The Electric Control Panel Market size is expected to grow from US$ 5,507. 35 million in 2022 to US$ 9,096. 16 million by 2030; it is expected to grow at a CAGR of 6. 5% from 2022 to 2030. Factory automation in manufacturing environments frequently employs pneumatic systems, hydraulic systems, and robotic arms to produce a more complicated system.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Control Panel Market Forecast to 2030 - COVID-19 Impact and Global Analysis By Form, Type, and Industry" - https://www.reportlinker.com/p06295664/?utm_source=GNW Superior energy efficiency, stringent safety regulations, and better design result in outstanding production levels in automated factories. Moreover, automation can help lower process costs and ensure workers’ safety in adverse environments.An electrical control panel is a group of electrical devices that use electricity to regulate the mechanical functioning of industrial machinery or equipment. The existing renewable energy sources (RES) system is integrated with digital information processing and enhanced telemetry systems in the smart grid SCADA system.The rising integration and automation of the electric microgrid and utility grids presents new energy management development aspects. The rise in demand for factory automation serves as a significant driving force for the electric control panel market. Additionally, increased investments in new construction and production prompt the expansion of electrical installations in warehouses, factories, distribution facilities, etc. The implementation of control panels in renewable energy production and distribution applications is another factor driving the electric control panel market growth for the players. The surging export and import of industrial control panels have been an indicator of high demand for this equipment, notably in Southeast Asian countries.Many industrial firms must upgrade essential equipment to remain competitive in their respective markets. Thus, the whole replacement or rebuilding of obsolete industrial control panels with newer components will contribute to a surge in the US and other Western countries. Thus, these factors are increasing demand for factory automation and are driving the electric control panel market growth. COVID-19 Impact on Electric Control Panel Market Size Germany, Italy, the UK, Russia, France, and Spain were the most-affected countries by the onset of the COVID-19 pandemic and the following limitations and restrictions imposed by governments.Several countries in Europe witnessed an economic hit and a decline in industrial activities in the Q2 of 2020. Many European countries partially closed their borders and implemented drastic measures on imports and exports of goods. These measures caused a decline in the production volumes in various industries, which hampered the demand for electric control panels in Europe in 2020. The electric control panel market players took various initiatives in 2020.For instance, in November 2020, Siemens AG announced the configuration and ordering software—TIA Selection Tool—and integrated new features of electrical planning into this tool. This software allows the control panel manufacturers to make a value chain more economical with the help of digitization.The demand for electric control panels is expected to resurge by the end of 2022, considering the economic recovery and ongoing growth of end-user industries and companies investing in making operations more efficient and productive. This would boost the electric control panel market in the future. Based on geography, the Europe electric control panel market analysis is segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe.The rise in adoption of consumer and commercial electrical components across the region owing to improved standard of living is propelling the demand for electric control panels from the industrial automation components manufacturers. Therefore, the growth of consumer and commercial electrical components would propel the electric control panel market in the coming years. Many companies focus on strengthening their position in the electric control panel market, and key vendors focus on introducing new advanced solutions and services and upgrading the capabilities of their current offerings. The key stakeholders in the electric control panel market are raw material providers, electric control panel manufacturers, and industries.Raw material providers provide various components/parts such as enclosure, circuit breaker, surge arresters, transformers, terminal blocks, programmable logic controllers, network switches, relays and contactors, human machine interface (HMI) to electric control panel manufacturers. Manufacturing, chemical, automotive, food & beverages, power, oil & gas, pharmaceutical, textile are some of the industries where electric control panel are used. A few leading manufacturers profiled in the electric control panel market report are ABB Ltd.; Bectrol; Cetal; Eaton; Leviton Manufacturing Co., Ltd.; RITTAL GMBH & CO. KG; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; and SIMON PROtec. However, the electric control panels have high replacement and deployment costs. This factor is hindering the growth of the overall electric control panel market in a negative manner. Stringent standards, such as IEC 60204-1, UL 508A, National Fire Protection Agency (NFPA) 70/79A, BS EN 61439-2 are few major safety standards developed for the installation of the best possible safe control panel. The electric control panel manufacturers must comply with these standards. The steady growth in Industry industries will continue to drive the adoption of electric control panels which in turn will influence the electric control panel market growth. The overall electric control panel market analysis has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the electric control panel market. The process also serves the purpose of obtaining an overview and forecast of the electric control panel market size with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights. The participants typically involved in the electric control panel market report include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the electric control panel market. Read the full report: https://www.reportlinker.com/p06295664/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________
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