In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Rockwell Automation, Inc. announced the acquisition of Cubic, a lead producer of modular systems for building electric panels. With the help of this acquisition, customers will be benefitted from the production of smart data that in turn will boost sustainability and productivity and the merger is likely to offer more plant-wide applications for smart motor control.
ABB launched a mobile charger for Formula E Season 9. Before the race, each charger may simultaneously charge two vehicles with 80kW of power at a maximum output of 160kW per charger. This enables racing teams to take use of a "double charging" capability from a single unit.
The electric control unit is a small appliance installed in an electronic machine that uses electrical energy to surveil and operate the various functions of the mechanical equipment. It is an aggregated cabinet, that transmits the different levels of energy to different parts of the equipment. The component aggregation in electric control unit varies with different types of industries and can be customized according to needs.
A typical electric control unit consists of electric components and a panel enclosure. The various other components are switchgear, controllers, relays, lamps, push buttons and PLCs. ECU is either open or enclosed and sometimes it is a combination of both. Each electric control unit system has specific chips that use power and data to function and control the running of firmware and software. Control panels are of different type that is used to serve different purposes, for instance, distribution panels provide switching between high and low voltage, phase imbalance, phase reversal, constrained earth fault, and others.
A wide range of industries has the application of electric control units, including manufacturing, automotive, oil & gas, supply chain management, energy and power, and others. ECU is sued in various industrial equipment, such as motors, pumps, lighting, machinery, heaters, engines, and others. Electric control panels are weatherproof, so there is no risk of rust or changing weather, therefore can be installed in both outdoors and indoors. Moreover, there is zero chance of electrical shocks or fire outbreaks thanks to the hazard-proof nature of electrical control panels.
Base Year |
2022 |
Forecast Year |
2023-2033 |
CAGR |
6.7% |
Base Year Market Size (2022) |
USD 5,764.4 Million |
Forecast Year Market Size (2033) |
USD 11,617.7 Million |
Regional Scope |
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The global electric control panel market is estimated to garner a revenue of USD 11,617.7 Million by the end of 2033 by growing at a CAGR of 6.7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 5,764.4 Million in the year 2022. The growth of the market can be attributed to the higher utilization of electric machines in the industry for higher production and industrial automation. The electric control unit has a series of actuators that are embodied in electric machines to modulate its operation. Globally, major buildings, industries, and infrastructure collectively employ more than 300 million electric motors. Each year, around 30 million motors are sold exclusively for industrial use.
Get more information on this report:In addition to these, factors that are believed to fuel the growth of the electric control panel market include the increased demand for electric vehicles (EV) which in turn has increased the investment in EV sector. The electric control unit in the car is sued to control various electrical systems of that vehicle. Automakers plan to invest roughly USD 1 trillion by 2030 with the goal of producing almost 54 million electric vehicles over the next few years. Moreover, in 2021, electric vehicles will account for almost 65% of all investments made in the transportation sector. In addition, the market growth is also anticipated to grow owing to propelled demand and consumption of electricity. As per the report of the International Energy Agency, the electricity demand rose by 5% in 2021, and nearly half of the demand is sufficed by the use of fossil fuels.
Growing Demand for Electric Machinery
The demand for electrical machinery is being driven by the rise of the industry, which is one of the major consumers of electricity. Electrical Machinery Trade accounts for approximately 0.32% of World Trade. With USD 53 billion in global trade in 2020, Other Electrical Machinery ranked as the 60th most traded well globally. The exports of Other Electrical Machinery were around USD 53 billion in the year 2020.
Rising Adoption of Automation Across Industries
With the transformation of the industry to industry 4.0, automation has become more prevalent. In this case, ECU is used to control the motors and read data from sensors. In 2020, there were around three million multipurpose industrial robots in operation worldwide.
Rising Output from the Manufacturing Industry
According to the UNIDO World Manufacturing report, production has shown a noteworthy rise of 4.3% in emerging and developing industrial economies. The Quarterly Report showed a comeback of the manufacturing industry in the fourth-quarter of 2021 with an increase of 3.3% over the same period last year.
Increasing Utilization of Power
Th primary use of the electric control unit is to manage the power distribution. Therefore, the growing demand for power is to propel the market growth. In the first half of 2022, the world’s power demand climbed by around 390 terawatt-hours, or approximately 3%, while electricity production from wind, solar, and hydro increased by 416 terawatt-hours, or nearly 12%, just keeping up with the growth in demand.
