Electric Control Panel Market Research, 2032
The global electric control panel market was valued at $6.0 billion in 2022, and is projected to reach $10.3 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032.
Key Report Highlighters:
- The report outlines the current electric control panel trends and future scenario of the market from 2023 to 2032 to understand the prevailing opportunities and potential investment pockets.
- The global electric control panel market size has been analyzed in terms of value ($ billion). The analysis in the report is provided for 4 major regions and more than 15 countries.
- The electric control panel market is fragmented in nature with few players such as ABB, Eaton., Schneider Electric, INDUSTLABS, Rockwell Automation Inc. which hold a significant share of the market.
- The report provides strategy planning and industry dynamics to enhance decision making for existing market players and new entrants entering the electric control panel market
An electric control panel is a metal box or plastic molding, which contains important electrical components to control energy flow. The structure of the electrical control panel is designed to hold maximum electric equipment within its boundaries by keeping all running systems safe. Electric control panels hold several electrical components such as circuit breakers and fuses, switches and indicators, relays, meters, control logic, transformers, busbars, enclosures, and others. Electric control panel is also known as an electrical control panel. Electric control panels play a crucial role in managing and regulating the flow of electricity within a system or facility.
Electric control panel device enables an individual to control all electric equipment, appliances, and circuits mechanically by using electric energy. Electric control panels provide full access to the whole electric system of a specific location within one large electric board to an operator. With this access, operators are able to monitor and maintain the entire electric power system. To resolve issues and troubleshooting, an electrical control panel stands out as the fastest and most efficient method. In addition, the inclusion of multiple protection devices in an electrical control panel enhances the safety of the entire power system.
Furthermore, electric control panels offer numerous advantages. Electric control panels enhance the reliability of the electric system by providing real-time data on every change occurring within the power system. Electric control panels are outfitted with control mechanisms, which enable the optimization of energy usage, reducing wastage, and thereby enhancing overall efficiency in both power distribution and consumption patterns. This is anticipated to contribute to the electric control panels market growth during the forecast period.
Electric control panels are affordable and easy to use and understand. Even intricate industrial power supply systems may be efficiently managed through a single electric control panel. The electric control panel simplifies tracking and troubleshooting of issues across the entire system by facilitating a straightforward assessment of the functionality of all equipment and lines at the electrical control panel. This, in turn, is expected to propel the growth of the global electrical control panel market outlook during the forecast period.
Moreover, electric control panels serve as cost-effective and easily customizable power control devices. Electric control panels ensure the safety, reliability and efficient working of electric equipment in the production processes. As per the electric control panel market forecast, these devices are commonly used for automating the production process in various industries such as oil and gas, automotive, food and beverages, pharmaceuticals, and manufacturing, commercial, agriculture and residential. Growing demand for integrated clean energy sources such as solar and wind in commercial and residential applications will boosts electric control panel market size in forecast period..
Furthermore, increase in trend towards automation in various industries requires sophisticated electric control panel systems. Electric control panels play a central role in automating and controlling complex industrial processes with energy flow, which is expected to increase the demand for electric control panels during the forecast period. Electric control panels equipped with energy-efficient components and advanced monitoring capabilities contribute to improved energy management, which drives the higher adoption of electric control panels in residential and commercial applications.
In addition, the ongoing global industrialization trend and electrification of rural areas, in emerging economies creates growth opportunities for electric control panels market. Governments of developing countries are investing in several projects to enhance operational efficiency and productivity of the production sector, which is expected to boost the electric control panels market in coming years.
In developing countries, several industries still operate with older power systems, which may not be easily compatible with modern electric control panels. Retrofitting existing systems to accommodate new control technologies may be complex and expensive. The initial cost of implementing electric control panels, especially with advanced technologies and features may be high. The high cost of devices may act as a restrain for smaller enterprises and projects with limited budgets.
The design, installation, and maintenance’ of complex electric control panels often require specialized technical expertise. As per electric control panel market research, several countries are facing a shortage of skilled professionals for establishing a connection for high power electrical control board, which is expected to pose a challenge for electric control panel industry to grow in the near future. Lower after sale services and maintenance of devices may impact the adoption of advanced electric control panel during the forecast period.
The electric control panel market is segmented on the basis of type, voltage, application, and region. By type, the market is classified into power and distribution, automation and instrumentation, power and control, and DG control. By voltage, the market is classified into high, medium, and low voltage. By application, the market is classified into residential, commercial, manufacturing, and industrial automation, power generation, agriculture, and others. Region-wise, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
By type, the market is classified into power and distribution, automation and instrumentation, power and control, and DG control. In 2022, the power and distribution segment dominated the market owing to rise in demand for electricity to industry process, homes, businesses, and infrastructure in urban areas, which drives the need for power and distribution devices. The automation and instrumentation segment is expected to grow with the highest CAGR in the market, owing to easy installation of instrument panels, as automation and instrumentation panels allow the power to distribute and lower the chance of incident.
