Electric Control Panel Market Expected to Reach $10.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Control Panel Market," The electric control panel market was valued at $6.0 billion in 2022, and is estimated to reach $10.3 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032.

The evolution of electric control panels spans several decades, marked by advancements in technology, changes in industrial practices, and increase in complexity of electrical systems. The earliest electric control systems involved manual switches and rudimentary circuitry to control basic electrical functions. Control panels were often simple and designed for specific applications in industries like manufacturing and early power plants.

Further in mid-20th century, relay logic components were introduced, which allowed for more complex control sequences. Relay-based control panels enabled automation in industrial processes, improving efficiency and reducing the need for manual intervention. Solid-state components replaced relays, leading to more compact, reliable, and efficient control panels. Programmable logic controllers (PLCs) became widely used in electric control panels, providing greater flexibility in controlling and monitoring processes.

In recent years, control panels have evolved to become more intelligent and connected. IoT technologies enable remote monitoring, predictive maintenance, and data analytics for enhanced efficiency and performance which will boost the electric control panel market share in electric equipment market. Cloud connectivity allows for centralized control and monitoring of distributed systems. Modern electric control panels emphasize energy efficiency and sustainability, aligning with global efforts to reduce environmental impact. Energy management features, real-time monitoring, and the integration of renewable energy sources contribute to rise in electric control panel market trends.

Electric control panel systems are designed to integrate several electrical components for regulation, monitoring, and management of electrical power distribution within a facility or system. Electric control panels play an important role in guaranteeing secure, effective, and dependable functioning of electrical equipment. 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 boost electric control panel market size in the forecast period.

Electric control panel industry includes several electrical components such as circuit breakers, switches, relays, meters, transformers, and programmable logic controllers (PLCs). The arrangement of electrical components in electric control panel allows for the control and distribution of electrical power to different devices and machinery, as well as the monitoring of various electrical parameters such as voltage, current, and power consumption. In addition, electric control panels are flexible and can be tailored to meet the specific requirements of the application. Electric control panels are essential in automating processes as the device manages the power distribution and ensures the safety and reliability of electrical systems in diverse situations.

Electric control panels allow for the optimization of energy usage, minimizing wastage and enhancing overall efficiency in power distribution and consumption. On a global scale, the adoption of renewable energy sources is experiencing a significant surge. Electric power control becomes vital for seamlessly integrating intermittent sources such as solar and wind into traditional power grids, which is expected to boost the electric control panel market outlook during forecast period.

Furthermore, electric control panels allow for effective load management while ensuring that electrical devices and systems receive the required amount of power. Electric control panels assist in preventing overloading, reducing the risk of equipment failure, and extending the lifespan of electrical components. With a growing emphasis on energy conservation and sustainability, there is increased focus on improving the efficiency of power systems. Electric control panel technologies contribute to enhancing energy efficiency by enabling better monitoring, control, and management of power consumption, which is expected to drive the global electric control panel market growth during the forecast period.

Supportive government policies and regulations, such as incentives for renewable energy and energy efficiency, encourage investments in advanced electric control panel technologies. These policies create a favorable environment for global electric control panel market opportunities in forecast period.

The electric control panel market research is segmented on the basis of type, voltage, application, and region. On the basis of type, the market is categorized into power and distribution, automation and instrumentation, power and control, and DG control. On the basis of voltage, the market is divided into high, medium, and low. On the basis of application, the market is categorized into residential, commercial, manufacturing, and industrial automation, power generation, agriculture, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The electric control panel market overview includes the study of the with respect to the growth prospects and restraints based on the regional analysis.

On the basis of type, the power and distribution segment accounted for the largest market share in 2022 and is expected to grow at the CAGR of 6.3% from 2023 to 2032. Surge in demand for efficient power and distribution equipment in industrial application fuels the demand for power and distribution panels in the market.

On the basis of voltage, the medium voltage segment accounted for the largest market share in 2022 and the segment is expected to grow at the CAGR of 6.1% from 2023 to 2032. The medium voltage is widely accepted in the electrical market. Medium voltage panels manage the flow of current in different large size equipment which are used in industries.

On the basis of application, the manufacturing and industrial automation segment accounted for the largest market share in 2022 and is expected to grow at a CAGR of 6.5% from 2023 to 2032. The strong demand for effective electric control panels in manufacturing and industrial automation operations drives the panel demand in this segment.

On the basis of region, Asia-Pacific segment accounted for the largest share in 2022 and segment is anticipated to grow at a CAGR of 5.5% from 2023 to 2032. The Asia-Pacific electric control panels market is expected to experience growth in the forecasted period due to the increase in the number of manufacturing industry projects in India and China.

The electric control panel market analysis covers in-depth information of the major industry participants. Some of the major players included in electric control panel market report are 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. 

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.

Key Findings Of The Study:

• On the basis of type, the power and distribution segment is expected to grow at a CAGR of 6.1%, in terms of revenue, during the forecast period.
• On the basis of voltage, the medium voltage segment is expected to grow at a high CAGR, in terms of revenue, during the forecast period.
• On the basis of application, the manufacturing and industrial automation segment is expected to grow at a CAGR of 6.5%, in terms of revenue, during the forecast period.
• On the basis of region, the Asia-Pacific region is expected to grow at a high CAGR, in terms of revenue, during the forecast period.