The APAC electric control panel market is expected to grow from US$ 2,302.07 million in 2022 to US$ 4,005.95 million by 2030; it is estimated to grow at a CAGR of 7.2% from 2022 to 2030.
The implementation of Industry 4.0 results in full automation of manufacturing processes, requiring little to negligible human interference. Industry 4.0 combines the Industrial Internet of Things (IIoT), cyber-physical systems, cloud robotics, cloud computing, and Big Data. Automation has stirred the industrial sector, drastically changed production practices, and reduced manufacturing time and production costs. Manufacturers rely on Big Data and data analytics to improve the efficiency, productivity, security, and cost-effectiveness of their operations due to the rising popularity and adoption of the IoT and Industry 4.0. As many operations are being automated in the manufacturing sector, secure wireless networking has the potential to enable factory automation on a far greater scale. PaaS is a type of cloud computing service that lets users provide, run, and manage a modular package that includes a computer platform and one or more applications. This can be done without constructing and maintaining the infrastructure, which is generally associated with developing and launching the applications. Software as a Service (SaaS), also known as on-demand software, is a software distribution, licensing, and delivery paradigm in which software is licensed and hosted centrally on a subscription basis. Service providers offer consumers online access to applications developed by them. Instead of installing software on users’ computers, this service allows them to access programs via the internet. SaaS allows users to have more control and understanding over their projects. The IIoT allows panel makers to provide their industrial manufacturing customers with cutting-edge control panels, which help them manage their automated and robotic systems. Further, the industrial transformation toward digitalization is converting manual processes into digital processes in the manufacturing sector, which is expected to support the growth of the electric control panel market in the coming years.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC electric control panel market. The APAC electric control panel market is expected to grow at a good CAGR during the forecast period.
APAC Electric Control Panel Market Revenue and Forecast to 2030 (US$ Million)
APAC Electric Control Panel Market Segmentation
The APAC electric control panel market is segmented based on form, type, industry, and country. Based on form, the APAC electric control panel market is bifurcated into enclosed and open. The open segment dominated the market in 2022. 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 dominated the market in 2022. 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 dominated the market in 2022. Based on country, the APAC electric control panel market is segmented into China, India, Japan, South Korea, Australia, and the Rest of APAC. China would dominate the market in 2022.
ABB Ltd; Cetal; Eaton; Leviton Manufacturing Co., Inc.; Rittal Gmbh & Co. KG; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; and SIMON PROtec are among the leading companies in the APAC electric control panel market.