South Korea Electrical Enclosure Market Insights Forecasts to 2033

• The Market Size is growing at a CAGR of 4.3% from 2023 to 2033
• The South Korea Electrical Enclosure Market Size is Expected to Hold a Significant Share by 2033

The South Korea Electrical Enclosure Market Size is Anticipated to Hold a Significant Share by 2033, growing at a CAGR of 4.3% from 2023 to 2033.

Market Overview

An electrical enclosure is a mere housing for electrical or electronic equipment. Its application is to shelter the electrical equipment from the external environment and protect the outer people from the equipment. It protects people against the propagation of any explosion or electric shock. The outer environment involves various factors, such as moisture, adverse temperatures, weather, fire, and other hazards. Therefore, these enclosures are made waterproof and fire-resistant and possess extreme durability. The electrical enclosure market in South Korea has been consistently on the rise due to a robust local manufacturing base that has major concentrations in industrial clusters around Incheon and Busan. Market leaders such as Dae Yeong Metal and Dongwoo Electric continue to maintain significant market shares, though they exist within a highly integrated regulative infrastructure subject to the Korea Agency for Technology and Standards (KATS). The industry applies strict technical standards like KS C IEC 60529 for IP ratings, and obligatory KC (Korea Certification) mark proves national safety for electric and electrical products. South Korea's aggressive push for industrial automation, smart factories, and infrastructure development has greatly impacted the market's change. The growth in renewable energy is another accelerating factor because of the demand for electrical infrastructure being sophisticated, and the sharp increase in installation of data centers and 5G networks.

Report Coverage

This research report categorizes the market for South Korea's electrical enclosure based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea electrical enclosure market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea electrical enclosure market.

Driving Factors

Infrastructure projects and programs for industrial automation are some of the driving forces for the demand for electric enclosures. These protect electrical components in various applications. The increase in renewable energy systems and smart grid applications necessitates strong enclosures for critical components. Strong regulations and standards about safety require reliable and secure enclosures to ensure personnel and equipment safety from electrical hazards' effects. Innovations in materials and technologies open windows for developing more efficient, durable, and cost-effective electric enclosures.

Restraining Factors

Fluctuations in the prices of raw materials used in electric enclosures can impact manufacturing costs and profitability.

Market Segment

The South Korea electrical enclosure market share is classified into type and application.

• The wall-mounted segment is expected to hold the largest market share through the forecast period.

The South Korea electrical enclosure market is segmented by type into wall-mounted, floor-mounted/freestanding, and others. Among these, the wall-mounted segment is expected to hold the largest market share through the forecast period. This is attributed to the small and compact size, low power generated, and easy installation features that raise the demand for such types of enclosures in the market. As a result, various market players enhance these wall-mounted enclosures with new mechanisms.

• The industrial control systems segment is expected to hold the largest market share through the forecast period.

The South Korea electrical enclosure market is segmented by application into industrial control systems, energy and power, telecommunications, oil and gas, and others. Among these, the inductive segment is expected to hold the largest market share through the forecast period. This is attributed to the sectors providing organized and safe housing for control systems, electrical connections, and cables from big machinery hence becoming the driving force in implementing the given solutions across various industrial control systems. It also protects wiring from dust, contaminations, and any physical damage while ensuring the safety of workers in these environments.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea electrical enclosure market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• LS Electric Co., Ltd.
• Hyundai Electric & Energy Systems Co., Ltd.
• KEPCO KDN Co., Ltd.
• Samsung Electro-Mechanics Co., Ltd.
• LS Industrial Systems Co., Ltd.
• Daewoo Engineering & Construction Co., Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In June 2023, the global leader in smart energy solutions CHINT officially expanded its portfolio of smart energy and sustainability services to South Korea. This new office is led by an extremely dedicated team of top scientists, engineers, and experts accompanied by local experts in the South Korea market to provide support for companies throughout the journey of energy and resource transition towards sustainable solutions.

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea electrical enclosure market based on the below-mentioned segments

South Korea Electrical Enclosure Market, By Type

• Wall-mounted
• Floor-mounted/Freestanding
• Others

South Korea Electrical Enclosure Market, By Application

• Industrial Control Systems
• Energy and Power
• Telecommunications
• Oil and Gas
• Others