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Rising Mining Activities Worldwide to Offer Fiberglass Electrical Enclosures US$ 535.1 Mn Market Opportunity by 2032. The China fiberglass electrical enclosure market is expected to grow at 5.8% CAGR from 2022 to 2032.
NEWARK Del. , Aug. 18, 2022 /PRNewswire/ -- Over the forecast period of 2022-2032, the global fiberglass electrical enclosure market is projected to grow at a CAGR of 6.2% and reach a valuation of over US$ 535.1 Mn by 2032.
Fiberglass electrical enclosures have high chemical and corrosion resistance properties. They are mainly preferred over metallic electrical enclosures. Impact of corrosive compounds resulting from water, salts, acids, and bases is often minimized by using fiberglass enclosures.
Fiberglass electrical enclosures are easier and safer to maintain because of their inherent properties. They have no dangerous edges and thus can be easily handled and installed on electrical appliances. Thus, to prevent electrical components from chemical spills and corrosion, demand for fiberglass electrical enclosures is increasing.
Surging energy consumption attributed to factors such as growing population, rapid urbanization, and increasing industrial output & mining activities would drive the global market. Each of these factors will require dependable power management facilities in order to build the infrastructure, which will ultimately raise the demand for fiberglass electrical enclosures.
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Key Takeaways: Fiberglass Electrical Enclosure Market
"Rising demand for durable and safe electrical enclosures is anticipated to boost sales of fiberglass electrical enclosures. Manufacturers are strengthening their positions through mergers and acquisitions in domestic markets. They are also investing in R&D activities to expand their presence across various regions," says a Future Market Insights analyst.
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Competitive Landscape: Fiberglass Electrical Enclosure Market
Some of the key players in the global fiberglass electrical enclosure market are Schneider Electric SE, Legrand S.A., Eaton Corp., Hubbell Incorporated, Siemens AG, ABB Limited, Adalet Inc., Emerson Electric, General Electric Company, Rittal GmbH & Co. KG, ROSE Systemtechnik GmbH, Hammond Manufacturing Ltd., Elettrocanali S.p.A., OBO Bettermann Holding GmbH & Co. KG,Spelsberg, Gustav Hensel GmbH & Co. KG, Conextube, NITTO KOGYO CORPORATION, Hager Bocchiotti Spa, and Palazzoli S.p.A. among others.
Key manufacturers are focusing on expanding their regional presence and are engaging in marking their direct presence in local markets by extending their dealer networks. They are also collaborating with local distributors to supply their products globally.
Get More Valuable Insights on Fiberglass Electrical Enclosure Market:
The research report analyses the market demand trend for Fiberglass electrical enclosure. The global market is based on macroeconomic factors, market trends & market background. As per Future Market Insights' research scope, the Fiberglass electrical enclosures market report is studied and analysed in the following segments such as product type, design, end use, configuration, and region. The fiberglass electrical enclosure market report gives us qualitative and quantitative information about the companies.
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Fiberglass Electrical Enclosure Market Outlook by Category
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3.1. Key Trends Impacting the Market
5. Global Fiberglass Electrical Enclosure Market Demand Analysis 2017-2021 and Forecast, 2022-2032
5.1. Historical Market Volume (Units) Analysis, 2017-2021
5.2. Current and Future Market Volume (Units) Projections, 2022-2032
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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