improve the quality and reliability of power supply. These initiatives are expected to create sales opportunities for switchboards in the Indian market.
“Increasing focus on renewable energy production to boost sales of outdoor electrical cabinets”
FMI predicts that China, the world’s largest producer of solar and wind energy, will continue to dominate the global electrical enclosure market, accounting for more than 39% of demand by 2023.
China is increasing investment to boost clean energy production to meet its goal of generating nearly 35 to 39 percent of its electricity from non-fossil fuels each year. For example, China’s National Energy Administration has announced plans to invest more than $360 billion in renewable energy development, according to the Center for Strategic and International Studies.
As outdoor electrical cabinets are widely used to protect electrical components and circuits of solar and wind power plants from harsh outdoor conditions, significant development of such products in China is expected to drive demand in the Chinese market.
The intersection barriers segment is expected to grow at a rapid pace during the assessment period.
The increasing use of electrical enclosures in the residential and commercial segments to provide insulation to wires exposed to external environmental factors and protect them from damage is expected to drive the demand for electrical enclosures across the segment.
“Growing preference for non-metallic protective solutions to drive sales of plastic junction boxes”
Based on material type, the global electrical enclosure market is divided into metallic and non-metallic. According to FMI, the non-metallic segment is expected to dominate between 2023 and 2033.
Customers are increasingly choosing non-metallic enclosure solutions in renewable energy plants due to their high durability, non-conductivity, low cost, and resistance to water, heat and dust, driving sales in the entire plastic electrical enclosure field.
FMI said that the custom-made electrical enclosure segment is expected to grow rapidly in the electrical enclosure market. Market leaders are focusing on producing customized electrical enclosures according to the end use. This is expected to drive growth in the segment.
Depending on the configuration type, the freestanding segment is expected to account for a significant share of the global electrical enclosure market by 2033. The growing application of freestanding electrical enclosures for external power generation, transmission and distribution is expected to drive sales growth in this segment.
FMI shows that the residential and commercial segments are expected to exhibit high CAGRs during the forecast period from 2023 to 2033.
Increased government investment in strengthening power infrastructure and expansion of residential and commercial sectors driven by the urbanization trend in China, India, the United States and other countries are expected to accelerate sales of switch housings in this field.
Key players in the electrical cabinet market are focusing on developing and launching new products to expand their product portfolio and gain a competitive advantage. Other manufacturers are focusing on using indirect strategies such as mergers and acquisitions to increase their market share.
The global electrical enclosures market is expected to reach US$81.3 billion by 2033, growing at a compound annual growth rate of 5.2%.
The non-standard types segment is expected to show significant growth in the electrical enclosures market.
Wenzhou Newsuper Electrical Co.,Ltd and Yueqing Dongsen Imp.&Exp.Co.,Ltd was established in 2012 our factory located in China’s Electrical City – Yueqing, Zhejiang, China. We are a company specialized in researching, producing and selling all kinds of enclosure boxes ,Electrical Cabinet and Lock . Hinge manufacturer . more about us . please check: www.newsuperbox.com
Post time: Dec-11-2024