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.
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.
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
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.
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.
Key segments that contributed to the derivation of the industrial control panel market analysis are component and application.
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.
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.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 7.57 Billion |
| Market Size by 2030 | US$ 14.7 Billion |
| Global CAGR (2022 - 2030) | 8.6% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
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:
Disclaimer: The companies listed above are not ranked in any particular order.
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:
The “Industrial Control Panel Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The leading players operating in the industrial control panel market are ABB, Bectrol, Eaton, Siemens, Omron Corporation, Rockwell Automation, Rittal GmbH & Co. KG, Schneider Electric, Franzosi s.n.c., CETAL S.A.S.
North America is expected to dominate the industrial control panel market with the highest market share in 2022.
The industrial control panel market size is projected to reach US$ 14.7 billion by 2030.
The global industrial control panel market is expected to grow at a CAGR of 8.6% during the forecast period 2022 - 2030.
Construction of new manufacturing facilities and warehouses, a rise in the demand for factory automation, and supportive government standards, and regulations are the major factors driving the industrial control panel market.
Technological advancement in industrial control panels is anticipated to play a significant role in the global industrial control panel market in the coming years.