New York, June 24, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Electric Control Panel Market Forecast to 2030 - COVID-19 Impact and Global Analysis By Form (Enclosed and Open), Type (Low Tension and Medium and High Tension), and Industry (Manufacturing, Chemical, Automotive, Food & Beverages, Power, Oil & Gas, Pharmaceutical, Aerospace & Defense, and Others)”, the global electric control panel market size is expected to grow from US$ 5,507.35 million in 2022 to US$ 9,096.16 million by 2030; it is expected to grow at a CAGR of 6.5% from 2022 to 2030.
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Electric Control Panel Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 5,507.35 million in 2022 |
| Market Size Value by | US$ 9,096.16 million by 2030 |
| Growth rate | CAGR of 6.5% from 2022 to 2030. |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| No. of Pages | 150 |
| No. Tables | 83 |
| No. of Charts & Figures | 87 |
| Historical data available | Yes |
| Segments covered | Form, Type, and Industry |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Electric Control Panel Market: Competitive Landscape and Key Developments
Eaton, ABB Ltd., Siemens AG, Rockwell Automation Inc., and Rittal GMBH & Co. Kg are a few key electric control panel market players. Several other major market players were analyzed for a holistic view of the global electric control panel market size and its ecosystem.
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In 2022, Leviton announced the extension of its award-winning Decora Smart product line, which provides a comprehensive portfolio of Wi-Fi lighting controls with a solution for every room and house. The latest devices have expanded Leviton’s smart lighting control options for customers, including a new No-Neutral Switch and Dimmer for those living in older homes and two new 2nd Gen devices that are compatible with Amazon Alexa, Hey Google, and HomeKit/Siri to address and support user voice assistant preferences.
In 2021, ABB India joined with Indore Smart City Development Ltd (ISCDL) to implement next-generation digital technology that assures uninterrupted power supply to households and businesses.
In electric Control panel market, the increased use of electric control panels in mobile machinery such as cranes, hoisting machines, and elevator controls benefits the market for industrial control panels. Remote I/O (i.e., input/output) panels placed near the applications are also known as ET-extended termination stations. These remote-operated panels terminate all cabling from the field devices and equipment. As remote I/O panels can be moved with the movable gear in the operating field, they can save significant amounts required for wiring. Thus, the growing use of electric panels in mobile machinery boosts the electric panel market.
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In the US, Canada, and the European Union, electric control panels (ECPs) must meet several regulatory requirements, including compliance with specified standards and listings. ECPs in the US must adhere to NEC Article 409, section 110.3(B), and ANSI/NFPA 70. A manufacturer can incur overhead costs if the local authorities having jurisdiction (AHJ) identify unapproved panels in the market. In addition to improvements in components that are added to control panels, the manufacturing process of electric control panels has also improved.
Previously, a manufacturer would use a tape measure, straight edge, and marker to manually prepare the layout of each panel, followed by drilling and tapping the panel's holes. This inefficient, time-consuming, and dirty process has now been replaced with AutoCAD, wherein automated drilling systems are deployed to carry out drilling. Furthermore, cordless screwdrivers are used to put self-tapping screws, making panel manufacturing operations easier and faster. The AutoCAD process is not only more efficient and cleaner, but it also leads to the creation of a higher-quality product. Therefore, the need for higher quality control and panel fabrication creates an opportunity for the electric control panel market growth for the players.
The implementation of Industry 4.0 results in full automation of manufacturing processes, requiring little to negligible human interference. Industry 4.0 combines the Industrial Internet of Things (IIoT), cyber-physical systems, cloud robotics, cloud computing, and Big Data. Automation has stirred the industrial sector, drastically changed production practices, and reduced manufacturing time and production costs. Manufacturers rely on Big Data and data analytics to improve the efficiency, productivity, security, and cost-effectiveness of their operations due to the rising popularity and adoption of the IoT and Industry 4.0.
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As many operations are being automated in the manufacturing sector, secure wireless networking has the potential to enable factory automation on a larger scale. Further, the industrial transformation toward digitalization is converting manual processes into digital processes in the manufacturing sector, which is expected to support the electric control panel market growth in the coming years.
Electric Control Panel Market: Impact of COVID-19 Pandemic
Various Asian-Pacific economies witnessed a sharp decline in their gross domestic product (GDP) in 2020 due to the sudden pause in several economic activities. This region has prominent oil & gas, maritime, and telecommunications industries. According to the Organization for Economic Co-operation and Development (OECD), the COVID-19 pandemic severely affected countries such as India, Australia, China, and Japan. India was the worst-hit country by the pandemic in this region. Limitations imposed by governments to control the spread of COVID-19 during the initial stages of the crisis affected the production process in these countries due to the limited workforce availability, which hampered the electric control panel market share in 2020. However, the pandemic had a low impact on the power sector, which contributed to the continued demand for electric control panels.
As economies reopened and industries began their operations in 2021, the need for electric control panels from various end users increased gradually. Further, with large-scale vaccination efforts and ease in social restrictions, companies began to work with high workforce capacities, making the workforce work without fear of getting infected this factor gradually started positively impacting electric control panel market size.
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Electric Control Panel Market: Form Overview
Based on form, the electric control panel market is bifurcated into enclosed and open. When choosing between an open or enclosed electric control panel, the knowledge of the difference between these two is necessary. Many electric control panel providers offer the option of choosing between these two control panels. The open electric control panel and an enclosed electric control panel are similar, but they do have their differences. Thus, these factors collectively contribute to the growth of communication systems in the electric control panel market share.
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