PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1607779
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1607779
Global electric control panel market is projected to witness a CAGR of 6.47% during the forecast period 2025-2032, growing from USD 6.58 billion in 2024 to USD 10.87 billion in 2032. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years.
The electrical control panel is a kind of specialized enclosure that includes various electrical devices that are designed to control and monitor mechanical functions within industrial equipment and machinery. The electric control panels are integral to the operation of automated systems, enabling the regulation of processes such as manufacturing, assembly, and other mechanical operations. The electrical control panel facilitates the operation by controlling power distribution and monitoring system performance, ensuring safety.
Manufacturers are investing and working on the design of the electric control panel to make the product adaptable for different applications. Regular maintenance and proper design are essential to ensure electric control panels function effectively over time. Electrical control panels are able to maintain operational efficiency in industrial operations, which drives the growth of products in the market. The products help to prevent electrical faults which could lead to equipment damage, which drives the demand for electrical control panels in the market. Moreover, the combination of urban development, renewable energy integration, technological advancements, industrial automation, and regional market dynamics is propelling the demand for electric control panels significantly in the coming years. In addition, the integration of electric control panels with new software optimizes the performance of operating systems and lowers the risk of damage.
For instance, in March 2024, Rockwell Automation Inc. decided to launch CUBIC Modular Switchboard and Motor Control Center (MCC) Systems. The new product portfolio serves industries such as renewable energy, mining, data centers, chemicals, Food and Beverage, and infrastructure. This development helps the company to increase revenue and product portfolio.
Focus on Industrial Automation and Infrastructure Development Propelling Market Growth
The push towards automation in industrial sectors is becoming the major factor for the growth of the electric control panel market. The electric control panels are highly efficient, centralizing control operations and allowing for the streamlined management of machinery and systems. The industrial sector is looking to enhance operational efficiency and reduce human error, driving the demand for electric control panel products. Moreover, electric control panels are becoming essential for managing and optimizing industrial processes as panels improve the coordination and efficiency of machinery, which is crucial for enhancing productivity.
Furthermore, global infrastructure projects are expanding rapidly which necessitates reliable power distribution systems. Electric control panels play a vital role in managing electrical operations within new buildings and supporting efficient energy management solutions which drive its demand in different commercial applications. Electric control panels are able to manage the electrical operations within the projects, which ensures efficient power distribution and operational safety. Rapid urbanization is leading to extensive infrastructure development, which includes new buildings, transportation systems, and utilities, which foster the demand for efficient electric control panels in the market.
For instance, in November 2024, Shivalic Power Control Limited an Indian company is awarded for order valued at approximately USD 0.3 million for the supply of LT Panels from Nxtra Data. The company needs to complete the order by February 2025. This development showcases the rise in demand for electric control panels to support large data centers.
Rise in Integration of Renewable Energy Profiting the Market Growth
Globally, governments and companies are setting up ambitious renewable energy targets as part of the climate commitments and sustainability goals, which could be attained by adopting the proper energy mix as regions focus on shifting toward decarbonization and energy transition results in high demand for technologies which could integrate the different sources of energy with less environmental impact. The integration feature of electric control panels helps to overcome the challenges and requirements of managing a more complex and variable energy landscape. Integrating renewable energy sources into the electrical grid could be done at a cost-effective rate, which would drive the demand for electric control panels in the market.
Furthermore, electric control panels with advanced features analyze the electric grid's performance, which helps optimize operations, reduce costs associated with peak generation needs, and enhance the grid's overall efficiency. Electric control panels are equipped with features that enhance grid resilience and help renewable energy management, driving its market demand. In addition, the panels facilitate rapid adjustments in response to changes in renewable energy supply or demand during high consumption operations which help to maintain stability of the electric grid. The ability to integrate storage solutions with renewable sources through control panels allows for better management, which drives the market share of electric control panels.
Thus, the rise in the transition to cleaner energy in different countries is expected to drive the demand for electric control panels.
For instance, in April 2024, Schneider Electric decided to launch the series of Resi9 Energy Center. A retrofit solution is introduced in the French market which secures electrical installations equipped with new energy inputs and loads. The new electric control panels act as the gatekeeper for ensuring the safety of electrical devices and appliances which drive its demand in the market.