By voltage, the market is classified into high, medium, and low voltage. In 2022, the medium voltage segment dominated the market as medium voltage electric control panels are used in industries expand and modernize. Medium voltage electric control panels are efficient to manage and control larger and more complex electrical systems and equipment, which boosts its demand in the market.
By application, the market is classified into residential, commercial, manufacturing, and industrial automation, power generation, agriculture, and others. In 2022, the manufacturing and industrial automation segment dominated the market, owing to substantial investments by the manufacturing sector in the automation of production processes across various industries.
By region, the market is classified into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region had the largest market size in 2022, in terms of value. The Asia-Pacific region comprises numerous developed and developing countries, which are continuously investing in the production sector. The sustained expansion across various major industrial sectors in the Asia-Pacific region is anticipated to drive the demand for electric control panels during the forecast period. In addition, the growing population in countries such as China and India, leading to an increased demand for residential infrastructure is expected to further boost the need for electric control panel in the Asia-Pacific region.
Impact of Russia and Ukraine war on electric control panel market
The conflict between Russia and Ukraine has a significant impact on the energy sector. Russia’s invasion of Ukraine has created shock waves in the global energy market, leading to price volatility, supply shortages, and security issues. The war further affected power production activities due to the economic sanctions and foreign policy directives issued by Western countries. A global disruption in energy supply due to the Russia-Ukraine war affected the prices of oil commodities as well as impacted several production and economic activities.
For instance, in October 2022, European countries adopted an emergency regulation to address high energy prices and help citizens and businesses that are most affected by the energy crisis.
The electric control panel market overview includes the study of the with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the electric control panel industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth. In addition, electric control panels incorporate safety features, emergency stops, and protective measures to comply with safety standards and mitigate risks associated with automated processes which are expected to support the growing electric control panel market share in the coming years.
Strategic developments undertaken by key players
Major players operating in the electric control panel market report include ABB, Eaton., Schneider Electric, INDUSTLABS, Rockwell Automation Inc, Keltour, General Electric, WEG., Electra-Tech, and Power Industrial Controls. Companies are focusing on expansion and entering into agreements, contracts, and launching new products to remain competitive in the market. Some of the global electric control panel market news are -
For instance:
- In November 2023, ABB decided to launch Protecta Power panel board product, which supports flexible power distribution in various applications. Protecta Power panel board is designed for commercial, industrial, and institutional buildings, and is the latest generation of panel board, integrating the latest digital monitoring and control technologies.
- In July 2023, Schneider Electric upgraded its production with enhanced functionality, app-based control, and energy monitoring, providing a cost-effective way to manage home energy and reduce utility costs.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric control panel market analysis from 2022 to 2032 to identify the prevailing electric control panel market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric control panel market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electric control panel market trends, key players, market segments, application areas, and market growth strategies.
Electric Control Panel Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 10.3 billion |
 Growth Rate | CAGR of 5.8% |
 Forecast period | 2022 - 2032 |
 Report Pages | 350 |
 By Type |
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 By Voltage |
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 By Application |
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 By Region |
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 Key Market Players | Rockwell Automation Inc., keltour controls inc, GENERAL ELECTRIC, WEG., Schneider Electric, ABB, Power Industrial Controls, Electra-Tech, Eaton, INDUSTLABS |
Analyst Review
The CXOs of major corporations claim that the spread of COVID-19 and Russia Ukraine war caused a considerable and quick reduction in the global economic activity. Pandemic had a detrimental effect on the market. Pandemic and war consequences on market include fluctuation in crude oil price, negative net income and revenue of electric component manufacturers, which impact the growth of the electric control panel market.
There has been decrease in demand for electric component products during the pandemic period. Post COVID-19, the demand for electric components and energy consumption increased at an extremely high rate, which helped the electric control panel industry to cover up the losses. Manufacturers of electric control panels are anticipated to enhance their manufacturing capacity and mergers to broaden their customer base and global presence.
Furthermore, ongoing advancements in technology, such as integration of smart features, automation, and remote monitoring capabilities in electric control panels, offer opportunities for innovation and differentiation, which is expected to drive the electric control panel market growth during the forecast period. The global shift towards renewable energy sources creates opportunities for electric control panel manufacturers to provide solutions that facilitate the integration of solar, wind, and other clean energy technologies into power systems. Government support and investment plans to increase production capacity of electric components are projected to boost the growth of the global electric control panel market. Hence, long term adoption of the electric control panel in the renewable energy, automation sector helps to lower the income risk for producers and expand the production of electric control panel in the near future.
The global electric control panel market was valued at $6.0 billion in 2022, and is projected to reach $10.3 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032.
Adoption of renewable energy boost the demand for electric control panel in the market
Manufacturing and industrial automation is the leading application of Electric Control Panel Market
Major players operating in the electric control panel market include ABB, Eaton., Schneider Electric, INDUSTLABS
Asia-Pacific is the largest regional market for Electric Control Panel.
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