LONDON--(BUSINESS WIRE)--The global electrical enclosures market for power industry is expected grow at a CAGR of over 6% during the period 2016-2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global electrical enclosures market for power industry for 2016-2020. The market is further categorized into key segments of the power industry that include power generation and transmission and distribution (T&D), with the power generation segment accounting go over 51% of the market for 2015.
“There is an unprecedented increase in demand for energy on a global level, leading to an increase in power generation. The energy thus generated needs to be transmitted to end-users by means of power cables and conductors, which is expected to drive the demand for electrical enclosures during the forecast period,” says Gaurav Mohindru, a lead tools and components research expert from Technavio.
Technavio’s heavy industry research analysts segment the global electrical enclosures market for power industry market into the following regions:
In 2015, with a market share of close to 44%, APAC dominated the global electrical enclosures market for power industry, followed by EMEA with close to 35% and the Americas with over 21%.
APAC: largest market for electrical enclosures for the power industry
APAC accounted the largest share in the global electrical enclosures market for the power industry. The region is home to around 60% of the global population and some of the fastest growing economies worldwide. The rising demand for power demand and the need to bring the renewable sources of power generation online will result in continued dominance of the region until 2020.
Further economic and population growth, allied to structural trends such as industrial development and urbanization will lead to rapid expansion in demand for energy.
“The efforts to achieve higher electrification rates, making most of the installed renewable capacity, and ensure uninterrupted power supply to its citizens will drive market growth in APAC,” says Gaurav.
Request a sample report: http://www.technavio.com/request-a-sample?report=54726
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
EMEA: upgrade of existing T&D infrastructure in Europe to fuel growth
The need to upgrade the existing T&D infrastructure in Europe will be the key driver for the electrical enclosure market in the power industry in the region. Europe experienced a phenomenal surge in demand for electric vehicles to reduce tailpipe emissions because of various incentives offered by different European governments. This resulted in the widespread installation of charging stations across the continent. The growing EV charging infrastructure would add burden on electricity grids, which would require an upgrade of existing infrastructure.
The geographic size and infrastructural needs across Africa increase the attractiveness of developing off-grid, or isolated mini-grid systems to reach and supply remote villages and rural areas. In addition, the integration of renewable energy (such as geothermal energy), which is concentrated in Kenya and Ethiopia, will also drive market demand for electrical enclosures.
Americas: upgrade of aging infrastructure and addition of smart grid to boost growth
The upgrade of aging infrastructure will drive the demand for electrical enclosures in the power industry in the Americas. The American Society of Civil Engineers' Report Card 2013 for America's Infrastructure issued a D+ grade to the country’s electricity infrastructure. Some of the distribution systems in the country have been in use since the 1880s and weather events and limited maintenance are degrading such electrical infrastructure. Therefore, upgrading of aging electrical infrastructure offers prospective opportunities for the electrical enclosure market in the power industry
Adding on to the aging infrastructure, the growing need for electrical vehicle charging infrastructure intensifies the need to upgrade the existing infrastructure and mandates the addition of smart grids. This creates more impetus to the demand for components such as electrical enclosures.
The steady rise in power consumption and supportive regulations will continue to attract significant domestic and international investment in Latin America's power markets leading to growth opportunities for the electric enclosures market for the power industry.
The top vendors in the global electric enclosures market for the power industry highlighted in the report are:
- Emerson Electric
- Schneider Electric
Browse Related Reports:
- Global Valves Market for Power Industry 2016-2020
- Global Automation Solutions Market in the Power Industry 2016-2020
- Global Electrical Equipment Market for the Power Distribution Industry 2016-2020
Do you need a report on a market in a specific geographical cluster or country but can’t find what you’re looking for? Don’t worry, Technavio also takes client requests. Please contact firstname.lastname@example.org with your requirements and our analysts will be happy to create a customized report just for you.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at email@example.com.