Electric Control Panel Market to Reach $10.3 Billion, Globally, by 2032 at 5.8% CAGR: Allied Market Research

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Mar 04, 2024, 03:14 ET

Inclination toward the automation in manufacturing plant, growth in the green energy solutions, and increase in the power consumption in commercial and residential sector drive the growth of the global electric control panel market.

PORTLAND, Ore., March 4, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Control Panel Market by Type (Power and Distribution, Automation and Instrumentation, Power And Control, and DG Control), Voltage (High, Medium, and Low), and Application (Residential, Commercial, Manufacturing, and Industrial Automation, Power Generation, Agriculture, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global electric control panel industry generated $6.0 billion in 2022 and is anticipated to generate $10.3 billion by 2032, witnessing a CAGR of 5.8% from 2023 to 2032.

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Prime determinants of growth

An electric control panel is a kind of metal box which contains important electrical components to control energy flow. The structure of the electrical control panel is designed in a way to hold maximum electric equipment within its boundaries by keeping all running systems safe. Electric control panels play a crucial role in managing and regulating the flow of electricity within a system or facility. Electric control panels play a central role in automating and controlling complex industrial processes with energy flow, which leads to rise in demand for electric control panels. Moreover, electric control panels emerge as a cost-effective and adaptable solution, which may be tailored to various industry applications. Growing demand for integrated clean energy sources such as solar and wind in commercial and residential applications creates the opportunity for electric control panels market in near future.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$6.0 billion
Market Size in 2032	$10.3 billion
CAGR	5.8 %
No. of Pages in Report	350
Segments Covered	Type, Voltage, Application, and Region
Drivers	• Rise in demand for cost-effective, simple electrical components • Surge in demand for electrical protection devices • Increase in automation in manufacturing sector
Opportunities	• Investment incentives in green energy • Changing environmental legislations in electrical industry
Restraints	• Fluctuation in raw material price

Power and Distribution segment to maintain its leadership status throughout the forecast period.

By type, the power and distribution segment dominated the market in 2022, owing to rise in demand for electricity to industry process, homes, businesses, and infrastructure in urban areas, which drives the need for power and distribution devices. However, the automation and instrumentation segment is expected to grow with the highest CAGR of 6.1% from 2023 to 2032 in the market owing to easy installation of instrument panels. Automation and instrumentation panels allow the power to distribute and lower the chance of incident.

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Medium Voltage segment to maintain its lead position during the forecast period.

By voltage, the medium voltage segment accounted for the largest share in 2022, contributing nearly half of the global electric control panel market revenue. Medium voltage electric control panels are used in industries expand and modernize. Medium voltage electric control panels are efficient to manage and control larger and more complex electrical systems and equipment which boosts its demand in the market. Moreover, increase in the number of infrastructural project panels at remote site is projected to create opportunity for the medium voltage segment in the electric control panel market.

The manufacturing and industrial automation segment is expected to grow faster throughout the forecast period.

By application, the manufacturing and industrial automation segment accounted for the largest share in 2022, more than one-fourth of the global electric control panel market revenue. The manufacturing and industrial automation segment emerged as the dominant force in the market, owing to substantial investments by the manufacturing sector in the automation of production processes across various industries. Rise in investment in automation of manufacturing process creates the opportunity for the market. The manufacturing and industrial automation segment is expected to attain a CAGR of 6.2% from 2023 to 2032 and maintain its position during the forecast period.

Asia-Pacific region to maintain its dominance by 2032.

Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global electric control panel market revenue. The dominance of Asia-Pacific in the market can be attributed to the escalating deployment of electric control panels in developing nations within the region. Notably, China plays an important role, marked by increased investments in the automation of manufacturing processes, anticipated to be a key driving factor for the growth of the electric control panel market throughout the forecast period. China is poised to experience the highest CAGR at 6.1% from 2023 to 2032, positioning it as the predominant market player during the forecast period.

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Leading Market Players: -

ABB
Eaton.
Schneider Electric
INDUSTLABS
Rockwell Automation Inc
Keltour
General Electric
WEG.
Electra-Tech
Power Industrial Controls

The report provides a detailed analysis of these key players in the global electric control panel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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