DALLAS, 15 June 2015. The worldwide market for electrical enclosures should rise from $4 billion in 2014 to $5.86 billion in 2020 -- a combined annual growth rate (CAGR) of 6.4 percent between 2015 and 2016. That's the prediction of analysts at market researcher MarketsandMarkets in Dallas.
Driving this moderate growth over the next five years are a global expansion of energy transmission and distribution networks, industrial automation, and industrial safety regulations, analysts say.
Factors such as huge government investments in renewable energy, demand for enclosures in food and beverage industry automation, and the growing adoption of smart home equipment also will contribute to market growth in electrical enclosures, analysts say.
MarketsandMarkets researchers outline their findings in the report Electrical Enclosure Market - Global Forecast to 2020, which segments the market by form factor, material, product type, industry verticals, and geographic region.
Electronic enclosure form factors include small, compact, and free size; materials include metallic and non-metallic; industry verticals include energy and power, commercial and industrial, food and beverage, and others.
The 190-page report also profiles the major companies involved in the electrical enclosures market including Rittal GmbH and Co. KG (Germany), Pentair Plc. (United Kingdom), Schneider Electric SE (France), Emerson Electric Company (U.S.), Legrand (France), Hubbell, Inc. (U.S.), Eaton Corp. (Ireland), Eldon Holding AB (Sweden), ABB Ltd (Switzerland), and AZZ Inc. (U.S.).
For more information contact MarketsandMarkets online at www.marketsandmarkets.com.