The Electric Control Panel Global Market Report 2023, provides comprehensive information on the electric control panel market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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https://www.thebusinessresearchcompany.com/report/electric-control-panel-global-market-report
As per The Business Research Company’s Electric Control Panel Global Market Report 2023, the global electric control panel market size is expected to grow from $5.08 billion in 2022 to $5.44 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the electric control panel market size is expected to grow to $7.05 billion in 2027 at a CAGR of 6.7%.
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Product innovation is a key trend gaining popularity in the electric control panel market. Major players operating in the market are developing advanced products with smart monitoring technologies to sustain their position in the market. For instance, in February 2022, ABB Ltd., a Switzerland-based electrical control panel company, launched smart monitoring solutions for electric power measurement and monitoring meters. Such meters provide basic to comprehensive power quality analysis as well as precise monitoring of energy assets for residential, industrial, and commercial building sectors. The recently released M1M11, M1M DS, M1M 20B, and M1M 30B power quality monitoring requirements inside commercial and industrial facilities addressing the primary submetering requirements simply and affordably in motor control centers, power factor correction boards, or sub-distribution switchboards.
The electric control panel market is segmented:
1) By Type: Low Tension, Medium and High Tension
2) By Form: Open, Enclosed
3) By Industry: Manufacturing, Food and Beverages, Chemical, Automotive, Power, Pharmaceutical, Oil and Gas, Aerospace and Defense
Asia-Pacific was the largest region in the electric control panel market in 2022.
The table of contents in TBRC’s electric control panel market report includes:
- Executive Summary
- Electric Control Panel Market Characteristics
- Electric Control Panel Market Trends And Strategies
- Electric Control Panel Market – Macro Economic Scenario
- Electric Control Panel Market Size And Growth
- Electric Control Panel Market Segmentation
- Electric Control Panel Market Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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