How Has The Electric Control Panel Market Size Evolved Historically?
The electric control panel market has seen considerable growth due to a variety of factors.
• The size of the electric control panel market has significantly expanded in the past few years. The market, which was valued at $5.77 billion in 2024, is projected to increase to $6.14 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 6.5%. The notable expansion during the historic period is a result of factors such as industrial expansion, energy requirement, customization necessities, economic conditions, and infrastructural development.
What is the Forecasted Market Size and CAGR for the Electric Control Panel Market in the Coming Years?
The Electric Control Panel market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size for electric control panels is anticipated to demonstrate vigorous growth, escalating to $8.18 billion in 2029 with a 7.4%.
compound annual growth rate (CAGR). The projected growth during the forecast period is owed to the advancement of smart infrastructure, renewable energy integration, customization, adaptability, and digital transformation. Prominent trends during the forecast period encompass distributed energy systems, emphasis on user interface (UI) and user experience (UX), predictive maintenance, cloud integration, and upholding energy efficiency and sustainability.
What Key Factors and Trends Are Driving The Growth Electric Control Panel Market?
The demand for factory automation is projected to drive the electric control panel market's growth. Factory automation, which involves incorporating automation across the production process, is propelling the expansion of the electrical control panel industry due to an elevated need for equipment safety. In addition, the establishment of new industries and machinery has necessitated the installation of electric control panels in various settings such as workplaces, warehouses, and workshops for safety reasons. For instance, a report from the International Federation of Robotics, a non-profit organization based in Germany, disclosed that industrial automation robot sales rose by 10% to 4,281,585 units in September 2024, from the previous 541,302 units in 2023. Hence, the increased demand for factory automation is anticipated to stimulate the electric control panel market's growth.
What Are The Market Segments In The Electric Control Panel Market?
The electric control panel market covered in this report is segmented –
1) By Type: Low Tension, Medium And High Tension
2) By Form: Open, Enclosed
3) By Industry: Manufacturing, Food And Beverages, Chemical, Automotive, Power, Pharmaceutical, Oil And Gas, Aerospace And Defense
Subsegments:
1) By Low Tension: Distribution Boards, Motor Control Centers (MCCs), Switchgear Panels
2) By Medium Tension: Medium Voltage Switchgear, Control Panels For Substations
3) By High Tension: High Voltage Switchgear, Protection And Control Panels
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What Trends Are Shaping The Electric Control Panel Market?
The drive towards product innovation is a significant trend being observed in the electric control panel industry. Market leaders are creating advanced products that incorporate smart monitoring systems as a strategy to maintain their competitive edge. A prominent example comes from February 2022 when ABB Ltd., a Swiss-based electric control panel enterprise, introduced intelligent solutions for the monitoring and measurement of electric power. This innovative meter system offers a range from basic power quality analysis to meticulous monitoring of energy resources for residential, industrial, and commercial structures. The newly unveiled M1M11, M1M DS, M1M 20B, and M1M 30B are designed to fulfill power quality monitoring needs within commercial and industrial establishments, catering to primary submetering needs in a simple and cost-effective manner in power factor correction boards, motor control centers, or sub-distribution switchboards.
Who Are the Key Players In The Electric Control Panel Market?
Major companies operating in the electric control panel market include:
• ABB Ltd.
• Siemens AG
• Eaton Corporation PLC
• Rockwell Automation Inc.
• SIMON PROtec Deutschland GmbH
• General Electric Company
• Leviton Manufacturing Company Inc.
• Paneltronics Inc.
• CETAL SAS
• Bectrol Inc.
• Penbro Kelnick (Pty) Ltd.
• Konark Automation
• B&B Assemblies LLC
• Schneider Electric SE
• Honeywell International Incorporation
• Emerson Electric Company
• Simplex System Controls Inc.
• Walther Electric Inc.
• Horlick Technologies LLC
• Avatar Instruments Corporation
• Mitsubishi Electric Factory Automation
• AmSafe Inc.
• Precision Mfg. Co. Inc.
• Custom Manufacturing & Engineering Inc.
• Rittal GmbH & Co. KG
• Phoenix Contact GmbH & Co. KG
• Chint Group Co. Ltd.
• WEG Electric Corporation
• Delta Electronics Inc.
• Fuji Electric Co. Ltd.
What Are The Regional Insights Into The Electric Control Panel Market?
Asia-Pacific was the largest region in the electric control panel market share in 2024. The regions covered in the electric control panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
