Global Electric Control Panel Market's Bright Horizon: Envisioning a 6.5% CAGR Leading Industry Size to USD 7.4 Billion by 2030

New York, NY, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Electric Control Panel Market By Type (Low Tension, High Tension, Instrument, And Others), By Form (Enclosed And Open), By Application (Power Generation, Automotive, Oil & Gas, Automation, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Electric Control Panel Market size & share in terms of revenue was valued at USD 4.5 billion in 2022 and it is expected to surpass around USD 7.4 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.5% during the forecast period 2023 to 2030.”

What is Electric Control Panel? How big is the Electric Control Panel Industry?

Electric Control Panel Report Coverage & Overview:

An electrical control panel, often referred to as a metallic enclosure, empowers users to exert mechanical control over a variety of electrical devices, appliances, and circuits by harnessing the power of electricity. This centralized unit offers comprehensive access to the entirety of an electrical system, conveniently located within a sizable electric board. This setup enables operators to effectively oversee and regulate the complete electrical infrastructure. When it comes to troubleshooting and rectifying issues, the employment of an electrical control panel proves to be the swiftest and most straightforward approach. Additionally, the assortment of protective systems integrated into the electrical control panel collectively contribute to safeguarding the integrity and security of the entire power distribution system.

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• Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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• About 218+ Pages Research Report (Including Recent Research)
• Provide detailed chapter-by-chapter guidance on Request
• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
• Zion Market Research research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Global Electric Control Panel Market: Growth Dynamics

The expansion of the market is propelled by the adoption of Industry 4.0 principles and the surging trend towards industrial automation.

The demand for advanced control panels has seen a rise due to the incorporation of cutting-edge technology, such as programmable logic controllers (PLCs), human-machine interfaces (HMIs), and data analytics, into these panels. These advancements cater to the needs of efficient and interconnected industrial operations. An illustrative example comes from the International Federation of Robotics, which reported that the installation of approximately 72,000 robot units across the 27 European Union (EU) member states in 2022 witnessed an annual increase of 6%. Germany, occupying the largest market share with around 26,000 robot units installed (+3%) in 2022, accounted for 37% of all EU installations. Notably, the nation ranks fourth globally in terms of robot density, following Japan, Singapore, and the Republic of Korea.

Historically, Germany's automobile sector has been a prominent user of industrial robots. In 2022, this sector incorporated 27% of the newly deployed robots, amounting to 7,100 units – a 22% decline from the previous year due to cyclical investment patterns within this industry. In the broader spectrum of the general industry, the metal sector took the lead by deploying 4,200 units (+20%) in 2022. This figure surpasses the pre-pandemic average, which hovered around 3,500 units annually and peaked at 3,700 units in 2019. Moreover, the plastic and chemical products sector experienced a 7% upswing in installations, reaching 2,200 units in 2022 and marking a return to pre-pandemic levels. Collectively, these statistics underscore the impetus driving the expansion of the global electric control panel market over the forecast period.

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Report Scope

Electric Control Panel Market: Segmentation Analysis

The global Electric Control Panel industry is segmented based on type, form, application, and region.

Based on the type, The global market is categorized into distinct sectors: low tension, high tension, instrument, and other segments. Projections indicate that the low tension segment is poised for noteworthy expansion throughout the forecast period. Within this context, a low tension electric control panel, often denoted as a Low Voltage (LV) control panel, assumes a pivotal role across diverse industries and applications. It finds application in scenarios where electrical systems operating at reduced voltage levels necessitate effective management, control, and safeguarding. Specifically, low voltage typically pertains to levels below 1000 volts AC or 1500 volts DC.

The escalating adoption of low tension ECPs in a variety of applications is particularly prominent. These applications span industrial manufacturing for the purposes of process control and automation, commercial buildings where management of lighting, HVAC, and security systems is paramount, and various other sectors. This widespread integration is expected to act as a driving force behind the surge in growth for this segment across the forecast period.

Based on the form, The worldwide electric control panel sector is divided into two categories: enclosed and open. Forecasts indicate that the enclosed segment will hold sway over the market during the projected timeframe. An enclosed electric control panel represents a distinct category of control panel, characterized by its placement within an enclosure or cabinet. This housing imparts physical shielding to the internal electrical elements, shielding them against environmental influences, unauthorized entry, and potential risks. Enclosed control panels find widespread utilization across diverse industries and applications, serving as a secure repository for safeguarding delicate electrical apparatus. This role significantly contributes to propelling the expansion of the market.

Based on the application, The market for electric control panels is categorized into segments encompassing power generation, automotive, oil & gas, automation, and miscellaneous domains. Notably, the automotive sector is poised to exhibit the most notable Compound Annual Growth Rate (CAGR) throughout the envisaged period. In modern vehicles, sophisticated electrical and electronic systems find extensive application, spanning from illumination, entertainment, and safety features to engine management. Electric control panels hold a pivotal responsibility in managing and regulating these diverse systems, ensuring their secure and efficient operation within vehicles.

