Electric Control Panel Market Trends

Growth Drivers

• Growing Demand for Electric Machinery

• The demand for electrical machinery is being driven by the rise of the industry, which is one of the major consumers of electricity. Electrical Machinery Trade accounts for approximately 0.32% of World Trade. With USD 53 billion in global trade in 2020, Other Electrical Machinery ranked as the 60th most traded well globally. The exports of Other Electrical Machinery were around USD 53 billion in the year 2020.

• Rising Adoption of Automation Across Industries

• With the transformation of the industry to industry 4.0, automation has become more prevalent. In this case, ECU is used to control the motors and read data from sensors. In 2020, there were around three million multipurpose industrial robots in operation worldwide.

• Rising Output from the Manufacturing Industry

• According to the UNIDO World Manufacturing report, production has shown a noteworthy rise of 4.3% in emerging and developing industrial economies. The Quarterly Report showed a comeback of the manufacturing industry in the fourth-quarter of 2021 with an increase of 3.3% over the same period last year.

• Increasing Utilization of Power

• Th primary use of the electric control unit is to manage the power distribution. Therefore, the growing demand for power is to propel the market growth. In the first half of 2022, the world’s power demand climbed by around 390 terawatt-hours, or approximately 3%, while electricity production from wind, solar, and hydro increased by 416 terawatt-hours, or nearly 12%, just keeping up with the growth in demand.

• Massive Rise in the Electric Vehicle’s Demand

• Electric vehicle has their own electric control unit that manages the operation of electric vehicles. According to the World Economic Forum, there must be almost 2 billion electric vehicles on the road by 2050 for the world to reach net zero, and the sales of EV were totaled to 6.6 million in 2021.

Challenges

• Risk of Having an Electricity Hazard- Electric hazard may result from electrical control panel due to a number of issues, such as faulty or damaged wiring or equipment, irregular connections, using fittings of inadequate quality lack of grounding, bonding, and earthen. Using a faulty fuse or jumper working with live apparatus overloading of electrical outlets and machinery is also responsible for electrical mishap such as, electric shock, heating of ignitions, and another mechanical hazard.

• The Electric Control Panel Requires Regular Maintenance

• Lack of Trained Operator