Electric Control Panel Market Size

Electric Control Panel Market size was valued at USD 6.31 Billion in 2023 and is likely to reach USD 13.73 Billion by the end of 2036, registering around 6.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of electric control panel is assessed at USD 6.64 Billion. The growth of the market can be attributed to the higher utilization of electric machines in the industry for higher production and industrial automation. The electric control unit has a series of actuators that are embodied in electric machines to modulate its operation. Globally, major buildings, industries, and infrastructure collectively employ more than 300 million electric motors. Each year, around 30 million motors are sold exclusively for industrial use.

In addition to these, factors that are believed to fuel the growth of the electric control panel market include the increased demand for electric vehicles (EV) which in turn has increased the investment in EV sector. The electric control unit in the car is sued to control various electrical systems of that vehicle. Automakers plan to invest roughly USD 1 trillion by 2030 with the goal of producing almost 54 million electric vehicles over the next few years. Moreover, in 2021, electric vehicles will account for almost 65% of all investments made in the transportation sector.  In addition, the market growth is also anticipated to grow owing to propelled demand and consumption of electricity. As per the report of the International Energy Agency, the electricity demand rose by 5% in 2021, and nearly half of the demand is sufficed by the use of fossil fuels.