DUBLIN--(BUSINESS WIRE)--The "Electric Control Panel Market Forecast to 2030 - COVID-19 Impact and Global Analysis by Form, Type, and Industry" report has been added to ResearchAndMarkets.com's offering.
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.
Factory automation in manufacturing environments frequently employs pneumatic systems, hydraulic systems, and robotic arms to produce a more complicated system. 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.
Market Dynamics
Drivers
- Rise in Demand for Factory Automation
- Increase in Use of Electric Panels in Mobile Machinery
Restraints
- High Replacement and Deployment Costs, and Regulatory Non-Compliance
Opportunities
- Need for Higher Quality Control and Panel Fabrication
Future Trends
- Integration of Advanced Computing Services
Companies Mentioned
- ABB Ltd.
- Bectrol
- Cetal
- Eaton
- Leviton Manufacturing Co., Ltd.
- RITTAL GMBH & CO. KG
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- SIMON PROtec
For more information about this report visit https://www.researchandmarkets.com/r/fb0yfl
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November 10, 2022 at 11:58PM
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Global Electric Control Panel Market Forecast to 2030 - Need for Higher Quality Control and Panel Fabrication Presents Opportunities - ResearchAndMarkets.com - Business Wire
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