Electric Control Panel Market Size, Share, Growth, and Industry Analysis by Type (Power Generation, Automotive Industries, Oil and Gas, Aerospace, Food and Beverage, Automation Industry, Others), by Application (Commerical, Industrial, Residential), and Regional Insights and Forecast to 2031

Updated On: 08 April 2024

ELECTRIC CONTROL PANEL MARKET REPORT OVERVIEW

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The global electric control panel market size was USD 1345.89 million in 2021 and the market is projected to touch USD 1982.85 million by 2031, exhibiting a CAGR of 3.95% during the forecast period.

Electric control panel is a cabinet, which contains electrical components to control the motors and equipment. These are designed to control every piece of equipment in every industry. Electric control panel is used to control mechanical equipment, each one is designed for a particular equipment arrangement and includes devices that allow an operator to control specific equipment. Electric instruments that monitor and control machinery or mechanical equipment operations are assembled in rigid enclosures known as electric control panels. 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 subsequent years.

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

ELECTRIC CONTROL PANEL MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into power generation, automotive industries, oil and gas, aerospace, food and beverage, automation industry, others.

Power generation will capture the maximum market share through forecast period. Regulate the operation of generators, manage power output, and ensure synchronization with the grid. It monitor and control electrical equipment in substations, managing power distribution and transmission.

• By Application Analysis

According to application, the market can be segmented into commerical, industrial, residential.

Electric control panel market players cover segment as industrial will dominate the market share during forecast period. Control panels operate and regulate machinery, conveyor belts, robotic systems, and production lines in manufacturing facilities to optimize processes and ensure operational efficiency. They control and monitor equipment in power plants, including turbines, generators, substations, and distribution systems, ensuring reliable and efficient power generation.

DRIVING FACTORS

"Increasing Demand In Various Industrial Equipment To Boost The Market Growth"

A widespread range of industries has the application of electric control units including manufacturing, automotive, energy and power, oil and gas and others. It is used in various industrial equipment such as motors, pumps, lighting machinery, heaters and others. Electric control panel are waterproof, so there is no risk of rust or changing weather therefore can be installed in both outdoors & indoors.

"Technological Advancement and Development To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the electric control panel market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. 

RESTRAINING FACTOR 

"Lack Of Skilled Professional To Hamper The Market Growth"

Lack of skilled professional is hampering development of electric control panel market. Regular maintenance and additional training to operate and troubleshoot device restrain the growth of the global electric control panel market. Operating and maintaining classy control panel systems requires skilled technicians and engineers. The scarcity of skilled professionals in this field can hamper implementation and effective utilization. Technical difficulties will reduce the industry revenue.

ELECTRIC CONTROL PANEL MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Region Due To Rise In Demand For Electricity"

Asia Pacific is further expected to witness growth in the electric control panel market share. The region is dominating the market due to rise in demand for electricity will generate demand for control panels and thus propel the market. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Legrand (France)
• Eaton Corporation (Ireland)
• Siemens (Germany)
• Schneider Electric (France)
• Rockwell Automation, Inc. (U.S.)

INDUSTRIAL DEVELOPMENT

November 2020:  Siemens AG’s intelligent adaptive infrastructure firm announced the integration of Control Panel Design into TIA selection tool adding electrical planning tools to the Siemens configuration and ordering software.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.