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Electric Control Panel Market is expected to reach US$ 9,096.16 Million by 2030, Globally, with a CAGR of 6.5% from 2022 to 2030 - Latest Research by The Insight Partners

06-24-2022 07:46 PM CET | Industry, Real Estate & Construction

Press release from: The Insight Partners

Electric Control Panel Market

Electric Control Panel Market

Electric control panels are rigid enclosures combining electric devices that use electrical energy to monitor and control the functions of machinery or mechanical equipment. It comprises two parts-electrical components and panel enclosure. The composition of electric control panels varies with industry, and they can be customized accordingly. The electric control panels have controllers, switchgear, indication lamps, relays, push buttons, and PLCs. The distribution panels are provided with safety/protection advice associated with phase reversal, low and high voltage relays, simple phase prevention, phase imbalance, reverse power, over and under frequency relays, and restricted earth fault.

Control panels are either open or enclosed, containing circuit components control, power circuit components control, or a combination of both. The electric panel operates on a wide range of industrial equipment, including motors, industrial pumps, engines, heaters, machinery, HVAC systems, and lighting. Designing and deploying in the electric control panel market can be complicated as even a small glitch in these control panels can lead to huge problems. Therefore, enterprises must procure control panels from trusted brands that are certified as per industrial standards.

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According to our latest market study on "Electric Control Panel Market Forecast to 2030 - COVID-19 Impact and Global Analysis - by Form, Type, and Industry," the market is expected to grow from US$ 5,507.35 million in 2022 to US$ 9,096.16 million by 2030; it is estimated to grow at a CAGR of 6.5% from 2022 to 2030.

Asia Pacific dominated the electric control panel market size in 2021 and is expected to continue its dominance throughout the forecast period. Most government agencies anticipate achieving Industry 4.0 goals within the next five years. Effective legislative frameworks, such as making a new spectrum accessible for better connectivity and boosting creativity in new solutions, would be required to achieve this in Industry 4.0 standards. Mudigubba Solar Park 2000 MW is a project with a budget of US$ 2,400 million. Construction began in Q3 2021 and is projected to be completed in Q4 2023. The project seeks to provide the farming sectors with nine hours of continuous power during daylight hours. Considering all the above-mentioned factors, these energy projects and the rise in demand for electricity will generate the demand for control panels and thus propel the electric control panel market in the Asia Pacific.

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Electric Control Panel Market: Competitive Landscape and Key Developments

ABB Ltd.; Bectrol; Cetal; Eaton; Leviton Manufacturing Co., Ltd.; RITTAL GMBH & CO. KG; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; and SIMON PROtec are a few key players in the ecosystem that have been profiled during the electric control panel market analysis.

Players operating in the electric control panel market are mainly focused on the development of advanced and efficient products.

1. In February 2022, ABB India, an engineering and industrial equipment maker, introduced a new line of electric measuring and power monitoring meters for electrical and control panels.

2. In November 2020, Siemens AG's intelligent, adaptive infrastructure firm announced the integration of Control Panel Design into the TIA Selection Tool, adding additional electrical planning tools to the Siemens configuration and ordering software.

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Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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