Electric Control Panel Global Market Report 2024

The global electric control panel market has grown strongly in recent years. It will grow from $5.47 billion in 2023 to $5.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to industrial growth, energy demand, customization needs, economic factors, and infrastructure development.

The global electric control panel market is expected to see strong growth in the next few years. It will grow to $7.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The projected growth in the forecast period can be attributed to the development of smart infrastructure, the integration of renewable energy sources, an emphasis on customization and adaptability in technological solutions, and the broader trend of digital transformation. Key trends expected in this period include the implementation of distributed energy systems, a heightened focus on user interface (UI) and user experience (UX) design, the adoption of predictive maintenance practices, the integration of cloud-based solutions, and an increased emphasis on energy efficiency and sustainability measures.

The electric control panel market is poised for substantial growth, fueled by a rising demand for factory automation. Factory automation, involving the integration of automation across the production process, has become a key driver for the electrical control panel industry. The need for enhanced equipment safety in factory automation settings has led to an increased installation of electric control panels in diverse industrial environments, including workplaces, warehouses, and workshops. A notable indicator of this trend is the surge in industrial automation robot sales, with a global increase of 27% in 2021, reaching a record 486,800 units, according to data from the International Federation of Robotics. The Americas experienced a 27% climb in installations, while Asia and Australia saw a 33% increase, underscoring the significant role of factory automation in driving the electric control panel market's growth.

The electric control panel market is expected to experience robust growth, driven by the expanding manufacturing industry. The manufacturing sector, a key contributor to economic development, relies on electric control panels to enhance efficiency, safety, and adaptability to evolving production requirements. The widespread use of electric control panels in manufacturing facilities contributes to overall productivity and competitiveness. In 2021, the global manufacturing production witnessed a notable 9.4% increase, as reported by the United Nations Industrial Development Organization. This growth underscores the pivotal role of electric control panels in meeting the dynamic needs of the manufacturing industry, positioning them as a vital component for sustained growth in the market.

Product innovation stands out as a prominent trend shaping the electric control panel market. Major industry players are actively developing advanced products equipped with smart monitoring technologies to maintain their competitive edge. ABB Ltd., a Switzerland-based electrical control panel company, exemplifies this trend by introducing smart monitoring solutions for electric power measurement and monitoring meters. These meters offer comprehensive power quality analysis and precise monitoring of energy assets across residential, industrial, and commercial building sectors. The release of innovative products with enhanced functionalities showcases the industry's commitment to technological advancements, further propelling the growth of the electric control panel market.

Major companies operating in the electric control panel market are directing their efforts toward introducing innovative products to drive market revenues. The introduction of a home electric panel is a prime example of this strategy. Span.IO Inc., a US-based home electrification technology company, launched the Span Smart Panel. This smart electrical panel, designed to replace existing panels entirely, offers modernization for home energy systems. With longer battery backup, smarter energy savings, and crucial information, the Span Smart Panel empowers homeowners to control their home's energy use without compromising safety. The compatibility with various energy systems, circuit-level control, and actionable insights into energy usage position innovative products like the home electric panel as key drivers for revenue growth in the electric control panel market.

In June 2021, Systems Control, a US-based leader in electrical and electronics manufacturing, successfully acquired Keystone Electrical Manufacturing Company for an undisclosed amount. This strategic acquisition positions Systems Control for regional expansion and facilitates the acceleration of its product development portfolio. Keystone Electrical Manufacturing Company, renowned for its expertise in manufacturing electrical control panels, aligns seamlessly with Systems Control's growth objectives and enhances its capabilities in the industry.

Major companies operating in the electric control panel market report are ABB Ltd., Siemens AG, Eaton Corporation PLC, Rockwell Automation Inc., SIMON PROtec Deutschland GmbH, General Electric Company, Leviton Manufacturing Company Inc., Paneltronics Inc., CETAL SAS, Bectrol Inc., Penbro Kelnick (Pty) Ltd., Konark Automation, B&B Assemblies LLC, Schneider Electric SE, Honeywell International Incorporation, Emerson Electric Company, Simplex System Controls Inc., Walther Electric Inc., Horlick Technologies LLC, Avatar Instruments Corporation, Mitsubishi Electric Factory Automation, AmSafe Inc., Precision Mfg. Co. Inc., Custom Manufacturing & Engineering Inc., Rittal GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, Chint Group Co. Ltd., WEG Electric Corporation, Delta Electronics Inc., Fuji Electric Co. Ltd.

Asia-Pacific was the largest region in the electric control panel market share in 2023. The regions covered in the electric control panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric control panel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electric control panels come in various types, including low tension, medium tension, and high tension. Low-tension control panels are specifically utilized with low-tension cables to receive power from generators or transformers and distribute it to different electrical devices and distribution boards. These panels can be categorized into open and enclosed forms, finding applications across a range of industries such as manufacturing, food and beverages, chemicals, automotive, power generation, pharmaceuticals, oil and gas, as well as aerospace and defense.

This report provides electric control panel market statistics, including electric control panel industry global market size, regional shares, competitors with an electric control panel market share, detailed electric control panel market segments, market trends and opportunities, and any further data you may need to thrive in the electric control panel industry. This electric control panel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric control panel market consists of sales of virtual control panels, remote control panels, and physical control panel products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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