Massive Rise in the Electric Vehicle’s Demand
Electric vehicle has their own electric control unit that manages the operation of electric vehicles. According to the World Economic Forum, there must be almost 2 billion electric vehicles on the road by 2050 for the world to reach net zero, and the sales of EV were totaled to 6.6 million in 2021.
The global electric control panel market is segmented and analyzed for demand and supply by end user into aerospace, chemical, automotive, food & beverages, power generation, oil & gas, pharmaceutical, and others. Out of the eight types of end users, the oil & gas segment is estimated to gain the largest market size of USD 3,338 million by the end of 2033 by growing at a CAGR of 7.4% over the projected time frame. Moreover, the segment garnered a revenue of USD 1,537.3 million in 2022. The growth of the segment can be attributed to the growing demand for oil and gas, followed by a rise in the worldwide economy. According to the Organization of the Petroleum Exporting Countries, between now and 2045, it is anticipated that the global economy is likely to more than quadruple in size and the world's population would increase by 1.6 billion. The demand for primary energy is likely to continue to rise over the medium and long term, rising by a sizable 23% between now and 2045. Up to 2045, the globe must add an average of 2.7 million barrels of oil equivalent every year.
The global electric control panel market is also segmented and analyzed for demand and supply by type into low tension and medium & high tension. Amongst these two segments, the medium & high-tension segment is expected to garner a significant share. Moreover, it is forecasted to grow at a CAGR of 6.9% over the forecast period. Medium tension is used to power different electrical devices both indoors and outdoors. On the other hand, high tension is used to power the manufacturing of semiconductors and power substation. Furthermore, rising investment in the semiconductors industry and a higher number of manufacturers of semiconductors is to boost the segment growth. For instance, the government of China has planned to invest more than USD 150 billion in semiconductors between the years 2014 to 2030. Furthermore, in China, there were more than 22,800 companies that manufacture semiconductors in 2020.
Our in-depth analysis of the global electric control panel market includes the following segments:
By Type |
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By End User |
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The Europe electric control panel market, amongst the market in all the other regions, is projected to hold the largest market share of USD 4,170.8 million by the end of 2033 by growing at a CAGR of 6.8% over the forecast period. The segment generated a revenue of USD 2,046.4 million in 2022. The growth of the market can be attributed majorly to the surging demand for electricity and the higher sales of electric vehicles. Nearly 1,730,000 electric vehicle registrations were made during the year, up from 1,061,000 in 2020. In only a single year, this reflects an increase in the share of all new car registrations from 11% to 17%. Electric van adoption also grew, rising from around 2% of all new registrations in 2020 to nearly 3% in 2021. Furthermore, the rising consumption of power is also expected to augment the market growth in Europe. For instance, Germany consumed more than 560 terawatt-hours of electricity in 2021, making it the greatest electricity consumer in the European Union (EU). With a demand of over 504 terawatt-hours, France stood in second place.
Ans: Increasing demand of electricity, power, rise in the use of electricity machines by industry and higher deployment of electric vehicle are the few factors is to boost the market growth.
Ans: The market is anticipated to attain a CAGR of 6.7% over the forecast period, i.e., 2023 – 2033.
Ans: Electric hazards associated with electric control panel, the system required period maintenance and dearth of skilled workers are some factors which are to hamper the market growth.
Ans: The market in Europe is projected to hold the largest market share of USD 4,170.8 million by the end of 2033, the segment is to grow at a CAGR of 6.8% over the forecast period. The region garnered the revenue of USD 2,046.4 million in 2022 and provide more business opportunities in the future.
Ans: The major players in the market are Schneider Electric, ABB, Siemens AG, Paneltronics Inc., General Electric, Rockwell Automation, Inc., Eaton, IndustLabs, Solution Control System, Inc., Keltour, and so on…
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end use industry, and by region.
Ans: The oil & gas segment is anticipated to garner the largest market size of USD 3,338 million by the end of 2033 by growing at a CAGR of 7.4% over the forecast period and display significant growth opportunities. Moreover, the segment garnered a revenue of USD 1,537.3 million in 2022.
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