Research Nester published a report titled “Genset Enclosure Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of theglobalgenset enclosure market in terms of market segmentation by material type, enclosure type, industry vertical, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global genset enclosure market is estimated to occupy a sizeable amount of revenue by recording a CAGR of ~6% during the forecast period, i.e., 2022 – 2030, owing to the growing power and industrial sector across the globe, and increasing need for protection of workforce and workplace. Apart from these, escalating demand for hygienic enclosures in food and beverages industry, and surge in adoption of industrial internet of things (IIoT) enabled enclosures are also significant factors expected to drive market growth in the forthcoming years.
The market is segmented by material type, enclosure type and industry vertical. Based on material type, the non-metallic segment is predicted to gather the largest share during the forecast period on the back of extensive use of genset casings in this industry in substations to protect critical components and circuitry. Additionally, by industry vertical, the non-metallic segment is projected to gather the largest share over the forecast period ascribing to the rising research and development activities associated with non-metallic materials for enclosure application worldwide.
Geographically, the global genset enclosure market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is evaluated to grab the largest share in the market during the forecast period attributing to the growing industrial automation and smart home integration, and high awareness about energy conservation in the region. Moreover, Asia Pacific is predicted to register noteworthy market growth over the forecast period in view of the increasing investments in power generation sector, specifically in India and China.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Rising Developments in Power and Industrial Infrastructure Across the World to Boost Market Growth
The International Energy Agency stated in one of its reports that the industrial sector accounted for only 28 percent of the global GDP, but comprised for about 42 percent of the global electricity demand by the end of 2018.
Over the last two decades, the world has witnessed a notable surge in the demand for power and electricity in almost all the sectors, especially in the industrial one. Coupled with strict regulatory protocols associated with workplace and workforce safety, the demand for electrical encasings is on an upsurge, which in turn is predicted to drive market growth in the near future.
However, dearth of awareness regarding the benefits of genset casings in underdeveloped countries is expected to operate as key restraint to the growth of the global genset enclosure market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global genset enclosure market which includes company profiling of ABB, Ltd., Schneider Electric, Emerson Electric Company, Hubbell Inc., Rittal GmbH & Co. KG, Eaton Corporation, Eldon Holding AB, Pentair Plc, AZZ Inc., Legrand SA, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global genset enclosure market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.