The surge in demand for advanced control panels can be attributed to the accelerating integration of cutting-edge technology, the paradigm shift toward electric and autonomous vehicles, and other contributing factors. As the automotive industry embraces technological advancements and transformative trends, the role of electric control panels becomes increasingly indispensable.

The global Electric Control Panel market is segmented as follows:

By Type

• Low Tension
• High Tension
• Instrument
• Others

By Form

• Enclosed
• Open

By Application

• Power Generation
• Automotive
• Oil & Gas
• Automation
• Others

Browse the full “Electric Control Panel Market By Type (Low Tension, High Tension, Instrument, And Others), By Form (Enclosed And Open), By Application (Power Generation, Automotive, Oil & Gas, Automation, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/electric-control-panel-market

Competitive Landscape

Some of the main competitors dominating the global Electric Control Panel market include - 

• SMA POWER CONTROL PVT. LTD.
• JC Industries
• Schneider Electric
• Accu Panels
• Siemens
• M.B. Automation
• KGN Global
• BRILLTECH ENGINEERS PVT. LTD.
• WTE Infra Projects Pvt. Ltd.
• Saftronics
• Standard Control Panel PVT. LTD.
• Ardea Technologies
• Bensons Control Panels
• ABB
• Gelco Electronics
• BCH Electric Limited

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global Electric Control Panel market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030).
• In terms of revenue, the global Electric Control Panel market size was valued at around USD 4.5 billion in 2022 and is projected to reach USD 7.4 billion, by 2030.
• The global Electric Control Panel market is being driven by the growing trend of Industry 4.0 principles and the growing trend toward industrial automation.
• Based on the type, the low tension segment is expected to grow at a significant rate over the forecast period.
• Based on the form, the enclosed segment is expected to dominate the market over the forecast period.
• Based on the application, the automotive segment is expected to grow at the highest CAGR over the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market over the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Electric Control Panel industry?
• What are the main driving factors propelling the Electric Control Panel Market forward?
• What are the leading companies in the Electric Control Panel Industry?
• What segments does the Electric Control Panel Market cover?
• How can I receive a free copy of the Electric Control Panel Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Form, By Application, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Anticipated to maintain a significant foothold throughout the projected period, the Asia Pacific region is poised to exert its dominance within the global electric control panel market. This regional ascendancy can be attributed to the rapid industrialization taking place in key countries such as China, India, South Korea, and Japan. The driving force behind this growth is further amplified by substantial investments in infrastructure development within the region. Notably, governments in these nations have channeled resources into expansive projects encompassing power generation, transportation, and utilities, thereby fueling the demand for control panels.

Pivotal initiatives like the National Infrastructure Pipeline (NIP) and strategic programs such as "Make in India" and the production-linked incentives (PLI) scheme have been introduced by governments to bolster the expansion of the infrastructure sector. While historical investment patterns indicated a predominant focus on utilities, water management, and transportation, shifting demographics and environmental considerations have prompted a broader scope. The dynamic range of needs, spanning from housing provision to digital infrastructure and transportation, necessitates an enhanced and comprehensive approach to infrastructure development. This holistic strategy is geared towards driving economic progress, elevating quality of life, and enhancing sectoral competitiveness.

For instance, the Budget for the year 2023–24 outlines a 33% increase in capital investment outlay for infrastructure, amounting to a substantial US$ 122 billion or 3.3% of the GDP. This budgetary emphasis is exemplified by a notable allocation of US$ 29 billion for Railway projects, representing a considerable surge from previous funding levels and underlining the commitment to infrastructural enhancement. In light of these compelling factors, the regional market growth is aptly propelled.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Electric Control Panel Market: Opportunities

The electric control panel market is witnessing a significant trend in the form of increasing product launches, which is poised to provide a highly advantageous avenue for market expansion.

A pivotal and increasingly popular trend within the electric control panel market revolves around product innovation. In an effort to solidify their market standing, prominent manufacturers are introducing cutting-edge products embedded with advanced monitoring technology. A noteworthy example is ABB Ltd., a Switzerland-based electrical control panel enterprise, which unveiled intelligent monitoring solutions designed for electric power measurement and monitoring meters in February 2022. These meters offer a spectrum of functionalities, ranging from basic power quality analysis to comprehensive energy asset tracking. Their application spans across residential, commercial, and industrial building domains.

In the commercial and industrial sectors, the recently introduced power quality monitoring solutions such as M1M11, M1M DS, and M1M 30B are tailored to meet the essential submetering requirements within motor control centers, power factor correction boards, and sub-distribution switchboards. These solutions are not only convenient but also economically viable. Consequently, this trend is poised to create a profitable prospect for market growth over the stipulated forecast period.

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/electric-control-panel-market

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