Industrial Control Panel Market Segments and Growth by 2030

The industrial control panel market size is projected to reach US$ 14.7 billion by 2030 from US$ 7.57 billion in 2022. The market is expected to register a CAGR of 8.6% during 2022–2030. Technological advancement in industrial control panels is likely to remain a key trend in the market.

Industrial Control Panel Market Analysis

The industrial control panel market includes growth prospects owing to the current market trends and their foreseeable impact during the forecast period. The industrial control panel market is growing owing to factors such as the construction of new manufacturing facilities and warehouses, a rise in the demand for factory automation, and supportive government standards and regulations. Automation of various industries and growing mining activities are some of the factors anticipated to provide lucrative opportunities for the industrial control panel market growth.

Industrial Control Panel Market Overview

An industrial control panel is an assembly of two or more components, such as switches, circuit breakers, motor controllers, and control devices. They are used in many different end-use applications, including production, assembly, conveying, and the operation of industrial electric motors and drives. Control panel builders are responsible for the construction of electric control panels for manufacturing machinery and other various types of equipment.

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Industrial Control Panel Market: Strategic Insights

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Industrial Control Panel Market Drivers and Opportunities

Construction of New Manufacturing Facilities and Warehouses to Favor Market

The construction of manufacturing facilities and warehouses for producing and storing goods is growing worldwide, majorly in developed and developing countries. For instance, in Q2 of 2022, the construction of four semiconductor chip manufacturing plants started in Texas, the US. The project aims to strengthen the domestic supply chain of semiconductors and is expected to be completed in Q4 2030. Similarly, the construction of a flash memory manufacturing facility commenced in Q2 2022 in Japan. The project aims to meet the rising demand for NAND flash memory devices and is expected to finish in Q4 2023. Also, in Q2 of 2023, the construction of the Krishnagiri EV manufacturing park started in India. The project includes the construction of an EV four-wheeler manufacturing plant and an EV cell manufacturing plant. The project is expected to be completed in Q4 2026 to increase the production of EVs and their parts in the country. Furthermore, in July 2023, Fluidra announced that the construction of a new distribution warehouse in Sant Feliu de Buixalleu (Girona) had started. The warehouse is expected to be up and running by April 2024. The development of this warehouse will allow the company to centralize stock and enhance product delivery services in response to the high demand in Southern European markets. The demand for industrial control panels is expected to rise in the above facilities as they help monitor and regulate various operations, including motor control, temperature management, lighting control, and process control. Thus, the growing construction of manufacturing plants and warehouses is expected to create an opportunity for the growth of the industrial control panel market.

Automation of Various Industries

Industrial control panels are now more crucial than ever and more complex than ever since so many more industrial organizations are automating and integrating robotics into their production processes. Industrial control panels are an integral part of modern industry, responsible for controlling and automating various industrial processes. Industrial control panels can perform both simple and complex processes by employing relays, timers, sensors, starters, and controllers to support the automation of various industries.

Industrial Control Panel Market Report Segmentation Analysis

Key segments that contributed to the derivation of the industrial control panel market analysis are component and application.

• Based on the components, the industrial control panel market is divided into control devices, fused disconnect switches, motor controllers, circuit breakers, relays, and others. The control devices segment will hold a significant market share in 2022.
• By application, the market is segmented into manufacturing, food and beverages, oil and gas, chemical industry, automotive, and others. The manufacturing segment held the largest market share in 2022.

Industrial Control Panel Market Share Analysis by Geography

The geographic scope of the industrial control panel market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The North American industrial control panel market is segmented into the US, Canada, and Mexico. Industrial control panels play a crucial role in the automotive industry by facilitating efficient and safe operations in the manufacturing processes. These panels are fundamental in automating and controlling various production stages, from assembly lines to quality control. The growing sale of automobiles is driving the market in the region. For instance, according to the American Chemistry Council (ACC), in June 2023, the sale of light vehicles rose by 15 million and is projected to increase by 15.4 million by the end of 2024, which increases the demand for industrial control panels among automotive manufacturers. The key function of the industrial control panel in the automobile industry is process control. Automotive manufacturers use industrial control panels to regulate parameters such as speed, pressure, and temperature monitoring by ensuring consistency and maintaining tolerance in the production process. For instance, industrial control panels are highly used in the painting booths to maintain the ideal temperature and humidity level in the paint application. The growing number of vehicle sales requires industrial control panels in the painting application.

Industrial Control Panel Market Regional Insights

The regional trends and factors influencing the Industrial Control Panel Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Industrial Control Panel Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Industrial Control Panel Market Report Scope

Industrial Control Panel Market Players Density: Understanding Its Impact on Business Dynamics

The Industrial Control Panel Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Industrial Control Panel Market are:

1. ABB
2. Bectrol
3. Eaton
4. Siemens
5. Omron Corporation
6. Rockwell Automation

Disclaimer: The companies listed above are not ranked in any particular order.

Industrial Control Panel Market News and Recent Developments

The industrial control panel market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the industrial control panel market are listed below:

• ABB announced the launch of the Protecta Power panel board supporting flexible power distribution. Protecta Power is ABB‘s latest generation of panel board, integrating the latest digital monitoring and control technologies. Protecta Power ensures stable and reliable power distribution and enables smart electrical distribution within commercial, institutional, infrastructure, and institutional buildings. (Source: ABB, Press Release, November 2023)
• Industry automation solutions provider Omron Automation Americas added advancements to its' panel solutions with the new MY-GS-R relay. This addition allows users to verify the operational state accurately while encompassing the other key features, such as vibration resistance, reduced wiring times, and unified component dimensions. This relay can be integrated into broad industries with a variety of different applications, including food processing, packaging machinery, palletizing/de-palletizing, assembling, and material handling. (Source: Omron Automation Americas, Press Release, October 2023)

Industrial Control Panel Market Report Coverage and Deliverables

The “Industrial Control Panel Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Industrial control panel market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Industrial control panel market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Industrial control panel market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the industrial control panel market
• Detailed company profiles