|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 4.5 Billion||USD 7.4 Billion||6.5%||2022|
Electric Control Panel Market
The global Electric Control Panel market size was worth around USD 4.5 billion in 2022 and is predicted to grow to around USD 7.4 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2023 and 2030.
The report analyzes the global Electric Control Panel market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the electric control panel industry.
A metallic box known as an electrical control panel enables users to mechanically control all electric devices, appliances, and circuits using electricity. It provides full access to the whole electrical system at a single site inside a sizable electric board, enabling operators to monitor and manage the entire electrical system. The quickest and simplest way to diagnose and fix problems is using an electrical control panel, and the many protective systems contained inside an electrical control panel ensure the safety of a given power system's whole power system.
Industry automation and Industry 4.0 drive the market growth
The adoption of Industry 4.0 principles and the growing trend toward industrial automation increased the demand for advanced control panels. For effective and networked industrial operations, these panels incorporate cutting-edge technology including programmable logic controllers (PLCs), human-machine interfaces (HMIs), and data analytics. For instance, according to the data given by the International Federation of Robotics, the installation of about 72,000 units of robots throughout the 27 member states of the European Union (EU) in 2022 increased by 6% annually. Germany is the largest market share of robots around 26,000 units (+3%) were installed in 2022. This accounted for 37% of all installations in the EU. After Japan, Singapore, and the Republic of Korea, the nation has the fourth-highest robot density globally.
In Germany, the automobile sector has historically been the primary user of industrial robots. In this sector in 2022, 27% of the newly deployed robots were installed. This amounted to 7,100 units, a 22% decrease from the prior year. Investment cycles are common in this market. The metal sector, which installed 4,200 units (+20%) in 2022, was the primary consumer in the general industry. This is higher than the pre-pandemic average, which varied around 3,500 units annually and peaked at 3,700 units in 2019. Installations in the plastic and chemical products sector increased by 7% to 2,200 units in 2022, returning to pre-pandemic levels. Thus, the aforementioned stats drive the global electric control panel market expansion over the forecast period.
High initial costs and lack of expertise hamper the market growth
With capabilities like automation, remote monitoring, and data analytics, advanced and customized control panels can be expensive upfront. For projects with low funds or small enterprises, this might be a substantial roadblock. Advanced control panel design, installation, and maintenance also call for qualified engineers and technicians. Companies seeking to embrace new control panel technology may encounter difficulties due to a lack of competent employees. Thus, the high upfront cost and lack of expertise limit revenue growth of the electric control panel industry over the analysis period.
Growing product launches provide a lucrative opportunity for the market growth
A crucial trend that is becoming increasingly popular in the electric control panel market is product innovation. To maintain their position in the market, major manufacturers are creating cutting-edge goods with sophisticated monitoring technology. For instance, the electrical control panel business ABB Ltd., located in Switzerland, introduced smart monitoring solutions for electric power measurement and monitoring meters in February 2022. These meters offer basic to in-depth power quality analysis as well as accurate energy asset tracking for the residential, commercial, and industrial building sectors. In commercial and industrial facilities, the recently launched M1M11, M1M DS, and M1M 30B power quality monitoring requirements satisfy the key submetering needs in motor control centers, power factor correction boards, and sub-distribution switchboards conveniently and economically. Therefore, this is expected to offer a lucrative opportunity for market growth over the forecast period.
Security concerns act as a major challenge to the market growth
Concerns regarding cybersecurity vulnerabilities are growing as control panels are linked to and incorporated into digital networks. Although important, protecting control panel systems from cyber-attacks may be difficult. Thus, security concerns are a major challenge to the market growth over the forecast period.
The global Electric Control Panel industry is segmented based on type, form, application, and region.
Based on the type, the global market is bifurcated into low tension, high tension, instrument and others. The low tension segment is expected to grow at a significant rate over the forecast period. A low tension electric control panel, often referred to as a Low Voltage (LV) control panel, is a crucial component in various industries and applications where electrical systems operating at low voltage levels need to be managed, controlled, and protected. Low voltage typically refers to voltage levels below 1000 volts AC or 1500 volts DC. The growing application of low tension ECP in various applications including industrial manufacturing for process control and automation, commercial buildings for managing lighting, HVAC and security system, and others. Thus, this is expected to propel segment growth over the forecast period.
