New York, July 20. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Electric Control Panel Market Forecast to 2030 – COVID-19 Impact and Global Analysis By Form, Type, and Industry” – https://www.reportlinker.com/ p06295664/?utm_source=GNW
Superior energy efficiency, strict safety regulations and better design result in exceptional production levels in automated factories.
Additionally, automation can help reduce process costs and keep workers safe in adverse environments. An electrical control panel is a group of electrical devices that use electricity to regulate the mechanical operation of machinery or industrial 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 increasing integration and automation of electric micro-grids and utility networks presents new development aspects of energy management.
Rising demand for factory automation is a significant driving force for the electrical control panel market. In addition, increased investment in new construction and production drives the expansion of electrical installations in warehouses, factories, distribution facilities, etc. The implementation of control panels in renewable energy generation and distribution applications is another factor driving the growth of the electrical control panel market for players. .
Soaring exports and imports of industrial control panels have been an indicator of strong demand for such equipment, especially in Southeast Asian countries. Many industrial companies need to upgrade critical equipment to stay competitive in their respective markets.
Thus, the complete replacement or rebuilding of obsolete industrial control panels with newer components will contribute to a surge in the United States and other Western countries. Thus, these factors increase the demand for factory automation and drive the growth of the electrical control panel market.
Impact of COVID-19 on Electrical Control Panels Market Size
Germany, Italy, UK, Russia, France and Spain were the countries most affected by the onset of the COVID-19 pandemic and the subsequent limitations and restrictions imposed by governments. Several countries in Europe experienced an economic blow and a drop in industrial activities in Q2 2020.
Many European countries have partially closed their borders and implemented drastic measures on imports and exports of goods. These measures have caused a decline in production volumes in various industries, which has hampered the demand for electrical control panels in Europe in 2020.
The electrical control panel market players have taken various initiatives in 2020. For example, in November 2020, Siemens AG announced the configuration and control software – TIA Selection Tool – and integrated new electrical planning features in this tool.
This software enables control panel manufacturers to make a value chain more economical using digitization. invest to make operations more efficient and productive.
This would drive the electrical control panel market in the future.
On the basis of geography, Europe electrical control panel market analysis is segmented into France, Germany, Italy, UK, Russia and Rest of Europe. Rising adoption of consumer and commercial electrical components in the region owing to improved living standards is propelling the demand for electrical control panels from industrial automation component manufacturers.
Hence, the growth of consumer and commercial electrical components would propel the electrical control panel market in the coming years. Many companies are focused on strengthening their position in the electrical control panel market, and major vendors are focusing on introducing new advanced solutions and services and upgrading the capabilities of their current offerings.
The major players in the Electrical Control Panels market are raw material suppliers, Electrical Control Panels manufacturers and industries. Raw material suppliers supply various components/parts such as casing, circuit breaker, lightning arresters, transformers, terminal blocks, programmable logic controllers, network switches, relays and contactors, human-machine interface (HMI) to electrical panel manufacturers.
Manufacturing, chemical, automotive, food and beverage, energy, oil and gas, pharmaceutical and textile are some of the industries where electrical control panels are used. Some major manufacturers profiled in the Electrical Control Panel market report are ABB Ltd.; Bectrol; ketal; Eaton; Leviton Manufacturing Co., Ltd. ; RITTAL GMBH & CO. KG; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; and SIMON PROtec. However, electrical control panels have high replacement and deployment costs. This factor is hampering the growth of the overall electrical control panel market in a negative manner. Strict standards, such as IEC 60204-1, UL 508A, National Fire Protection Agency (NFPA) 70/79A, BS EN 61439-2 are some major safety standards developed for installing the best possible safe control panel. Manufacturers of electrical panels must comply with these standards. Steady growth in industry sectors will continue to drive the adoption of electrical control panels, which in turn will influence the growth of the electrical control panels market.
The overall Electrical Control Panels Market analysis has been derived using primary as well as secondary sources. To begin the research process, exhaustive secondary research was conducted using internal and external sources to obtain qualitative and quantitative insights related to the Electrical Control Panels market.
The process also serves to obtain an overview and forecast of the Electrical Control Panel market size with respect to all market segments. Additionally, several primary interviews were conducted with participants and industry commentators to validate the data and gain more analytical insights.
Participants typically involved in the Electrical Control Panels market report include VPs, Business Development Managers, Market Intelligence Managers, Country Sales Managers, and external consultants, such as Experts in valuation, research analysts and key opinion leaders, specializing in the electrical control panel market. .
Read the full report: https://www.reportlinker.com/p06295664/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.