Global Electrical Control Panel Market 2024 – 2033

Reports Description

According to Custom Market Insights (CMI), The Global Electrical Control Panel Market Size was valued at USD 5 billion in 2021 and is estimated to reach USD 9 billion by the end of 2030 at a CAGR of approximately 7% during the forecast period 2022-2030.

The “Global Electric Control Panel Market” report includes comprehensive information regarding the market’s historical and current estimations, future projections, market trends, competition, market dynamics, and recent developments in the Electric Control Panel market forecast from 2022 to 2030.

Electric Control Panel Market: Overview

Electric instruments that monitor and control machinery or mechanical equipment operations are assembled in rigid enclosures known as electric control panels. Electrical components and a panel enclosure make up both of its pieces. Electric control panels can be tailored to contain different components depending on the sector.

The electric control panels include push buttons, indicator lamps, relays, switchgear, controllers, and PLCs. Phase reversal, simple phase prevention, low and high voltage relays, phase imbalance, over and under frequency relays, reverse power, restricted earth faults, etc., are some of the safety/protection advice given to the distribution panels. Circuit component control, power circuit component control, or a mix of both are contained in control panels that might be open or enclosed.

The electric panel operates various industrial machinery, such as motors, pumps, heaters, HVAC systems, engines, lighting, etc. Electric control panel design and deployment can be challenging because even a minor flaw can lead to significant issues. As a result, businesses should get control panels from a reputable manufacturer approved by industry standards.

Electric Control Panel Market: COVID–19 Impact Analysis

Due to the abrupt halt in numerous economic activities in the area in 2020, several economies in the Asia Pacific saw a substantial decrease in their gross domestic product (GDP). The maritime, telecommunications, and oil & gas sectors are well-developed in these nations. According to the Organization for Economic Co-operation and Development (OECD), the pandemic significantly impacted nations, including China, Japan, Australia, India, and Australia. The epidemic in this area was most severe in India. Due to the shortage of labor in these nations as a result of restrictions put in place by governments to stem the spread of COVID-19 in the early phases of the crisis, the electric control panel market’s expansion in 2020 was hindered. Nevertheless, the pandemic had little of an effect on the power industry, which helped to sustain demand for electric control panels in this industry throughout the pandemic.

In 2021, demand for electric control panels increased steadily as countries’ economies recovered and businesses started up again. Additionally, businesses started using a big labor capacity due to widespread vaccination campaigns and the easing of societal barriers.

Electric Control Panel Market: Growth Drivers

Panel fabrication and high-quality control

Electric control panels are subject to legal obligations in the US, Canada, and the EU, including adherence to standards and listings. Electric control panels in the US are subject to ANSI/NFPA 70, section 110.3(B), and NEC Article 409. A producer may be forced to pay overhead expenses if the local AHJ finds unauthorized panels on the market. The process used to make electric control panels has also advanced, in addition to the components that are added to them.  

Previously, a maker would manually plan out each panel, using a tape measure, straight edge, and highlighter, before drilling and tapping the holes. AutoCAD, which uses automated drilling systems to carry out drilling, has replaced this inefficient, time-consuming, and messy procedure. Furthermore, self-tapping screws are installed with cordless screwdrivers, simplifying and speeding up the process of creating panels. The AutoCAD method produces a higher-quality result and is more effective and cleaner. As a result, the demand for higher quality control and panel fabrication presents a potential opportunity for the electric control panel market participants.

Implementation of Industry 4.0

When Industry 4.0 is used, manufacturing processes are fully automated and require little human intervention. The Industrial IoT cyber-physical systems, cloud computing, cloud robotics, and big data are all included in industry 4.0. Manufacturing time and manufacturing costs have decreased because of automation, which has also shaken the industrial sector. Due to the growing acceptance of the IoT and Industry 4.0, manufacturers depend on Big Data and data analytics to increase their operations’ efficiency, security, productivity, and cost-effectiveness. 

Secure wireless networking can allow factory automation on a bigger scale as many operations in the manufacturing industry are becoming automated. Additionally, the manufacturing sector is turning manual operations into digital processes due to the industrial transition toward digitalization, which is anticipated to assist the expansion of the electric control panel market in the following years.

Electric Control Panel Market: Segmentation Analysis

The Electric Control Panel market is segmented into form, type, and industry. The electric control panel market includes the manufacturing, automotive, chemical, food & beverage, power, oil & gas, pharmaceutical, aerospace & military, and other sectors. The textile and maritime industries are included in the other category. Depending on the business and the particular industry’s needs, many control panel types are employed.

Report Scope

Key Insights: 

• Per the analysis shared by our research analyst, the Electric Control Panel market is estimated to grow annually at a CAGR of around 7% over the forecast period (2022-2030).
• In terms of revenue, the Electric Control Panel market size was valued at around USD 5 billion in 2021 and is projected to reach USD 9 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The Electric Control Panel market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
• The study includes data on the major market drivers, challenges, opportunities, and their effects.
• The study elaborates on the SWOT analysis and Porter’s Five Forces model.
• The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.

Recent Development

• February 2022: The engineering and industrial equipment manufacturer ABB India unveiled a new series of electric measuring and power monitoring meters for electrical and control panels. 
• Nov 2020: The intelligent, adaptable infrastructure company of Siemens AG announced the addition of a Control Panel Design to the TIA Selection Tool, enhancing the Siemens configuration and ordering software with additional electrical planning options.

Regional Landscape

Electric control panel sales were dominated by the Asia Pacific in 2021, and this trend is anticipated to hold throughout the forecast period. Most government organizations believe they will accomplish Industry 4.0 objectives in the following five years. Effective legal frameworks would be needed to achieve this under Industry 4.0 standards, such as opening up a new spectrum for greater connection and encouraging innovation in new solutions. Mudigubba Solar Park, a 2000 MW project, has a $2,400 million budget. It is anticipated that construction will be finished in Q4 2023, starting in Q3 2021. The project aims to give the agricultural sectors nine hours a day of uninterrupted power.

Competitive Landscape

Our report offers both quantitative and qualitative insights into the Electric Control Panel Market and major development initiatives adopted by the key players. Further, it offers competitive details and market share analysis. The report also includes relevant financial information, products and services offered, SWOT analysis, and recent developments of the players profiled.

Key Player:

• Leviton Manufacturing Co. Ltd.
• ABB Ltd.
• Cetal
• Bectrol
• Eaton
• RITTAL GMBH & CO. KG
• Schneider Electric SE
• Rockwell Automation Inc.
• Siemens AG
• SIMON PROtec

The global Electric Control Panel market is segmented as follows:

By Form

• Open
• Enclosed

By Type

• Low Tension
• Medium and High Tension

By Industry

• Manufacturing
• Food & Beverages
• Chemical
• Automotive
• Power
• Pharmaceutical
• Oil & Gas
• Aerospace & Defense
• Others

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America