Smart Electrical Panels Market To Reach USD 10.3 Billion By 2032 Report By DataHorizzon Research
The advancement of technology and digital transformation solutions propels the growth of the smart electrical panels industry.
Fort Collins, Colorado, Jan. 04, 2024 (GLOBE NEWSWIRE) —
The Smart Electrical Panels Market size was valued at USD 5.8 Billion in 2022 and is anticipated to reach USD 10.3 Billion by 2032 at a CAGR of 6.1% during the forecast period 2023-2032.
Smart electrical panels have advanced due to the adoption of SMART technologies and grid digitization. Notable developments include motion sensors, data analytics for energy management, and improved energy usage. This has prompted manufacturers to create sophisticated products with rich features.
Energy sustainability and compliance are important considerations for homeowners, and smart electrical panels have become essential to home automation. These panels can be integrated with smart home systems, enabling users to conveniently control various aspects of their home, including lighting, heating, and security, from a centralized interface.
Electrical panels monitor energy use and costs, helping homeowners regulate energy consumption. The shift to renewable energy sources, such as solar, is driven by cost savings and sustainability. Smart grids facilitate effective energy distribution.
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The global smart electrical panels market has been segmented into Form, industry, and region. The oil & gas industry is expected to have the most significant market share due to the increasing global demand for oil and gas. The open-type electric control panels dominated the industry in 2022 because they are more affordable and used for applications that don’t require high environmental protection.
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Smart Electrical Panels Market Report Highlights:
- The global smart electrical panels market growth is anticipated at a CAGR of 6.1% by 2032.
- Smart electrical panels are crucial to home automation, integrating with smart home systems to control lighting, heating, and security. They monitor energy use and costs, helping homeowners regulate consumption. Smart grids facilitate effective energy distribution, driving the shift to renewable energy sources for cost savings and sustainability.
- The European electric control panel market is expected to dominate with USD 2,046.4 million in revenue in 2022. This growth is due to increased demand for electricity and electric vehicles.
- Some prominent players in the smart electrical panels market report include Leviton Manufacturing Co. Ltd., ABB Ltd., Central, Bectrol, Eaton, RITTAL GMBH & CO. KG, Schneider Electric SE, Rockwell Automation Inc., Siemens AG, SIMON PROtec, and others.
Industry Trends and Insights:
– ABB will provide Volvo Cars with more than 1,300 advanced robots to produce their upcoming electric vehicles as part of a major contract for high-end robotic automation solutions.
– Leviton and SPIE have signed a new three-year agreement, marking 20 years of collaboration. They provide hospitals, schools, and government buildings with network infrastructure and installations.
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Smart Electrical Panels Market Segmentation:
By Form: Open, enclosed
By Industry: Manufacturing, Food and Beverages, Transportation and Logistics, Healthcare, Automotive, Oil & Gas
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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