Publication Month: Jun 2022 | Report Code: TIPRE00015709 | No. of Pages: 150 | Category: Electronics and Semiconductor | Status: Published
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.
|Market Size Value in||US$ 5,507.35 million in 2022|
|Market Size Value by||US$ 9,096.16 million by 2030|
|Growth rate||CAGR of 6.5% from 2022 to 2030.|
|No. of Pages||150|
|No. of Tables||83|
|No. of Charts & Figures||87|
|Historical data available||Yes|
|Segments covered||Form, Type, and Industry|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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.
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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.
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.