The electric control panel market involves products that are used to control, monitor, and operate various electric equipment across industries. Control panels consist of circuit breakers, switches, annunciators, and relays that regulate and distribute power. They are installed to operate equipment efficiently and safely across facilities like manufacturing plants, building automation, renewable energy plants, and transportation systems. The growing automation and digitalization across industries have increased the utilization of control panels for connected power distribution and management.
The global electric control panel market is estimated to be valued at USD 6.34 Billion in 2024 and is expected to reach USD 9.82 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Key Takeaways
Key players operating in the electric control panel market are Schneider Electric, ABB, Siemens, Mitsubishi Electric, Eaton, and Legrand. These players focus on developing customized control panel solutions integrated with IoT and analytics for monitoring power consumption in real-time.
The Electric Control Panel Market Insights for electric control panels is growing across industries like manufacturing, transportation, building automation, and renewable energy generation. Factors like growth in factory and building automation, increasing adoption of automated processes are driving the demand for control panels globally.
Technological advancements like remote monitoring and management capabilities, cloud-based control and analytics, and integration of augmented reality are allowing industries to gain real-time insights and optimize operations through electric control panels.
Market Trends
Customized Solutions: Manufacturers are focusing on developing customizable control panel solutions as per the requirements of different industries and applications. This allows industries to integrate various control functions into a single control panel as per process needs.
Cloud-Based Monitoring: Cloud connectivity in control panels is enabling remote monitoring and management of operations from any location. Industries are adopting cloud-based control panel solutions to gain insights into power distribution and asset performance remotely.
Market Opportunities
Industry 4.0 Applications: Growing adoption of advanced technologies like IIoT, AI, and augmented reality provides opportunities for integration into electric control panels for predictive maintenance and automated operations in Industry 4.0 applications.
Renewable Energy Sector: Increasing investments in solar and wind energy generation worldwide will drive demand for control panels to efficiently manage and monitor power distribution from renewable energy assets. Microgrid control panel solutions also offer growth potential.
Impact of COVID-19 on Electric Control Panel Market Growth
The COVID-19 pandemic has significantly impacted the global electric control panel market. During the initial outbreak, lockdowns were imposed to curb the spread of the virus which disrupted both supply and demand of electric control panels. Manufacturing facilities were temporarily shut down due to workforce shortages and restrictions on transportation activities. This led to delays in installation and commissioning of new projects across industries like oil & gas, chemicals, water & wastewater which are major end-users of control panels.
However, with easing of lockdowns and resumption of manufacturing activities from mid-2020, the market has started recovering gradually. Demand has picked up from semiconductor, food processing and pharmaceutical industries which witnessed growth during the pandemic. In addition, significant investments are being made by various governments around the world on healthcare infrastructure to deal with future pandemics. This is boosting demand for modernization and upgradation of existing electric control panel systems. With rapid digitalization and focus on automation, demand is expected to rise further from industries utilizing advanced control and monitoring solutions.
Geographical Regions with Highest Electric Control Panel Market Value
As per the Electric Control Panel Market Regional Analysis The Asia Pacific region accounts for the largest value share in the global electric control panel market. Countries like China, India, Japan and South Korea have seen rapid industrialization and strong demand from key end-use industries over the past decade. China, being the world's largest manufacturer, has a very high concentration of industries like automotive, machinery, chemicals, materials etc. which rely heavily on electric control systems. Growing infrastructure development and continuous expansion of manufacturing facilities in the region is fueling market growth. North America is another major region driven by large oil & gas industry and focus on upgrading aging infrastructure in the power and water sectors.
Fastest Growing Region for Electric Control Panel Market
The Middle East and Africa region is poised to witness the fastest growth in the electric control panel market over the forecast period. This is mainly attributed to ongoing large-scale industrial projects and power sector investments across GCC countries and Africa. For instance, Qatar is spending billions on constructing LNG facilities to boost exports by 2027. Saudi Arabia too has embarked on an ambitious industrial diversification program under 'Vision 2030' involving petrochemicals, renewable energy and mining. Africa is witnessing rising investments in power transmission & distribution networks, and new oil & gas field development projects to meet growing domestic demand and for exports. Overall growth initiatives in the region are generating strong demand prospects for control panel systems.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)