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Emerging Trends Influencing The Growth Of The Electric Control Panel Market:ABB Ltd. Spearheads Electric Control Panel Market With Innovative Smart Monitoring Solutions For Enhanced Power Measurement And Analysis
Electric Control Panel
How Big Is the Electric Control Panel Market Size Expected to Be by 2034?
The market size for the electric control panel has seen significant expansion in the past few years. Its value is projected to increase from $5.77 billion in 2024 to $6.14 billion in 2025, showing a compound annual growth rate (CAGR) of 6.5%. Factors such as industrial expansion, the demand for energy, customization requirements, economic conditions, and infrastructure development have contributed to the growth in the historic period.
The market for electric control panels is anticipated to experience substantial growth in the coming years, with its valuation projected to reach $8.18 billion in 2029, registered at a compound annual growth rate (CAGR) of 7.4%. This predicted growth during the forecast period can be credited to factors such as the development of smart infrastructure, the integration of renewable energy, customization and adaptability, and digital transformation. In the same period, key trends such as distributed energy systems, emphasis on user interface (UI) and user experience (UX), predictive maintenance, integration with the cloud, energy efficiency and sustainability will also contribute to this growth.
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What Are the Emerging Segments Within the Electric Control Panel Market?
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
Subsegments:
1) By Low Tension: Distribution Boards, Motor Control Centers (MCCs), Switchgear Panels
2) By Medium Tension: Medium Voltage Switchgear, Control Panels For Substations
3) By High Tension: High Voltage Switchgear, Protection And Control Panels
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What Long-Term Drivers Are Shaping Electric Control Panel Market Trends?
The anticipated surge in demand for factory automation is set to drive the expansion of the electric control panel market in the future. This is due in part to the integration of automation into all aspects of the manufacturing process. The electrical control panel sector is growing as a result of the rising requirement for machinery safety in factory automation. In addition, new industries and machinery development have necessitated the installation of electrical control panels in various locations such as workplaces, warehouses, and workshops for safety reasons. For example, a report by the International Federation of Robotics, a non-profit organization based in Germany, showed that industrial automation robot sales in September 2024 amounted to 4,281,585 units, a 10% increase from 541,302 units in 2023. As such, the anticipated surge in demand for factory automation is expected to stimulate growth in the electric control panel market.
Who Are the Top Competitors in Key Electric Control Panel Market Segments?
Major companies operating in the electric control panel market 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.
What Electric Control Panel Market Trends Are Gaining Traction Across Different Segments?
The trend of product innovation is gaining traction in the electric control panel market as key operators focus on unveiling enhanced products equipped with smart monitoring technologies. This strategy allows them to maintain their market foothold. For example, in February 2022, ABB Ltd., a company specializing in electrical control panels based in Switzerland, introduced smart solutions for monitoring electric power measurement and meters. These meters have the capability to perform a simple to complex analysis of power quality, as well as precise monitoring of energy assets in residential, industrial, and commercial buildings. The recently unveiled M1M11, M1M DS, M1M 20B, and M1M 30B assist in monitoring power quality in commercial and industrial facilities by addressing the primary submetering needs in a straightforward and cost-effective manner within motor control centers, power factor correction boards, or sub-distribution switchboards.
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Which Regions Are Becoming Hubs for Electric Control Panel Market Innovation?
Asia-Pacific was the largest region in the electric control panel market share in 2024. The regions covered in the electric control panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Control Panel Market?
2. What is the CAGR expected in the Electric Control Panel Market?
3. What Are the Key Innovations Transforming the Electric Control Panel Industry?
4. Which Region Is Leading the Electric Control Panel Market?
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