Electric Control Panel Market size is poised to cross USD 11.61 Billion by the end of 2033, growing at a CAGR of 6.7% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of electric control panel was over USD 5.7 Billion. 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.
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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
6.7% |
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Base Year Market Size (2022) |
USD 5.7 Billion |
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Forecast Year Market Size (2033) |
USD 11.61 Billion |
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Regional Scope |
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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:
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By Type |
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By End User |
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Europe Market Forecast
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.
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.
Author Credits: Abhishek Verma, Hetal Singh
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