Global Electric Control Panel Market Outlook 2033

The global electric control panel market is likely to grow at a CAGR of 6.7% over the forecast period, i.e., 2023-2033. Market generated a revenue of around USD 6,000 Million at the end of 2022 and is likely to produce revenue worth of nearly USD 12,000 Million by the end of 2033. Higher utilization of electric machines in the industry for higher production and industrial automation, along with the increased demand for electric vehicles (EV) which in turn has increased the investment in EV sector, are some of the major factors anticipated to drive the growth of the market during the forecast period.

The global electric control panel market is segmented by type and by end use industry. On the basis of end use industry market is further fragmented into aerospace, chemical, automotive, food & beverages, power generation, oil & gas, pharmaceutical and others. The oil & gas segment is anticipated to garner the highest revenue of USD 3,000 million by the end of 2033. The segment collected the revenue of USD 1,500 million at the end of 2022. This growth is on the account of increasing demand for oil and gas among the people. The oil & gas segment is to grow at a CAGR of around 7% over the forecast period.

On the basis of region, global electric control panel market is analyzed by the markets of North America, Europe, Latin America, Asia-Pacific and Middle-east and Africa. The Europe collected the highest revenue of USD 2,000 million in 2022. By the end of 2033, it is estimated to garner a revenue of USD 4,000 million, by growing at the CAGR of 7% over the forecast period. Factors such as increased demand for electricity and growing production of electric vehicles is expected to boost the market growth.

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global crane market that are included in the report are Schneider Electric, ABB, Siemens AG, Paneltronics Inc., General Electric, Rockwell Automation, Inc., Eaton, IndustLabs, Solution Control System, Inc., Keltour, and others.