Electric Control Panel Market Size and Analysis by 2030

Electric Control Panel Market Forecast to 2030 - COVID-19 Impact and Global Analysis By Form (Enclosed and Open), Type (Low Tension and Medium and High Tension), and Industry (Manufacturing, Chemical, Automotive, Food & Beverages, Power, Oil & Gas, Pharmaceutical, Aerospace & Defense, and Others)

Publication Month : Jun 2022

  • Report Code : TIPRE00015709
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 150
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The electric control panel market size is expected to grow from US$ 5,507.35 million in 2022 to US$ 9,096.16 million by 2030; it is expected to grow at a CAGR of 6.5% from 2022 to 2030.

Electric control panels are rigid enclosures combining electric devices that use electrical energy to monitor and control the functions of machinery or mechanical equipment. It comprises two parts—electrical components and panel enclosure. The composition of electric control panels varies with industry, and they can be customized accordingly. The electric control panels have controllers, switchgear, indication lamps, relays, push buttons, and PLCs. The distribution panels are provided with safety/protection advice associated with phase reversal, low and high voltage relays, simple phase prevention, phase imbalance, reverse power, over and under frequency relays, restricted earth fault, etc. Control panels are either open or enclosed, containing circuit components control or power circuit components control, or a combination of both. The electric panel operates on a wide range of industrial equipment, including motors, pumps, industrial, engines, heaters, machinery, HVAC systems, lighting, etc. Designing and deploying electric control panels can be a complicated process as even a small glitch in these control panels can create big problems. Therefore, enterprises need to procure control panels from a trusted brand, certified as per industrial standards.

Asia Pacific dominated the electric control panel market share in 2021, with more than 40% followed by North America, Europe, the MEA, and SAM. The region is home to almost all types of industries that can be end users of electric control panels, such as manufacturing, food & beverages, pharmaceuticals, and chemical industries. Moreover, the large footprints of electric control panel market players—such as IndustLabs, EBI Electric, PanelTEK, and PanelShop.com—is one of the major factors boosting the electric control panel market growth in the region.

Pharmaceutical companies in European countries are the major end users of electric control panels. With the growing number of hospitals and clinics, the demand for electric control panels is also increasing in the region. APAC comprises several developing economies, including China, India, Singapore, Vietnam, and other Southeast Asian countries, and developed economies, such as Japan and Australia. The flourishing power and manufacturing sectors in China, Japan, Taiwan, India, and South Korea are expected to create lucrative opportunities for the electric control panel market players. Further, countries in the MEA and SAM are also witnessing the adoption of electric control panels due to expanding business operations in oil & petroleum refineries, energy utilities, and automotive, which is anticipated to boost the electric control panel market growth in these regions during the forecast period.


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Electric Control Panel Market: Strategic Insights

electric-control-panel-market
Market Size Value inUS$ 5,507.35 million in 2022
Market Size Value byUS$ 9,096.16 million by 2030
Growth rateCAGR of 6.5% from 2022 to 2030.
Forecast Period2022-2030
Base Year2022
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– Electric Control Panel Market



Impact of COVID-19 Pandemic on Electric Control Panel Market

Various economies in Asia Pacific witnessed a sharp decline in their gross domestic product (GDP) in 2020 due to the sudden pause in many economic activities across the region. Countries in this region have prominent oil & gas, maritime, and telecommunications industries. According to the Organization for Economic Co-operation and Development (OECD), the pandemic severely affected countries such as India, Australia, China, and Japan. India was the worst-hit country by the pandemic in this region. Limitations imposed by governments to control the spread of COVID-19 during the initial time stages of the crisis affected the production process in these countries due to the limited workforce availability, which hampered the electric control panel market growth in 2020. However, the pandemic had a low impact on the power sector, which contributed to the continued demand for electric control panels in this sector during the pandemic.

As economies reopened and industries began their operations in 2021, the need for electric control panels from various end users rose gradually. Also, with large-scale vaccination efforts and ease in social restrictions, companies began to work with high workforce capacities.