Based on the form, the global electric control panel industry is bifurcated into enclosed and open. The enclosed segment is expected to dominate the market over the forecast period. An enclosed electric control panel is a specific type of control panel that is housed within an enclosure or cabinet. This enclosure provides physical protection to the internal electrical components and safeguards them from environmental factors, unauthorized access, and potential hazards. Enclosed control panels are commonly used in various industries and applications to house and protect sensitive electrical equipment. Thereby, driving market growth.
Based on the application, the electric control panel market is segmented into power generation, automotive, oil & gas, automation, and others. The automotive segment is expected to grow at the highest CAGR over the forecast period. Advanced electrical and electronic systems are widely utilized in automobiles for a variety of purposes, including lighting, entertainment, safety systems, and engine management. To manage and regulate these systems and ensure the safe and effective functioning of vehicles, electric control panels play a significant role. The demand for advanced control panels has been further fueled by the growing integration of technology, the shift to electric and driverless cars, and other factors.
|Report Attributes||Report Details|
|Report Name||Electric Control Panel Market Report|
|Market Size in 2022||USD 4.5 Billion|
|Market Forecast in 2030||USD 7.4 Billion|
|Growth Rate||CAGR of 6.5%|
|Number of Pages||218|
|Key Companies Covered||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, and BCH Electric Limited among others.|
|Segments Covered||By Type, By Form, By Application, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
The Asia Pacific is expected to hold the largest market share over the forecast period
The Asia Pacific is expected to dominate the global electric control panel market over the forecast period. The regional market growth is attributed to the rapid industrialization in the countries like China, India, South Korea, and Japan. Moreover, the growing infrastructure spending in the region also drives market growth over the forecast period. Governments in the region have been investing in infrastructure projects, including power generation, transportation, and utilities, which have driven the demand for control panels. The National Infrastructure Pipeline (NIP) and other programs like "Make in India" and the production-linked incentives (PLI) scheme were introduced by the government to support the expansion of the infrastructure industry.
In the past, financing for utilities, water & irrigation, and transportation accounted for more than 80% of the nation's infrastructure investment. Although these industries continue to be the major emphasis, the government has begun to pay attention to other areas as India's environment and demography change. From housing provision to water and sanitation services to digital and transportation demands, there is a compelling need for increased and better delivery across the whole infrastructure spectrum. This will ensure economic development, improve quality of life, and strengthen sectoral competitiveness.
For instance, the capital investment outlay for infrastructure in the Budget 2023–24 is rising by 33% to US$ 122 billion, or 3.3% of GDP. A major investment of US$ 29 billion has been allocated for the Railways in the Union Budget 2023–24, which is the greatest spending ever and nearly nine times the amount made in 2013–14. Thus, the aforementioned facts drive the market growth in the region.
The global Electric Control Panel market is dominated by players like:
A metallic box known as an electrical control panel enables users to mechanically control all electric devices, appliances, and circuits using electricity. It provides full access to the whole electrical system at a single site inside a sizable electric board, enabling operators to monitor and manage the entire electrical system.
Electric control panel sales are primarily fueled by the rising need for factory automation. Additionally, electrical systems in warehouses, factories, distribution centers, and others are extended as production and new building investments rise. The use of control panels in applications for producing and distributing renewable energy is another factor affecting manufacturers' growth in the electric control panel market.
According to the report, the global electric control panel market size was worth around USD 4.5 billion in 2022 and is predicted to grow to around USD 7.4 billion by 2030.
The global Electric Control Panel market is expected to grow at a CAGR of 6.5% during the forecast period.
The global Electric Control Panel market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market due to growing industrialization.
The global Electric Control Panel market is dominated by players like 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, and BCH Electric Limited among others.