Electric Control Panel Market to hit $9,096.16 million, Globally, by 2028 at 6.5% CAGR: The Insight Partners

According to the new research report published by The Insight Partners, titled "lectric 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.

The key stakeholders in the electric control panel market growth are raw material providers, electric control panel manufacturers, and industries. Raw material providers offer components/parts such as enclosure, circuit breakers, surge arresters, transformers, terminal blocks, programmable logic controllers, network switches, relays and contactors, and human-machine interface (HMI) to electric control panel manufacturers. Manufacturing, chemical, automotive, food & beverages, power, oil & gas, pharmaceutical, and textile are a few industries where electric control panel is used.

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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.

Pharmaceutical companies in European countries are the major end users of electric control panel market. With the growing number of hospitals and clinics, the demand for electric control panels is also increasing in the region. APAC electric control panel market size comprises several developing economies, including China, India, Singapore, Vietnam, and other Southeast Asian countries, and developed economies, such as Japan and Australia. The flourishing power & manufacturing sectors in China, Japan, Taiwan, India, and South Korea are expected to create lucrative opportunities for the electric control panel market players. Further, countries in the MEA and SAM are also witnessing the adoption of electric control panels in electric control panel market due to expanding business operations in oil & petroleum refineries, energy utilities, and automotive industries. This is anticipated to boost the electric control panel market size growth in these regions during the forecast period.

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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.

The List of Companies - Electric Control Panel Market 

Eaton, ABB Ltd., Siemens AG, Rockwell Automation Inc., and Rittal GMBH & Co. Kg are a few key electric control panel market players. Several other major market players were analyzed for a holistic view of the global electric control panel market growth and its ecosystem.

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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, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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