Electric Enclosure Market : Expected To Observe Major Growth By 2023
The electric enclosure market is likely to witness steady growth in the coming years because of the upturn in the oil & gas industry and the demand for hygienic type enclosures valves in the food & beverages industry. The electric enclosure market is expected to grow from USD 5.84 Billion in 2017 to USD 7.91 Billion by 2023, at a CAGR of 6.27% between 2018 and 2023.
Major electric enclosure manufacturers have a tight control on the pricing of the products, which is forcing other manufacturers to reduce the price of products to remain in competition. The electric enclosure industry will witness healthy product development programs and innovations in the coming years.
Among various applications, the power generation & distribution industry is expected to account for the largest size of the overall electric enclosure market between 2018 and 2023. Electric enclosures are used in the power generation & distribution industry in substations to protect critical components and circuitry. Electric enclosures used in oil & gas, metals & mining, and pulp & paper industries are rugged in design and should be able to withstand harsh environmental conditions. Over the past few years, oil & gas products have witnessed strong demand from developing nations. Such continuously increasing demand for oil & gas products is expected to drive the electric enclosure market.
Nonmetallic enclosures are gaining rapid acceptance in oil & gas and metals & mining verticals. This is due to increasing research & development of nonmetallic materials for enclosure application. Extensive research and product development has enabled manufacturers to introduce several new nonmetallic products with favorable and necessary features, which are making nonmetallic enclosures gain acceptance for critical applications.
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