The electrical enclosures market was valued at USD 5.80 billion in 2020 and is expected to reach USD 9.49 billion by 2026, at a CAGR of 8.57% over the forecast period (2021-2026). Owing to the increasing power and industrial infrastructure, the need for protection of the workplace and workforce is also increasing, which has led to the adoption of safety standards for the equipment in the industries. This has made electrical enclosures a crucial element in industrial and residential applications.
Global energy consumption continues to grow at about 1.9% annually, according to the Precision Metal Industries, as demand for electricity is increasing, as the trend for an ever-connected world accelerates.
Power generated from solar and wind sources uses sensitive electrical components and batteries that if exposed to the elements cause a system failure. Therefore, the energy generation sector is significantly using electrical enclosures for safety purposes.
The acceptance of industrial and factory automation allows the entry of more mechanical, electromechanical, and solid-state devices, components, and controls that need to be enclosed for safety and aesthetic purposes, thereby driving market growth. As a result of this, the governments of many countries have implemented stringent regulations regarding safety globally, and this parameter is significantly driving the growth of the electrical enclosures market.
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