Press release
Electric Control Panel Market Opportunities, Trends, Growth Analysis And Forecast 2033
Electric Control Panel Market Opportunities
Electric Control Panel Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3.52 billion In 2028 At A CAGR Of 6.7% :
The electric control panel market size has grown strongly in recent years. It will grow from $5.47 billion in 2023 to $5.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to industrial growth, energy demand, customization needs, economic factors, infrastructure development.
The electric control panel market size is expected to see strong growth in the next few years. It will grow to $7.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to smart infrastructure development, renewable energy integration, customization and adaptability, digital transformation. Major trends in the forecast period include distributed energy systems, focus on user interface (ui) and user experience (ux), predictive maintenance, cloud integration, energy efficiency and sustainability.
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Electric Control Panel Market Major Segments
The electric control panel market covered in this report is segmented -
1) By Type: Low Tension, Medium and High Tension
2) By Form: Open, Enclosed
3) By Industry: Manufacturing, Food and Beverages, Chemical, Automotive, Power, Pharmaceutical, Oil and Gas, Aerospace and Defense
Key Driver - The Surge In Factory Automation Boosts Growth In The Electric Control Panel Market
A rise in demand for factory automation is expected to propel the growth of the electric control panel market going forward. Factory automation refers to the inclusion of automation throughout the production process. The electrical control panel industry is expanding due to an increased need for equipment safety in factory automation. Furthermore, the expansion of new industries and machinery has prompted the installation of electric control panels in workplaces, warehouses, and workshops, among other places for safety. For instance, in June 2022, according to a report released by the International Federation of Robotics, industrial automation robot sales will rebound strongly in 2021. A new high of 486, 800 units was delivered globally, a 27% increase over the previous year. With 49, 400 units sold, the Americas climbed by 27%. Asia and Australia experienced an increase in demand, with installations increasing 33% to 354, 500 units. Therefore, a rise in demand for factory automation is expected to drive the growth of the electric control panel market.
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Prominent Trend - Abb Ltd. Spearheads Electric Control Panel Market With Innovative Smart Monitoring Solutions For Enhanced Power Measurement And Analysis
Product innovation is a key trend gaining popularity in the electric control panel market. Major players operating in the market are developing advanced products with smart monitoring technologies to sustain their position in the market. For instance, in February 2022, ABB Ltd., a Switzerland-based electrical control panel company, launched smart monitoring solutions for electric power measurement and monitoring meters. Such meters provide basic to comprehensive power quality analysis as well as precise monitoring of energy assets for residential, industrial, and commercial building sectors. The recently released M1M11, M1M DS, M1M 20B, and M1M 30B power quality monitoring requirements inside commercial and industrial facilities addressing the primary submetering requirements simply and affordably in motor control centers, power factor correction boards, or sub-distribution switchboards.
Electric Control Panel Market Players
Major companies operating in the electric control panel market report are ABB Ltd., Siemens AG, Eaton Corporation plc, Rockwell Automation Inc., SIMON PROtec Deutschland GmbH, General Electric Company, Leviton Manufacturing Company Inc., Paneltronics Inc., CETAL SAS, Bectrol Inc., Penbro Kelnick (Pty) Ltd., Konark Automation, B&B Assemblies LLC, Schneider Electric SE, Honeywell International Incorporation, Emerson Electric Company, Simplex System Controls Inc., Walther Electric Inc., Horlick Technologies LLC, Avatar Instruments Corporation, Mitsubishi Electric Factory Automation, AmSafe Inc., Precision Mfg. Co. Inc., Custom Manufacturing & Engineering Inc., Rittal GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, Chint Group Co. Ltd., WEG Electric Corporation, Delta Electronics Inc., Fuji Electric Co. Ltd.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric control panel market share in 2023. The regions covered in the electric control panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Control Panel Market Report Structure
3. Electric Control Panel Market Trends And Strategies
4. Electric Control Panel Market - Macro Economic Scenario
5. Electric Control Panel Market Size And Growth
…..
27. Electric Control Panel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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