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.
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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.
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.
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.
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The global electric control panel market is further classified on the basis of region as follows:
Our in-depth analysis of the global electric control panel market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing demand for electric control panel amongst factories, backed by rising safety concerns is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~8.4% over the forecast period, i.e., 2022 – 2030.
High cost of installation and maintenance of the equipment is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing digitalization of power sector.
The major players in the market are ABB Ltd., Siemens AG, General Electric Company, Leviton Manufacturing Company, Inc., Paneltronics Inc., SIMON PROtec, Rockwell Automation, Inc., Konark Automation, Eaton Corporation, and others.
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.
The market is segmented by type, form, application, and by region.
The open segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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