Published Date : Dec 19, 2016
Albany, NY, Dec 19, 2016: The report, titled "Global Electrical Enclosures Market for Power Industry 2016-2020," states that the market will exhibit a more than 6% CAGR over the period between 2016 and 2020. The need to modernize infrastructure of existing grids is one of the key factors expected to drive the market over this period.
The ever-rising demand for electricity globally and the consequent rise in focus of utilities on ways to add new power resources to the grid and alleviate the risk of cyber-attacks on existing grid networks will encourage the implementation of smart grids. As smart grids use digital components and information technology solutions to effectively manage the flow of power across the grid, they will also require special transmission and distribution equipment such as re-closers and synchrophasor, thus boosting the demand for electronic enclosures.
As developing countries increasingly focus on meeting the rapidly rising demand for electricity, the adoption of smart grids will significantly increase. Supplying electricity to areas with a lack of proper power supply will require the installation of new transmission equipment and power cables. This will also have a positive impact on the global electrical enclosures market for the power industry.
On the basis of application, the market has been segmented into power generation and transmission and distribution. Of these, the segment of power generation accounted for the dominant share in the global market for electrical enclosures for power industry. The rapid rise in the global demand for electricity and the vast rise in investments in the sector in the past few years is expected to drive the need for infrastructure development activities in the power industry in the next few years. This will, in turn, drive the increased demand for electrical enclosures in the power industry over the forecast period.
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On the basis of geography, the global electrical enclosures market for the power industry is segmented into Americas, Europe, Middle East, and Africa (EMEA), and Asia Pacific (APAC). Of these, the market is expected to witness the dominance of Asia Pacific over the report's forecast period. The region is expected to emerge as the leading contributor of revenue to the global market throughout the next four years. The vast rise in demand and consumption of electricity and the rising focus on the development of renewable energy sources will be the key factors propelling the Asia Pacific electrical enclosures market for the power industry.
The market features a highly fragmented vendor landscape and not vendor holds dominant share in the market. Some of the leading players in the market are Emerson Electric, ABB, Schneider Electric, Eaton, Pentair, Takachi Electronics, Jean Müller, Rittal, Bud Industries, Siemens, Bulloch Fabricating Inc, Legrand, and BCH Electric.
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