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ELECTRONICS & SMART DEVICESDISCOUNT VALID TILL 31st-JANUARY , 2022

Electric Control Panel Market Segmentation by Type (Low Tension, Medium and High Tension, and Others); by Form (Enclosed, and Open); and by Application (Manufacturing, Chemical, Automotive, Food and Beverages, Power, Oil and Gas, Pharmaceutical, Textile, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Electric Control Panel Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·    June, 2021: Viscor, a subsidiary of Leviton, announced the launch of Visioneering’s LRTH-DFX luminaire featuring UVA technology, which helps disinfect occupied spaces.

·    August, 2018: General Electric, a leading company in electric control panel market launched a HDVC Control System to improve grid utilization in renewable energy resource.

Global Electric Control Panel Market Highlights over 2022 – 2030

The global electric control panel market is estimated to grow at a CAGR of ~8.4% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing consumption of electricity, and digitalization of the electricity grid globally. According a report by International Energy Agency (IEA), total global electricity final consumption reached 22 848 TWh in 2019, registering a growth of 1.7% from 2018. Moreover, rising demand for factory automation, and equipment safety across the world is estimated to increase the demand for electric control panels in manufacturing industries. This is estimated to boost the market growth. In addition to this, rise in R&D activities to increase the efficiency of electrical system across the globe, backed by the adoption of smart grids, is projected to fuel the market growth.

Electric Control Panel Market

The market is divided by form into enclosed and open, out of which, the open segment is anticipated to hold the notable share in the global electric control panel market over the forecast period on account of greater convenience, low operational cost and increased efficiency of open electric control panels. On the basis of application, the market is segmented into manufacturing, chemical, automotive, food and beverages, power, oil and gas, pharmaceutical, textile, and others. Out of these, the power segment is estimated to gain the largest market share during the forecast period, on the back of the growing electricity consumption, and rapid transformation of power sector across the globe. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Electric Control Panel Market Regional Synopsis

On the basis of geographical analysis, the global electric control panel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of the high demand of power and energy backed by the rise in the number of electric vehicles in the region.

The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of rapid economic development, favorable government initiatives, and growing energy requirement in countries, such as, India, China, Singapore, Indonesia, and others. According to the Global Sustainable Electricity Partnership, total electricity consumption of China was 6.3 trillion kWh, in 2017, which was 6.6% higher than in 2016.

Electric Control Panel Market

The global electric control panel market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global electric control panel market includes the following segments:

By Type

  • Low Tension
  • Medium and High Tension
  • Others

By Form

  • Enclosed
  • Open

By Application

  • Manufacturing
  • Chemical
  • Automotive
  • Food and Beverages
  • Power
  • Oil and Gas
  • Pharmaceutical
  • Textile
  • Others

Growth Drivers

  • Rising Demand for Factory Automation
  • Rise in R&D Activities to Increase the Efficiency of Electrical System

Challenges

  • High Cost of Installation and Maintenance of the Equipment

Top Featured Companies Dominating the Market

  • Schneider Electric SE
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • ABB Ltd.
  • Siemens AG
  • General Electric Company
  • Leviton Manufacturing Company, Inc.
  • Paneltronics Inc.
  • SIMON PROtec
  • Rockwell Automation, Inc.
  • Konark Automation
  • Eaton Corporation

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