Electric Control Panel Market Revenue to Cross US$ 9,096.16 million by 2030: The Insight Partners

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.

In 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 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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Market Insights - Electric control panel Market

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 Asia Pacific.

Industry-Based Insights

Based on industry, the electric control panel market is segmented into manufacturing, chemical, automotive, food & beverages, power, oil & gas, pharmaceutical, aerospace & defense, and others. The others segment include the marine & textile industries. The type of control panel used varies depending on the industry and the requirement of the particular industry.

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Impact of COVID-19 Pandemic on Electric Control Panel Market

The tremendous spread of SARS-CoV-2 urged governments worldwide to impose strict restrictions on vehicles and human movement in 2020. The subsequent travel restrictions, mass lockdowns, and business shutdowns affected economies and countless industries in various countries. The lockdown imposition resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, food & beverages, oil & gas, textile, and other industries have witnessed a decline in their operations due to the temporary suspension of production activities. The electric control panel market share players also experienced a slowdown in the orders because manufacturing facilities were operating with a limited workforce or were temporarily shut down in 2020. However, different markets reopened in Q4 of 2020. Factories resumed their work in 2021, and almost every industry resumed its production. As a result, the demand for electric control panels is expected to rise globally during the forecast period.

The COVID-19 pandemic severely affected the US, followed by other North American countries. Amid the strict regulations imposed by the US government during Q2 of 2020, the majority of the manufacturing facilities were either temporarily shut down or were operating with minimum staff. Moreover, the pandemic and social restrictions also caused disruptions in component and part supply chains which resulted in transportation of electrical components slow and delay in projects depending on the components in the region.

The electric control panel market is segmented into form, type, industry, and geography. Based on form, the market is bifurcated into Enclosed and Open. Based on type, the market is bifurcated into Low Tension and Medium and High Tension. Based on industry, the market is segmented into manufacturing, chemical, automotive, food & beverages, power, oil & gas, pharmaceutical, textile, and other. By geography, the electric control panel market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

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Contact info
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

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,

This release was published on openPR.