Insights Into The Electric Control Panel Market’s Growth Opportunities Through 2023-2032 – Includes Electric Control Panel Market Report
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
A rise in demand for factory automation are expected to drive innovation in electric control panel manufacturing, thus driving the market during the forecast period.
The global electric control panel market is expected to grow from $5.08 billion in 2022 to $5.44 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The electric control panel market size is expected to grow to $7.05 billion in 2027 at a CAGR of 6.7%.
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Global Electric Control Panel Market Segments Include:
- By Type: Low Tension, Medium and High Tension
- By Form: Open, Enclosed
- By Industry: Manufacturing, Food and Beverages, Chemical, Automotive, Power, Pharmaceutical, Oil and Gas, Aerospace and Defense
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global electric control panel market in 2021.
Major Market Players in the electric control panel market include ABB Ltd., Siemens AG, Eaton corporation plc., Rockwell Automation Inc., SIMON PROtec Deutschland GmbH, General Electric Company.
Product innovation is a key trend gaining popularity in the electric control panel market. Major players operating in the market are developing advanced products with smart monitoring technologies to sustain their position in the market. For instance, in February 2022, ABB Ltd., a Switzerland-based electrical control panel company, launched smart monitoring solutions for electric power measurement and monitoring meters. Such meters provide basic to comprehensive power quality analysis as well as precise monitoring of energy assets for residential, industrial, and commercial building sectors. The recently released M1M11, M1M DS, M1M 20B, and M1M 30B power quality monitoring requirements inside commercial and industrial facilities addressing the primary submetering requirements simply and affordably in motor control centers, power factor correction boards, or sub-distribution switchboards.
The Electric Control Panel Global Market Report 2023 provides a electric control panel market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric control panel market forecast analyzes electric control panel market size, electric control panel market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An electric control panel refers to a group of electrical devices that use electricity to regulate the mechanical activities of industrial machinery or equipment. Electric control panels are enclosures that have electrical components to control and monitor several mechanical processes.
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