Electric Control Panel Market
Research Nester published a report titled “Electric Control PanelMarket: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global electric control panel market in terms of market segmentation by type, form, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global electric control panel market is anticipated to attain a CAGR of ~8.4% over the forecast period, i.e., 2022– 2030. The market is segmented on the basis of application, into manufacturing, chemical, automotive, food and beverages, power, oil and gas, pharmaceutical, textile, and others. Out of these, the power segment is estimated to gain the largest market share during the forecast period, on the back of the increasing demand for power generation, and growing need to control and maintain power generation in the power plant. Moreover, rising electricity consumption is estimated to boost the market growth.
The global electric control panel market is estimated to grow on the back of rising demand for factory automation, adoption of automated machines, and increase in demand for equipment safety. Electric control panel allows the operator to control the machinery, which not only ensures safety, but also provides sufficiency. Moreover, the growing investment in R&D activities, along with the rapid digitalization of the power sector, are anticipated to fuel the market growth.
On the basis of geographical analysis, the global electric control panel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of the high demand of power and energy in the region. Furthermore, the rapid digitalization of the power sector in the region is estimated to boost the market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Increasing Consumption of Electricity in Industries to Boost the Market Growth
According a report by International Energy Agency (IEA), total global electricity final consumption reached 22,848 TWh in 2019.
The growing demand for electricity worldwide, is backed by rising industrial and commercial power consumption. Electric control panels are used to control mechanical equipment and allow an operator to control specified equipment. The growing requirement of electric control panel is anticipated to boost market growth.
However, high cost of installation and maintenance of the equipment is expected to operate as key restraint to the growth of global electric control panel marketover the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global electric control panel market which includes company profiling ofABB Ltd., Siemens AG, Schneider Electric SE,General Electric Company, Leviton Manufacturing Company, Inc., Paneltronics Inc., SIMON PROtec, Rockwell Automation, Inc., Konark Automation, and Eaton Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electric control panel market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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