According to the new research report titled "Electric Control Panel Market Forecast to 2030 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 9,096.16 million by 2030, registering a CAGR of 6.5% from 2022 to 2030.
In manufacturing environments, factory automation often employs pneumatic systems, hydraulic systems, and robotic arms to create a more sophisticated system that can result in exceptional production levels. Automated factories offer high energy efficiency, adhere to stringent safety regulations, and have better designs that ensure the safety of workers in hazardous environments. Electrical control panels are a collection of electrical devices that regulate the mechanical functioning of industrial machinery or equipment. With the integration of digital information processing and enhanced telemetry systems in the smart grid SCADA system, the existing renewable energy sources (RES) system can operate more efficiently. The increased integration and automation of electric microgrids and utility grids offer new opportunities for energy management development. The demand for factory automation is a significant driving factor for the electric control panel market size. Additionally, investments in new construction and production are prompting the expansion of electrical installations in warehouses, factories, and distribution facilities. The implementation of control panels in renewable energy production and distribution applications is another area of revenue growth for the players in the electric control panel market.
The electric control panel market growth is negatively impacted by the high costs associated with replacing and deploying these systems. To ensure the installation of safe control panels, various safety standards have been developed, such as IEC 60204-1, UL 508A, National Fire Protection Agency (NFPA) 70/79A, and BS EN 61439-2, which electric control panel manufacturers must comply with. However, despite these challenges, the steady growth in industries is expected to continue driving the adoption of electric control panels, ultimately influencing the market's growth.
Mobile machinery panels provide rapid and precise configuration and positioning during commissioning, even for larger manufacturing facilities, complex or enclosed machines, long production or material handling lines, and conveyor systems. These panels also help machine operators reduce the time required for operations like retooling, maintenance, and repairs. Siemens, for instance, offers SIMATIC HMI Mobile Panels with a 4, 7, or 9-inch display and a PROFINET connection. These panels offer greater flexibility and convenience to users, thanks to their stunning widescreen display with a 16:9 aspect ratio and 16 million colors, which provides a clear, detailed representation of simple and complex processes and plant images. Additionally, the unique illuminated emergency STOP button, three-step enabling switch, and customizable safety element analysis options support the integration of individual control units within a safety architecture for mobile machinery.
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, Open. Based on type, the electric control panel market is segmented into Low Tension, Medium and High Tension. Based on industry, the electric control panel market is categorized into Manufacturing, Chemical, Automotive, Food and Beverages, Power, Oil and Gas, Pharmaceutical, Textile, Other. Based on geography, the electric control panel market size is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
Key Findings of Study:
The electric control panel market is categorized into five major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest market share in 2021, whereas the Asia Pacific region is projected to witness the highest CAGR during the forecast period. The demand for electric control panels in the US is rising due to an increase in disposable income and an improved standard of living, leading to an uptick in consumer and commercial projects that require such panels. Electric control panels provide numerous advantages, allowing experts to control and organize various machines and operations using the controls available on a panel. The growing popularity of AI and Industry 4.0 is driving the demand for miniaturized devices, resulting in significant investments by manufacturers in developing electrical digitization systems for consumer and commercial use, such as home and factory automation. These factors are driving the growth of the electric control panel market in North America.
As per a report by IEA, the Asia Pacific region has experienced a rapid increase in electricity demand over the last two decades, with an annual growth rate of over 6%, mainly driven by rising industrial and household equipment ownership and usage. However, due to the COVID-19 pandemic, there has been a decline of around 1% in electricity demand. Indonesia has witnessed an approximately 11% decrease in electricity demand, and it is expected to remain stable for the rest of the year. The power sector faces significant challenges due to the need to meet the growing demand for electricity and provide access to electricity in rural areas, leading to a successful ramp-up of renewable energy projects in other Asia Pacific countries. Despite the increasing focus on environmental impact, cost and security remain the priority factors for fuel selection for power generation in the last two decades.
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