Electric Control Panel Market Size to Hit USD 9,096.16 Million by 2030 - Growth Analysis by The Insight Partners

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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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.

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.

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. 

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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This release was published on openPR.