Global Electric Control Panel Market Size, Opportunity

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The Electric Control Panel Global Market Report 2023 by The Business Research Company, provides electric control panel market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/electric-control-panel-global-market-report

According to The Business Research Company’s Electric Control Panel Global Market Report 2023, the market size is expected to grow from $5.08 billion in 2022 to $5.44 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the electric control panel market size is expected to grow to $7.05 billion in 2027 at a CAGR of 6.7%.

A rise in demand for factory automation is expected to propel the growth of the electric control panel market going forward. Factory automation refers to the inclusion of automation throughout the production process. The electrical control panel industry is expanding due to an increased need for equipment safety in factory automation. Furthermore, the expansion of new industries and machinery has prompted the installation of electric control panels in workplaces, warehouses, and workshops, among other places for safety.

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The electric control panel market is segmented:

1) By Type: Low Tension, Medium and High Tension

2) By Form: Open, Enclosed

3) By Industry: Manufacturing, Food and Beverages, Chemical, Automotive, Power, Pharmaceutical, Oil and Gas, Aerospace and Defense

Product innovation is a key trend gaining popularity in the electric control panel market. Major players operating in the market are developing advanced products with smart monitoring technologies to sustain their position in the market. For instance, in February 2022, ABB Ltd., a Switzerland-based electrical control panel company, launched smart monitoring solutions for electric power measurement and monitoring meters. Such meters provide basic to comprehensive power quality analysis as well as precise monitoring of energy assets for residential, industrial, and commercial building sectors. The recently released M1M11, M1M DS, M1M 20B, and M1M 30B power quality monitoring requirements inside commercial and industrial facilities addressing the primary submetering requirements simply and affordably in motor control centers, power factor correction boards, or sub-distribution switchboards.

The electric control panel market report table of contents includes: