Asia-Pacific electric enclosure market is estimated to grow at a CAGR of nearly 5.3% during the forecast period. Rising industrialization and expansion of the renewable energy sector are some pivotal factors accelerating market growth. As per the International Renewable Energy Agency (IRENA), total renewable energy capacity in Asia reached 1,024.4 GW in 2018, increased from 915.1 GW in 2017. With the decline in costs associated with renewable energy, the alternative energy industry is witnessing rapid growth. Business owners and consumers are shifting towards renewable energy sources in the form of wind, solar, hydropower, and other renewable sources. Solar power plants consist of several electrical equipment that must be protected ranging from solar power inverters to switchboards. Therefore, electrical enclosures are required to ensure the suitable operation of equipment. The enclosures must be durable to resist weather hazards, temperature extremes, UV radiation, and potential sea spray from coastal settings.
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Some key players in the market include ABB Ltd., Schneider Electric SE, nVent Electric plc, Legrand SA, and QNAP Systems, Inc. The strategies adopted by the market players to increase market share include mergers and acquisitions and partnerships and collaborations. For instance, in April 2020, QNAP Systems launched two USB 3.2 Gen 2 Type-C JBOD enclosure models which are intended to increase the flexibility of users’ file-sharing and storage options. The multipurpose TL USB JBOD can be utilized for increasing a QNAP NAS storage space and act as a storage for PCs and NAS. These are the 8-bay desktop model TL-D800C, and the 12-bay rackmount with redundant power model TL-R1200C-RP for NAS, PCs, and servers.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Asia-Pacific Electric Enclosure Market-Segmentation
By Material
- Metallic
- Non-Metallic
By Vertical
- Energy and Utilities
- Industrial (Automotive and Manufacturing)
- IT and Telecommunication
- Process Industries
- Others
Asia-Pacific Electric Enclosure Market– Segment by Country
- China
- Japan
- India
- Rest of Asia-Pacific
The Report Covers
- Comprehensive research methodology of the Asia-Pacific electric enclosure market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Asia-Pacific electric enclosure market.
- Insights about market determinants which are stimulating the Asia-Pacific electric enclosure market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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