Electric Control Panel Market Share and Forecast by 2030

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

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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.

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.

Electric Control Panel Market Regional Insights

The regional trends and factors influencing the Electric Control Panel Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electric Control Panel Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Electric Control Panel Market Report Scope

Electric Control Panel Market Players Density: Understanding Its Impact on Business Dynamics

The Electric Control Panel Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Electric Control Panel Market are:

1. ABB Ltd.
2. Bectrol
3. Cetal
4. Eaton
5. Leviton Manufacturing Co., Ltd.

Disclaimer: The companies listed above are not ranked in any particular order.

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.