The global genset enclosure market is estimated to garner a sizeable revenue and grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing energy demand in the industrial sector, and mounting need for protection of workplace and workforce across the world. As per a report published by the International Energy Agency in December 2020, although the industrial sector accounts for only 28 percent of the global GDP, it comprised for about 42 percent of the global electricity demand in the year 2018.
Along with these, rising demand for hygienic enclosures in food and beverages industry, and escalating adoption of industrial internet of things (IIoT) enabled enclosures, are also crucial factors expected to drive market growth in the upcoming years. Furthermore, the acceptance of intelligent transport systems in the transportation vertical, and stringent government regulations regarding safety in workplace are projected to offer profitable opportunities to the market in the near future.
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The market is segmented by industry vertical into power generation & distribution, oil & gas, mining, medical, pulp & paper, food & beverages, transportation, and others. Out of these, the power generation & distribution segment is anticipated to hold the largest share in the global genset enclosure market on account of the high usage of genset casings in this industry in substations for protecting critical components and circuitry. Apart from this, rising demand for electricity and energy in emerging economies is also predicted to boost the market segment’s growth in the future. According to another report by the IEA, the residential sector of emerging and developing economies in alone accounted for an electricity consumption of 2,913 TWh in 2018, up from 2,778 TWh.
Additionally, on the basis of material type, the non-metallic enclosure segment is assessed to acquire the largest share during the forecast period owing to the increase in research and development activities associated with non-metallic materials for enclosure application, and introduction of premium quality non-metallic casing products with favorable features.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global genset enclosure market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing investments in power generation sector, especially in China and India, and development of vast road and rail networks in the region. Moreover, the market in North America is evaluated to grab the largest share during the forecast period ascribing to the increasing industrial automation and smart home integration, and high awareness levels about energy conservation in the region. In addition, growing advancements regarding smart devices is also projected to fuel the region’s market growth in the region. For instance, as of February 2021, more than 84 percent of adults in the United States own a smartphone, up from about 80 percent in February 2019, and 75 percent in January 2018, respectively.
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The global genset enclosure market is further classified on the basis of region as follows:
Our in-depth analysis of the global genset enclosure market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing power and industrial infrastructure, and rising need for protection of workplace and workforce worldwide.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Low awareness about benefits of genset enclosure in undeveloped regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing investments in power generation sector, especially in China and India, and development of vast road and rail networks in the region.
The major players in the market are Schneider Electric, ABB, Ltd., Emerson Electric Company, Hubbell Inc., Rittal GmbH & Co. KG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material type, enclosure type, industry vertical, and by region.
The non-metallic segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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