Electric Control Panel Market Size Worth US$ 9,096.16 million By 2030 | CAGR 6.5%: The Insight Partners

The Electric Control Panel Market is expected to reach nearly US$ 9,096.16 million by 2030, growing at a moderate pace of 6.5% during the forecast period of 2022-2030, according to a new research report published by The Insight Partners. The study attributes this growth to the rising demand for better infrastructure and improved safety standards in various industries. Additionally, the increasing adoption of renewable energy sources is also projected to drive market growth in the coming years.

The electric control panels have high replacement and deployment costs. This factor is hindering the growth of the overall electric control panel market. IEC 60204-1, UL 508A, National Fire Protection Agency (NFPA) 70/79A, and BS EN 61439-2 are a few major safety standards developed for the installation of the best safe control panel. The electric control panel manufacturers must comply with these standards. The steady growth in industries will continue to boost the adoption of electric control panels, which will influence the electric control panel market growth.

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Factory automation in manufacturing environments frequently employs pneumatic systems, hydraulic systems, and robotic arms to produce a more complicated system. High energy efficiency, stringent safety regulations, and better design result in outstanding production levels in automated factories. Moreover, automation can help lower process costs and ensure workers' safety in adverse environments. An electrical control panel is a group of electrical devices that use electricity to regulate the mechanical functioning of industrial machinery or equipment. The existing renewable energy sources (RES) system is integrated with digital information processing and enhanced telemetry systems in the smart grid SCADA system. The rising integration and automation of the electric microgrid and utility grids present new energy management development aspects. The demand for factory automation is a significant driving factor for the electric control panel market size. Moreover, increased investments in new construction and production prompt the expansion of electrical installations in warehouses, factories, and distribution facilities. The implementation of control panels in renewable energy production and distribution applications is another area of revenue growth for the electric control panel market share players.

Mobile machinery panels allow for quick and exact setup and positioning during commissioning, even for bigger manufacturing facilities, complex or enclosed machines, long materials handling or production lines, and conveyor systems. These panels also help machine operators ensure less time for operations such as retooling, maintenance, and repairs. For example, Siemens offers SIMATIC HMI Mobile Panels with a 4, 7, or 9-inch display and a PROFINET connection. The panels aid greater flexibility and convenience to users. The stunning widescreen display, with a 16:9 aspect ratio and 16 million colors, offers a clear, detailed representation of simple and complicated processes and plant images. Moreover, the unique lighted emergency STOP button, three-step enabling switch, and customizable analysis choices of safety elements support the integration of individual control units within a safety architecture for the mobile machinery.

The electric control panel market is segmented based on form, type, industry, and geography. Based on form, the electric control panel market is segmented into Enclosed, Open. Based on type, the electric control panel market is segmented into Low Tension, Medium and High Tension. Based on industry, the electric control panel market is categorized into Manufacturing, Chemical, Automotive, Food and Beverages, Power, Oil and Gas, Pharmaceutical, Textile, Other. On the basis of geography, the electric control panel market size is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

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Key Findings of Study:

The global electric control panel market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America accounted for the largest electric control panel market share in 2021; however, the Asia Pacific electric control panel market is expected to grow with the highest CAGR during the forecast period. In the US, the rising disposable income and improvements in the standard of living are increasing the demand for consumer and commercial projects which require electric control panels. The electric control panels provide several advantages for experts, and they can create and organize the process control of various machines and operations using the controls offered on a panel. Industries might expect a reduction in overall processing costs due to enhanced efficiency. The miniaturization of devices demand is high with the growing popularity of AI (Artificial Intelligence) and Industry 4.0. Many manufacturers are investing a massive amount of capital in developing consumer and commercial electrical digitization systems, such as for home and factory automation. These factors are boosting the North America electric control panel market growth.

According to an IEA report, Asia Pacific is one of the world's fastest-growing regions in terms of electricity demand. Over the last 20 years, the demand for electricity has increased yearly by over 6%, driven by rising household and industrial equipment ownership and the growing use of products and services. The reduction in electricity demand is predicted to decline by ~1% due to the COVID-19 pandemic. The demand for electricity in Indonesia is likely to remain stable for the rest of the year, following a ~11% decline. The successfully ramped-up renewable energy projects to meet rising electricity demand and ensure access to electricity in rural areas of other Asia Pacific countries have increased the critical problems for the power sector. Although environmental effects are increasingly weighing into energy policy decisions, countries have prioritized cost and security while choosing a fuel for power generation throughout the last two decades.

Electric Control Panel Market: Competitive Landscape and Key Developments

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 size and its ecosystem.

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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 Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

This release was published on openPR.