Metal enclosures market
SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Metal Enclosures Market - Procurement Intelligence Report. The metal enclosures market is expected to witness category spend growth of US$ 200 million between 2018-2023.
“A sharp rise in the manufacturing of medical devices for neuromonitoring, cardiac monitoring, respiratory monitoring, multi-parameter monitoring and ophthalmology is acting as one of the key growth drivers in the metal enclosures market. The steady expansion of power distribution networks across emerging nations will drive the demand for electrical enclosures which will further contribute to the spend growth of this market,” said the analyst.
However, the metal enclosures market spend analysis provided in the report hints at a significant price hike of the end-product owing to a possible price rise of steel. This metal is used as one of the key raw materials in the manufacture of metal enclosures.
“The U.S. medical devices industry is facing constant demand owing to the swelling demography of the aged in the region. This, in turn, is creating a substantial demand for medical enclosures in the region. The pressing requirement to comply with the stringent regulations by the NEC and the OSHA to ensure electrical safety is compelling buyers to replace outdated metal enclosures. This is also expected to have a positive impact on the U.S. metal enclosures market during the forecast period. The market growth of APAC is expected to outpace mature markets such as North America and Europe. Meanwhile, in APAC, the increasing demand for medical devices and the exponential growth of the renewable energy sector will continue to contribute to the spend growth in the metal enclosures market,” added the analyst.
“Buyers are advised to partner with suppliers that have high cabling efficiency to aid buyers to identify the best-fit design for enclosures,” said SpendEdge procurement specialist, Sumit Yadav. The report has identified the following factors to influence category growth:
- APAC will be the fastest-growing region in the global metal enclosures market.
- Increasing manufacturing of electric-powered industrial machines will drive category demand.
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