Expanded Electric Control Panel Market Projected to Reach US$11.2 Billion by 2034
Booming Electric Control Panel Market in India: A Look at the Growth Dynamics
The Electric Control Panel Market in India is on an impressive growth trajectory, with projections indicating a Compound Annual Growth Rate (CAGR) of 5.8% from 2023 to 2032 [^1]. By the end of this period, the market is expected to reach a staggering global valuation of approximately $10.3 billion. The Asia-Pacific region, including India, is forecasted to grow at a faster pace of 6.1% CAGR, making it the fastest-growing region in the global market.
This growth is primarily driven by several factors. The increasing adoption of industrial automation, smart technologies, and renewable energy sources, coupled with infrastructure modernization, are key catalysts propelling the market forward.
Government initiatives such as the Smart Cities Mission and the National Electric Mobility Mission play a significant role in this growth. These initiatives promote automation and digital infrastructure upgrades crucial for electric control panel deployment in smart grids and smart city ecosystems [^1]. They also accelerate urban infrastructure projects, particularly in Tier 2 and Tier 3 cities, through funding mechanisms like the Urban Infrastructure Development Fund, thereby enhancing the demand for electrical equipment, including control panels.
Moreover, these government initiatives support electric mobility expansion through schemes like the FAME Scheme and Make in India. These initiatives encourage indigenous manufacture and deployment of electric vehicle infrastructure, including EV charger components integrated with control panels. The increasing renewable energy capacity, such as India’s 14.3 GW utility-scale solar installation increase in H1 2025, requires advanced control panels for efficient energy management [^5].
The overall Indian electrical equipment market is anticipated to grow at a 14.3% CAGR from FY24 to FY28, supported by strong government capital expenditure in infrastructure and power sectors [^2]. This environment creates a favourable context for the electric control panel market to grow steadily, reflecting both technological adoption and supportive policies.
In summary, the market growth of electric control panels in India is fuelled by technical trends like automation, IoT integration, and smart grid implementation, and government initiatives fostering urban development and sustainable mobility. Substantial market expansion is expected through 2032.
Additional insights reveal that the Global Electric Control Panel Market is projected to reach USD 11.2 billion by 2034. In 2024, Low Voltage Control Panels held a strong market position, representing more than 58.1% of the global market share. The Manufacturing and Industrial Automation segment dominated the application landscape in 2024, contributing to over 39.6% of total market revenue.
India's push for renewable energy targets 500 GW, necessitating advanced control systems for solar, wind, and hybrid setups. In 2024, the Asia Pacific (APAC) region, specifically India, had an electricity sector generation capacity of 467.9 GW and produced 1,949 TWh in FY 2023-24. The APAC region led the market in 2024, holding a 43.8% share and generating USD 2.6 billion in revenue.
Energy efficiency policies under the National Mission for Enhanced Energy Efficiency (NMEEE) and the Perform, Achieve, and Trade (PAT) scheme encourage upgrades to energy-efficient equipment, including control panels, to reduce energy intensity. Power Control Panels led the market in 2024, accounting for over 34.7% share of the total market. India's goal to achieve 44.7% non-fossil fuel capacity supports the demand for control panels in renewable energy systems.
[^1]: [Link to source 1] [^2]: [Link to source 2] [^4]: [Link to source 4] [^5]: [Link to source 5]
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