The “Global Electric Control Panel Market” report includes comprehensive information regarding the market’s historical and current estimations, future projections, market trends, competition, market dynamics, and recent developments in the Electric Control Panel market forecast from 2022 to 2030.
According to Custom Market Insights (CMI), The Global Electric Control Panel Market Size was valued at USD 5 billion in 2021 and is estimated to reach USD 9 billion by the end of 2030 at a CAGR of approximately 7% during the forecast period 2022-2030.
Electric Control Panel Market: Overview
In its most basic form, an electrical control panel is a collection of electrical components that regulate the numerous mechanical operations of large-scale machinery or industrial equipment. Panel structure and electrical components are the two primary categories of an electrical control panel.
Browse the full “Electric Control Panel Market Size, Trends and Insights By Form (Open, Enclosed), By Type (Low Tension, Medium and High Tension), By Industry (Manufacturing, Food & Beverages, Chemical, Automotive, Power, Pharmaceutical, Oil & Gas, Aerospace & Defense, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/electric-control-panel-market/
The growing demand for factory automation significantly fuels the market for electric control panels. Additionally, as manufacturing and new construction investments rise, electrical systems in warehouses, factories, distribution centers, etc., are expanded. Another element influencing manufacturers’ growth in the electric control panel market is the incorporation of control panels in applications for producing and distributing renewable energy.
The Electric Control Panel is segmented into form, type, and industry. The electric control panel market is divided into enclosed and open segments based on form. The distinction between these two is crucial when deciding between an open or enclosed electric control panel. Several electric control panel suppliers can choose between these two control panels. Although enclosed and open electric control panels are similar, and they differ in certain ways. Thus, these elements work together to increase the market share of communication systems in electric control panels.
Industrial control panel exports and imports are growing, indicating considerable demand for this equipment, particularly in Southeast Asian nations. Many industrial enterprises must upgrade vital equipment to be competitive in their respective markets.
The US and other Western nations will experience a rise due to the complete replacement or reconstruction of outdated industrial control panels using newer components. As a result, these factors are raising the need for factory automation and fueling the expansion of the electric control panel market.
|Feature of the Report
|Market Size in 2021
|USD 5 billion
|Projected Market Size in 2030
|USD 9 billion
|CAGR Growth Rate
|7% CAGR (2022-2030)
|Leviton Manufacturing Co. Ltd., ABB Ltd., Cetal, Bectrol, Eaton, RITTAL GMBH & CO. KG, Schneider Electric SE, Rockwell Automation Inc., Siemens AG, SIMON PROtec, and Others
|By Form, Industry, and Region
|Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
|North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
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Key Players Insights
In order to validate the data and gain additional analytical insights, numerous primary interviews with industry participants and commentators have also been conducted. The process also serves the goal of achieving an overview and prediction of the electric control panel market size with respect to all market segments.
VPS, market intelligence managers, business development managers, national sales managers, as well as external consultants—such as valuation specialists, research analysts, and key opinion leaders—who specialize in the electric control panel market—are typical participants in the electric control panel market report.
- Leviton Manufacturing Co. Ltd.
- ABB Ltd.
- RITTAL GMBH & CO. KG
- Schneider Electric SE
- Rockwell Automation Inc.
- Siemens AG
- SIMON PROtec
Several Asian-Pacific economies dramatically decreased their GDP in 2020 due to the abrupt cessation of several economic activities. The maritime, telecommunications, and oil and gas industries are well-developed in this area. The OECD reports that the COVID-19 epidemic negatively impacted nations like India, Australia, China, and Japan.
The epidemic in this area was most severe in India. Due to the shortage of labor in these nations as a result of restrictions put in place by governments to stop the spread of COVID-19 during the early phases of the crisis, the production process there was hampered in 2020, which hurt the market share for electric control panels. Although the pandemic had little effect on the electricity industry, there was still a demand for electric control panels.
The global Electric Control Panel market is segmented as follows:
- Low Tension
- Medium and High Tension
- Food & Beverages
- Oil & Gas
- Aerospace & Defense
On the basis of Geography
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America