Report : Asia Pacific Electric Control Panel Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Form (Enclosed and Open), Type (Low Tension and Medium and High Tension), and Industry (Manufacturing, Chemical, Automotive, Food and Beverages, Power, Oil and Gas, Pharmaceutical, Aerospace and Defense, and Others)
At 7.2% CAGR, the APAC Electric Control Panel Market is speculated to be worth US$ 4,005.95 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the APAC electric control panel market was valued at US$ 2,302.07 million in 2022 and is expected to reach US$ 4,005.95 million by 2030, registering an annual growth rate of 7.2% from 2022 to 2030. Need for higher quality control and panel fabrication and integration of advanced computing services are the critical factors attributed to the market expansion.
In several countries, electric control panels (ECPs) need to meet several regulatory requirements, including compliance with specified standards and listings. A manufacturer may incur overhead costs if the local authorities having jurisdiction (AHJ) identify unapproved panels in market. Earlier, most electric control panels in operation were powered with AC power sources, but DC power has become a norm today. Changes in control voltage specifications have resulted in more efficient power usage. When power entering the panel is used more efficiently, the components emit less heat, allowing them to be mounted in proximity in accordance with the safety ratings. Panel builders must adhere to air spacing requirements recommended by component manufacturers, which help in the efficient dispersion of heat—the closer components may be mounted, the smaller will be the panel's footprint. In addition to improvements in components that go into control panels, the manufacturing process of electric control panels has also been made better. Previously, a manufacturer would use a tape measure, straight edge, and marker to manually prepare the layout of each panel, followed by drilling and tapping the panel's holes. This inefficient, time-consuming, and dirty process has now been replaced with AutoCAD, wherein automated drilling systems are deployed to carry out drilling and cordless screwdrivers are used to put self-tapping screws, which have made panel manufacturing operations easier and faster. The AutoCAD process is not only more efficient and cleaner, but it also leads to the creation of a higher-quality product. Therefore, the need for higher quality control and panel fabrication creates an opportunity for the electric control panel market.
On the contrary, high replacement and deployment costs, and regulatory non-compliance hurdles the growth of APAC electric control panel market.
Based on form, the APAC electric control panel market is bifurcated into enclosed and open. The open segment held 67.4% market share in 2022, amassing US$ 1,551.56 million. It is projected to garner US$ 2,772.50 million by 2030 to expand at 7.5% CAGR during 2022–2030.
Based on type, the APAC electric control panel market is bifurcated into low tension and medium and high tension. The medium and high tension segment held 79.9% market share in 2022, amassing US$ 1,838.68 million. It is projected to garner US$ 3,281.71 million by 2030 to expand at 7.5% CAGR during 2022–2030.
Based on industry, the APAC electric control panel market is segmented into manufacturing, chemical, automotive, food and beverages, power, oil and gas, pharmaceutical, aerospace and defense, and others. The power segment held 24.5% market share in 2022, amassing US$ 564.33 million. It is projected to garner US$ 1,133.55 million by 2030 to expand at 9.1% CAGR during 2022–2030.
Based on country, the APAC electric control panel market has been categorised into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 33.8% market share in 2022. It was assessed at US$ 777.71 million in 2022 and is likely to hit US$ 1,424.31 million by 2030, exhibiting a CAGR of 7.9% during the forecast period.
Key players dominating the APAC electric control panel market are ABB Ltd; Cetal; Eaton; Leviton Manufacturing Co., Inc.; Rittal Gmbh & Co. KG; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; and SIMON PROtec among others.
- In 2020, Siemens AG's intelligent, adaptive infrastructure firm has announced the integration of Control Panel Design into the TIA Selection Tool, adding additional electrical planning tools to the Siemens configuration and ordering software.
- In 2022, ABB India has introduced a new line of electrical measuring and power monitoring meters for the market of digital panel meters. With this announcement, ABB India expands its current array of single, multifunction meters and network analyzers to serve the Panel Meter market in industries like as healthcare, hospitality, infrastructure, and food and beverage, to mention a few.
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