Rapid Technological Advancement Creates Opportunities for the Market
The rapid technological advancements in electric control panel products are creating substantial opportunities in the market. The upgradation in technology enhances automation, safety, energy efficiency, and flexibility which drives the electric control panel market size. The demand for advanced electric control panels supports the transition towards smarter and more efficient energy systems which is expected to foster the demand for panels in developing countries.
The rise of smart technology has led to greater automation in control panels, which allows for remote and automated management of industrial processes. The adoption of electric control panels reduces manual intervention, enhancing efficiency and reducing the risk of human error. Advanced control panels are equipped with sensors and connected devices, enabling real-time monitoring of systems. The panel capability allows operators to make informed decisions quickly, ensuring continuous operation.
Moreover, modern electric control panels incorporate advanced diagnostic capabilities that detect potential issues and provide information regarding failures. The proactive approach enhances safety and also reduces downtime and maintenance costs. New control panel designs prioritize energy efficiency by incorporating intelligent power management systems. The incorporation of AI in electric control panels enables predictive maintenance and advanced diagnostics which creates the opportunity for the adoption of electric control panels in the market.
For instance, in November 2023, ABB Ltd. launched the Protecta Power panel board which is designed for commercial, industrial, and institutional buildings. The new panels integrate the latest digital monitoring and control technology while enhancing safety and durability. This development helps the company to increase the company product portfolio and revenue.
Power Control Centers (PCC) to Dominate the Market Share
Power control centers (PCC) are experiencing a high adoption rate in the forecast period which makes the segment dominate the market. The rise in the adoption of automation technologies drives the need for centralized control systems. PCCs facilitate efficient power distribution and management which enable automated processes to operate smoothly and reliably. Panels are becoming important in sectors such as oil and gas, chemicals, and manufacturing sector in which precise control over electrical systems is critical. The centers are essential for managing power distribution in large-scale projects which include commercial buildings, factories, and energy plants.
Moreover, PCCs are crucial for integrating variable energy sources into the grid by ensuring stability and efficiency in power distribution. The power control cents allow for better handling of fluctuating power inputs from solar panels and wind turbines which makes products indispensable in modern energy systems.
Asia-Pacific Leads the Electric Control Panel Market
Asia-Pacific has dominated the electric control panel market and is expected to continue during the forecast period. The Asia-Pacific is leading the market due to its rapid industrialization and significant infrastructure investment. Increased investments in renewable energy and automation technologies further bolster demand in this region. Countries like China and India are particularly active in expanding their manufacturing capabilities and adopting smart technologies which drives up the demand for electric control panels.
Furthermore, supportive government policies aimed at promoting manufacturing and technological innovation which foster a conducive environment for electric control panel market growth. Manufacturer initiatives encouraging local production of electric control panels and the adoption of smart grid technologies drive the demand for electric control panels across various sectors. The notable shift towards incorporating advanced technologies such as IoT and AI into electric control panels drives the market growth in the region.
Future Market Scenario (2025 - 2032F)
Massive investments in infrastructure projects in Asia-Pacific is driving the demand for electric control panels in coming years.
Governments are focusing on modernizing existing facilities and constructing new ones, including power plants, transportation systems, and commercial buildings fostering the demand for electric control panels in the forecast period.
The adoption of smart technologies and the Internet of Things (IoT) is transforming electric control panels, making sophisticated systems capable of real-time monitoring, remote access, and predictive maintenance.
The industrial sector heavily investing in automation which drives the demand for electric control panels in the market.
Key Players Landscape and Outlook
Continuous innovation characterizes the landscape of electric control panels globally, as the companies compete in terms of energy efficiency, product life, and unique features. The market outlook remains positive, owing to increased demand for the integration of renewable energy and automation in the industrial sector. Electric control panel players are concerned with supply chain resilience, energy efficiency, and environmental practices, which will define the industry's future. Product launches, agreements, business expansions, collaborations, and developing technologies are projected to increase competition in the fast-paced market.
For instance, in March 2024, Schneider Electric invested USD 140 million to expand U.S. manufacturing units to support critical infrastructure, industries, and data center demand in different countries. This development will help millions to expand U.S. manufacturing units to support critical infrastructure, industries, and data center demand in different countries. This development will help increase production and revenue in the coming years.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.