Global Electrical Control Panel Market Set To Reach $9 Billion By 2030, With 7% CAGR Forecast

2023-10-26 01:18:38

(MENAFN- PR Newswire) DUBLIN, Oct. 26, 2023 /PRNewswire/ -- The "Electrical Control Panel Market - Global Electrical Control Panel Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Form Coverage, By Type Coverage, By Industry Coverage, By Geographic Coverage and By Company)" report has been added to
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The global electrical control panel market is experiencing robust growth, with a market valuation of US$ 5.6 billion in 2022, projected to reach approximately US$ 9 billion by 2030. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 7% during the period from 2023 to 2030, as revealed in a comprehensive report.

Key Trends Driving Market Growth

Several key trends are fueling the expansion of the global electrical control panel market:

Energy Efficiency and Sustainability: The demand for energy efficiency and sustainability is a driving force for the electrical control panel market. Energy-efficient control panels play a vital role in reducing power usage, meeting environmental regulations, and lowering operational costs.

Customization and Modular Designs: Manufacturers are increasingly offering modular designs that can be easily customized for various purposes, enhancing flexibility and reducing lead times. Customized control panels tailored to specific industry needs are in high demand.

Open Type Control Panels: Open type electric control panels dominated the industry in 2022, particularly in applications where environmental protection is not the primary concern due to their cost-effectiveness.

Medium and High Tension Control Panels: The medium and high tension control panel segment led the market in 2022, with applications ranging from power distribution networks to industrial facilities.

Growth in the Power Sector: The power sector is poised for significant growth during the forecast period, driven by the need for control panels in renewable energy installations, grid connections, inverters, and energy storage systems.

Asia Pacific Dominance: The Asia Pacific region is set to dominate the electrical control panel market due to substantial investments in renewable energy sources, infrastructure development, and rapid urbanization in countries like China and India.

North America's Fastest Growth: North America is expected to be one of the fastest-growing regions for the electrical control panel market, driven by the adoption of smart grid technologies, Industry 4.0, and the Internet of Things (IoT).

Key Growth Determinants

The growth of the electrical control panel market is determined by factors such as the increasing demand for industrial automation, the growing adoption of IoT and smart technology, and the rising integration with renewable energy sources.

Major Growth Barriers

Challenges include high initial investments and concerns related to cybersecurity.

Key Opportunities

Opportunities include integration with IoT and Industry 4.0, advanced Human-Machine Interfaces (HMIs), and the provision of remote monitoring and maintenance services.

Regulatory Landscape

International standards by organizations like the International Electrotechnical Commission (IEC), the National Electrical Code (NEC) in the US, and the European Committee for Electrotechnical Standardization (CENELEC) play a crucial role in shaping the electrical control panel market. Compliance with safety, quality, and performance standards is essential for manufacturers.

Top Companies Leading the Market

Leading companies in the global electrical control panel market include Leviton Manufacturing Co. Ltd., ABB Ltd., Bectrol, Eaton, RITTAL GMBH & CO. KG, Schneider Electric SE, Rockwell Automation Inc., Siemens AG, SIMON PROtec, Mitsubishi Electric Corporation, Delta Electronics, Inc, E+I Engineering, General Electric Company (GE), C&S Electric, and WEG Industries.

Key Topics Covered:
1. Executive Summary
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Electrical Control Panel Market Outlook, 2018 - 2030

4. North America Electrical Control Panel Market Outlook, 2018 - 2030

5. Europe Electrical Control Panel Market Outlook, 2018 - 2030

6. Asia Pacific Electrical Control Panel Market Outlook, 2018 - 2030

7. Latin America Electrical Control Panel Market Outlook, 2018 - 2030

8. Middle East & Africa Electrical Control Panel Market Outlook, 2018 - 2030

9. Competitive Landscape

10. Appendix

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