Electric Control Panel Market Analysis

The global electric control panel market is segmented and analyzed for demand and supply by end user into aerospace, chemical, automotive, food & beverages, power generation, oil & gas, pharmaceutical, and others. Out of the eight types of end users, the oil & gas segment is estimated to gain the largest market size of USD 3,338 million by the end of 2037 by growing at a CAGR of 7.4% over the projected time frame. Moreover, the segment garnered a revenue of USD 1,537.3 million in 2022. The growth of the segment can be attributed to the growing demand for oil and gas, followed by a rise in the worldwide economy. According to the Organization of the Petroleum Exporting Countries, between now and 2045, it is anticipated that the global economy is likely to more than quadruple in size and the world's population would increase by 1.6 billion. The demand for primary energy is likely to continue to rise over the medium and long term, rising by a sizable 23% between now and 2045. Up to 2045, the globe must add an average of 2.7 million barrels of oil equivalent every year.

The global electric control panel market is also segmented and analyzed for demand and supply by type into low tension and medium & high tension. Amongst these two segments, the medium & high-tension segment is expected to garner a significant share. Moreover, it is forecasted to grow at a CAGR of 6.6% over the forecast period. Medium tension is used to power different electrical devices both indoors and outdoors. On the other hand, high tension is used to power the manufacturing of semiconductors and power substation. Furthermore, rising investment in the semiconductors industry and a higher number of manufacturers of semiconductors is to boost the segment growth. For instance, the government of China has planned to invest more than USD 150 billion in semiconductors between the years 2014 to 2030. Furthermore, in China, there were more than 22,800 companies that manufacture semiconductors in 2020.

Our in-depth analysis of the global electric control panel market includes the following segments: