ELECTRIC CONTROL PANEL MARKET Challenges and Opportunities

The high initial investment costs associated with setting up electric control panels poses a significant challenge for widespread adoption globally. Manufacturers need to invest heavily in state-of-the-art manufacturing facilities, advanced process control systems, robust quality assurance infrastructure to produce electric control panels. Further, integration of digital and automated technologies also requires considerable capital which increases the overall project costs.

Market Opportunities -Advancing Technologies like IoT and Cloud Computing

The growing adoption of Internet of Things (IoT) and cloud computing technologies present significant opportunities for the electric control panel market. IoT enables remote monitoring of electric control panels using sensors which helps predict maintenance needs, analyze performance parameters and detect faults in a non-intrusive way. This leads to savings in downtime and improves overall productivity of machines. Further, cloud-connected electric control panels allow collecting operational data on a centralized platform which helps operators gain valuable insights through analytics.