The stainless steel electrical enclosures market in Europe was valued US$ 291. 15 million in 2019 and is projected to reach US$ 550. 30 million by 2027; it is expected to grow at a CAGR of 9. 5% from 2020 to 2027.
New York, July 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Stainless Steel Electrical Enclosures Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Mounting Type ; Industry" - https://www.reportlinker.com/p05934812/?utm_source=GNW
The governments in the region are highly concerned about the safety and health of the workers.To decrease the number of accidents in various industries, such as oil & gas and energy & power, the government regulatory bodies have issued several safety regulations.
These regulations and standards enforce industries to use robust stainless steel electrical enclosures to avoid electric shocks or vibrations.Companies are also encouraged to follow safety standards.
NEMA, the association of electrical equipment manufacturers, encourages the competitiveness of the electrical product industry through the development of standards; the organization is working to promote electrical standards globally.To standardize enclosure performance, organizations such as NEMA, IEC, and UL provide rating systems for identifying the capacity of an electrical enclosure to withstand tough environmental conditions.
It enables users to make decisions regarding suitable, informed enclosures selection to meet their application-specific requirements. The standards offer a degree of protection against access to dangerous parts and entrance of solid foreign objects.
Due to the growing power and industrial infrastructure in Europe, workforce safety is of prime importance, which has, in turn, led to the adoption of safety standards for components in several industries.This has made stainless steel electric enclosures an important element in various industrial applications.
The increasing number of stringent regulations regarding safety and rising demand for hygienic enclosures in food & beverages and medical and pharmaceutical industries are majorly driving the growth of the market in Europe.Moreover, the region is spending heavily on energy and power-related projects to mitigate greenhouse gas emissions.
European countries have invested US$ 37.27 billion in Connecting Europe Facility (CEF) for enhancing energy, transport, and digital infrastructure from 2014 and 2020. Thus, heavy investments on energy & power projects surge the demand for stainless steel electrical enclosures as they cater to tough industrial operations, and prevent direct contact between machines and wiring, and humans, keeping a check on mishaps. The energy & power equipment need to ensure EMC shielding and corrosion resistance; they should also be incorporated with power conversion and multicomponent systems. This can be achieved by the use of stainless steel electrical enclosures. The enclosures are highly installed in energy & power sector to protect the components within electrical power plants; also, government regulations are supporting the adoption of renewable energy sources, thus boosting the demand for stainless steel electrical enclosures.
In terms of mounting type, the free-standing segment led the Europe stainless steel electrical enclosures market in 2019 with the largest share, and it is expected to continue to be the largest shareholder during the forecast period.However, the others segment is expected to register the highest CAGR in the market during the forecast period.
Free-standing stainless steel enclosures are robust industrial products. Numerous European companies are involved in designing the free-standing enclosures; for instance, nVent offers free-standing enclosures built to safeguard from wash-down and other harsh environmental conditions in the oil & gas, food & beverages, and wastewater industries.
The Europe stainless steel electrical enclosures market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the Europe stainless steel electrical enclosures market with respects to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants typically participating in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe stainless steel electrical enclosures market. A few of the players operating in the Europe stainless steel electrical enclosures market are ABB Ltd., Cubic-Modulsystem A/S, Delvalle Box, Electric International Ltd., ETA S.P.A, Euro Inox Quality SRL, Ilinox SRL, MP Gamma SRL, NVENT (ELDON), Rittal GmbH and Co. KG, Schneider Electric, and Zanardo S.P.A.
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