Press release
Electric Control Panel Market Expected to Achieve 7.4% CAGR by 2029: Growth Forecast Insights
Electric Control Panel Market Size
How Large Will the Electric Control Panel Market Size By 2025?
There has been a robust growth in the electric control panel market in the recent past. The expansion is projected to continue, with the market value soaring from $5.77 billion in 2024 to $6.14 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.5%. Factors such as industrial advancement, energy requirement, customization demand, financial influences, and infrastructure progression are responsible for the growth experienced in the historic period.
How Big Is the Electric Control Panel Market Size Expected to Grow by 2029?
The market size for electric control panels is forecasted to witness a significant surge in the coming years, reaching $8.18 billion in 2029 with a compound annual growth rate (CAGR) of 7.4%. Factors contributing to the projected growth during the forecast period include the development of smart infrastructure, incorporation of renewable energy sources, customization and adaptability, and digital transformation. Key trends during this period include the rise of distributed energy systems, emphasis on user interface (UI) and user experience (UX), predictive maintenance, integration with the cloud, and a strong focus on energy efficiency and sustainability.
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Which Key Market Drivers Powering Electric Control Panel Market Expansion and Growth?
The growth of the electrical control panel market is predicted to be fueled by an increasing demand for factory automation. Factory automation signifies the integration of automated systems into the entire manufacturing process. The mounting necessity for equipment safety in automated factories is leading to the growth of the electric control panel sector. Additionally, the arrival and growth of new industries and machinery is encouraging the implementation of these panels in various sites like workplaces, warehouses, and workshops to maintain safety. For instance, a report published by the International Federation of Robotics, a non-profit organization based in Germany, stated that the sales of industrial automation robots had seen a 10% increase from 541,302 units in 2023 to 4,281,585 units in September 2024. Consequently, the electric control panel market's expansion is expected to be consistently driven by the growing need for factory automation.
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Which Fast-Growing Trends Are Poised to Disrupt the Electric Control Panel Market?
The trend of product innovation is increasingly being recognized in the electric control panel market. Major industry participants are unveiling highly advanced products equipped with smart monitoring technologies as part of their strategy to maintain market significance. For illustration, in February 2022, ABB Ltd., a company based in Switzerland that specializes in electrical control panels, introduced smart monitoring solutions specifically for electric power meter measurement and monitoring. These meters conduct everything from fundamental to comprehensive power quality analysis. They also precisely monitor energy assets in the residential, industrial, and commercial building sectors. The M1M11, M1M DS, M1M 20B, and M1M 30B are the newly introduced power quality monitoring solutions that cater to primary submetering needs in a simple and cost-effective manner, whether it's for motor control centers, power factor correction boards, or sub-distribution switchboards.
What Are the Emerging Segments in 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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Who Are the Global Leaders in the Electric Control Panel Market?
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.
Which are the Top Profitable Regional Markets for the Electric Control Panel Industry?
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.
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