Press release
Future Perspectives: Key Trends Shaping the Electric Control Panel Market Until 2029
Electric Control Panel Market
Projected Market Size and Growth of the Electric Control Panel Market
The electric control panel market is anticipated to expand significantly, reaching a valuation of $7.9 billion by 2029. This reflects a compound annual growth rate (CAGR) of 6.9%. The market growth is fueled by factors such as the development of smart infrastructure, integration of renewable energy sources, the need for customizable and adaptable solutions, and ongoing digital transformation efforts. Key trends expected to influence the market include the rise of distributed energy systems, an increased focus on user interface (UI) and user experience (UX), predictive maintenance technologies, cloud integration, and a growing emphasis on energy efficiency and sustainability.
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Leading Companies Driving the Electric Control Panel Industry
Several prominent companies dominate the electric control panel sector, including 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, 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., and Fuji Electric Co. Ltd.
Strategic Expansion Through Acquisitions in the Market
In April 2023, HIMOINSA S.L., a manufacturer based in Spain specializing in diesel and gas generator sets, acquired Powersil for an undisclosed amount. This move forms part of HIMOINSA's broader growth strategy aimed at bolstering its position within the power generation industry while enhancing its industrial, technical, and service capabilities. Powersil, headquartered in Portugal, is known for producing electric control panels and generator sets.
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Emerging Trends Fueling Innovation in Electric Control Panels
One of the major trends in the electric control panel market is the emphasis on product innovation. Leading companies are focusing on developing advanced products equipped with smart monitoring technologies to maintain competitive advantage. For example, in February 2022, ABB Ltd., a Switzerland-based manufacturer, introduced smart monitoring solutions designed for electric power measurement and monitoring meters. These devices offer a range of power quality analyses and precise monitoring of energy assets across residential, industrial, and commercial sectors. The newly launched M1M11, M1M DS, M1M 20B, and M1M 30B meters effectively address submetering requirements in motor control centers, power factor correction boards, and sub-distribution switchboards in commercial and industrial facilities.
Market Segmentation and Share Outlook in the Electric Control Panel Market
This report segments the electric control panel market into various categories:
1) By Type: Low Tension, Medium Tension, and High Tension
2) By Form: Open and Enclosed
3) By Industry: Manufacturing, Food and Beverages, Chemical, Automotive, Power, Pharmaceutical, Oil and Gas, Aerospace and Defense
Further breakdown includes:
- Low Tension panels such as Distribution Boards, Motor Control Centers (MCCs), and Switchgear Panels
- Medium Tension panels including Medium Voltage Switchgear and Control Panels for Substations
- High Tension panels comprising High Voltage Switchgear and Protection and Control Panels
These segments reflect the diverse applications and specific technical requirements across industries, underscoring the broad scope and complexity of the electric control panel market.
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