The penchant for automation in manufacturing plants, rise in clean energy solutions and increasing energy consumption in the commercial and residential segments are fueling the growth of the global electrical control panel market.
PORTLAND, Ore. , March 4, 2024 /PRNewswire/ — Allied Market Research has released a report titled “Electrical Control Panel Market by Type (Power & Distribution, Automation & Instrumentation, Power & Generation Control & Control), Voltage (high, medium, low) and application (residential, commercial, manufacturing and industrial automation, energy, agriculture, etc.): Global Opportunity Analysis and Industry Forecast 2021-2031.” The report shows that the global electrical control panel industry revenue will be US$6 billion in 2022 and is expected to reach US$10.3 billion by 2032, with a compound annual growth rate of 5.8% from 2023 to 2032.
An electrical control panel is a metal box containing important electrical components that control the flow of power. Electrical control panels are structurally designed to contain the maximum amount of electrical equipment within their boundaries, ensuring the safety of all operating systems. Electrical control panels play a vital role in controlling and regulating the flow of electricity within a system or facility. Electrical control panels play a central role in automating and controlling complex manufacturing processes using energy flows, which has led to an increase in the demand for electrical control panels. In addition, electrical control panels provide a cost-effective and adaptable solution that can be adapted for a variety of industrial applications. The growing demand for integrated clean energy sources such as solar and wind power in commercial and residential applications creates opportunities for the electrical control panel market in the near future.
By type, the power and distribution segment will dominate the market in 2022 due to increasing demand for electricity from industrial processes, households, businesses and infrastructure in urban areas, which will drive the demand for power and distribution equipment. However, the automation and instrumentation segment is expected to grow at the highest CAGR of 6.1% between 2023 and 2032 due to ease of installation of dashboards. Automation and dashboards can distribute power and reduce the likelihood of accidents.
By voltage, the medium voltage segment will hold the largest share in 2022 and contribute nearly half of the global electrical control panel market revenue. Medium voltage electrical control panels for industrial expansion and modernization. Medium voltage electrical control panels can effectively manage and control larger and more complex electrical systems and equipment, which has increased the demand in the market. Additionally, increasing number of panels in remote site infrastructure projects is expected to create opportunities in the medium voltage segment of the electrical control panel market.
The manufacturing and industrial automation segment is expected to grow at a faster rate during the forecast period.
By application, the manufacturing and industrial automation segment will hold the largest share in 2022, accounting for more than a quarter of the global electrical control panel market’s revenue. The manufacturing and industrial automation sector has become a dominant force in the market as the manufacturing industry has invested heavily in automating production processes across various industries. Rising investment in industrial process automation has created opportunities for the market. The manufacturing and industrial automation segment is expected to grow at a CAGR of 6.2% from 2023 to 2032 and maintain this position during the forecast period.
From a regional perspective, Asia Pacific will hold the highest market share by revenue in 2022, accounting for more than one-third of the global electrical control panel market revenue. Asia Pacific’s market dominance can be attributed to the growing adoption of electrical control panels in developing countries in the region. Notably, the important role played by China, characterized by increasing investment in industrial process automation, is expected to be a key driver of the growth of the electrical control panel market during the forecast period. China will register the highest CAGR of 6.1% from 2023 to 2032, making it a major player in the market during the forecast period.
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The report provides a detailed analysis of these key players in the global Electrical Control Panels market. These players have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, agreements, etc. to increase their market share and maintain dominance in different regions. The report is essential in highlighting the business performance, operating segments, product portfolios and strategic initiatives of market participants to showcase the competitive landscape.
Post time: Oct-16-2024