Lucrative Regions for Electric Control Panel Market

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Market Insights – Electric control panel Market

Asia Pacific dominated the electric control panel market size in 2021 and is expected to continue its dominance throughout the forecast period. Most government agencies anticipate achieving Industry 4.0 goals within the next five years. Effective legislative frameworks, such as making a new spectrum accessible for better connectivity and boosting creativity in new solutions, would be required to achieve this in Industry 4.0 standards. Mudigubba Solar Park 2000 MW is a project with a budget of US$ 2,400 million. Construction began in Q3 2021 and is projected to be completed in Q4 2023. The project seeks to provide the farming sectors with nine hours of continuous power during daylight hours. Considering all the above-mentioned factors, these energy projects and the rise in demand for electricity will generate the demand for control panels and thus propel the electric control panel market in Asia Pacific.

Industry-Based Insights

Based on industry, the electric control panel market is segmented into manufacturing, chemical, automotive, food & beverages, power, oil & gas, pharmaceutical, aerospace & defense, and others. The others segment include the marine & textile industries. The type of control panel used varies depending on the industry and the requirement of the particular industry.

The electric control panel market is segmented based on form, type, industry, and geography. Based on form, the electric control panel market is segmented into enclosed and open. Based on type, the electric control panel market is categorized into low tension and medium and high tension. By industry, the market is segmented into manufacturing, chemical, automotive, food and beverages, power, oil and gas, pharmaceutical, aerospace and defense, and others. Based on geography, the electric control panel market is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.

ABB Ltd.; Bectrol; Cetal; Eaton; Leviton Manufacturing Co., Ltd.; RITTAL GMBH & CO. KG; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; and SIMON PROtec are a few key players in the ecosystem that have been profiled during the electric control panel market analysis. In addition to these 10 players, multiple other prominent global and regional companies, emerging players, market disruptors, and niche market players were also analyzed during this study.

Players operating in the electric control panel market are mainly focused on the development of advanced and efficient products.

  • In February 2022, ABB India, an engineering and industrial equipment maker, introduced a new line of electric measuring and power monitoring meters for electrical and control panels.
  • In November 2020, Siemens AG's intelligent, adaptive infrastructure firm announced the integration of Control Panel Design into the TIA Selection Tool, adding additional electrical planning tools to the Siemens configuration and ordering software.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Form, Type, and Industry

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What will be the global market size for electric control panel market by 2030?

By 2030, the global market size of electric control panel market will be US$ 9,096.16 million.

Which countries are registering a high growth rate during the forecast period?

US, Germany, China, Taiwan, India, UAE, Brazil are registering a high growth rate during the forecast period.

Which industry held the largest share in electric control panel market in 2021?

Power segment held the largest share in electric control panel market. In the power industry, electric control panels are used for monitoring, remote operation, automatic operation, recording, and plant-wide sequence-of-events (SOE).

Which country is holding the major market share of APAC electric control panel market?

China holds the major market share of electric control panel market in 2022.

Which are the key players holding the major market share of electric control panel market?

Eaton; ABB Ltd.; Siemens AG; Rockwell Automation, Inc.; RITTAL GmbH & CO. KG are the five key market players operating in the global electric control panel market.

What is the future trend in the electric control panel market?

Integration of advanced computing services is one of the major trends anticipated to propel the market growth during the forecast period.

What are the driving factors impacting the electric control panel market?

Rise in demand for factory automation and increase in use of electric panels in mobile machinery are major driving factors contributing towards the growth of electric control panel market.

What is the estimated global market size for the electric control panel market in 2022?

The global electric control panel market was valued US$ 5,507.35 million in 2022.

The List of Companies - Electric Control Panel Market 
  1. ABB Ltd.
  2. Bectrol
  3. Cetal
  4. Eaton
  5. Leviton Manufacturing Co., Ltd.
  6. RITTAL GMBH & CO. KG
  7. Rockwell Automation, Inc.
  8. Schneider Electric SE
  9. Siemens AG
  10. SIMON PROtec

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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