The electric control panel is an important component of industrial automation that serves as the central control system for machines and industrial processes. It comprises components such as circuit breakers, switches, relays, and programmable logic controllers that are used to monitor and control industrial equipment and machinery. Electric control panels provide flexibility, efficiency, and reliability in industrial operations. The growing demand for automation across various end-use industries has significantly propelled the adoption of electric control panels.

The global electric control panel market is estimated to be valued at USD 6.34 Billion in 2024 and is expected to reach USD 9.82 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.

Key Takeaways

Key players

Key players operating in the Electric Control Panel Market are Schneider Electric, ABB, Siemens, GE, Mitsubishi Electric, and Rockwell Automation.

Growing demand

Rising focus on industrial automation and increasing demand for energy-efficient operations are driving the growth of the electric control panel market. Further, growing investments in power transmission and distribution infrastructure would propel market growth.

Global expansion

Leading manufacturers are expanding their global footprint to strengthen their market presence through acquisitions and partnerships with local players. For instance, in 2021, Schneider Electric acquired ClearMax to expand its digital energy management offerings.

Market key trends

Electric Control Panel Market Trends in the electric control panel market is the growing adoption of digital control panels integrated with IoT and cloud computing. Digital control panels enable remote monitoring of industrial operations and predictive maintenance of machines. They help reduce downtime, improve efficiency, and minimize human errors. Leading manufacturers are focusing on developing innovative digital solutions for various industries to gain a competitive edge in the market.

Porter's Analysis

Threat of new entrants: New companies enter the market with new technology and designs which increases competition.

Bargaining power of buyers: Large customers bargaining with suppliers for better prices and customized panels.

Bargaining power of suppliers: Few suppliers for critical components increases their bargaining powers.

Threat of new substitutes: Alternatives like PLC and MCC can threat Electric Control Panel Companies .

Competitive rivalry: Intense competition among leading players to gain market share puts downward pressure on prices.

North America has the largest share in electric control panel market owing to extensive manufacturing activities and strong automotive industry in the region. Growing industrial infrastructure coupled with strict regulatory policies drives the market. China is expected to grow at the highest CAGR during the forecast period. Increasing investments in manufacturing, power generation and transportation sectors are fueling market growth.

The fastest growing region for electric control panel market is expected to be Asia Pacific due rising industrialization, urbanization and infrastructural developments across countries like China and India. Rapid industrialization is augmenting demand for industrial equipment and machinery which spurs the need for control panels for automation and process control applications. Growing electrification projects also propels market growth in the region.

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)