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:
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.
Our in-depth analysis of the global genset enclosure market includes the following segments:
By Material Type
By Enclosure Type
By Industry Vertical
July 2020- Hitachi completed the acquisition of a majority stake in ABB Power Grids in a deal worth USD 7.8 billion, for tackling clean energy integration and distributed energy digitization of the power industry.
July 2019- nVent signed an agreement to acquire Eldon, a privately held European-based enclosures business, for a cash purchase price of approximately USD 130 million.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are growing power and industrial infrastructure, and rising need for protection of workplace and workforce worldwide.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Ans: Low awareness about benefits of genset enclosure in undeveloped regions is estimated to hamper the market growth.
Ans: 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.
Ans: The major players in the market are Schneider Electric, ABB, Ltd., Emerson Electric Company, Hubbell Inc., Rittal GmbH & Co. KG, and others.
Ans: 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.
Ans: The market is segmented by material type, enclosure type, industry vertical, and by region.
Ans: 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.