Saturday, 25 May 2024
Monday, 13 Nov 2023 12:00 am

Industrial Control Panel Market expected to reach US$ 14.70 billion by 2030

Industrial Control Panel Market share is expected to grow at a CAGR of 8.6% during 2022-2030, to surpass US$ 14.70 Billion by 2030, from US$ 7.57 Billion in 2022.

By The Insight Partners

Rise in Demand for Factory Automation Boosts Industrial Control Panel Market Growth

According to our latest study on “Industrial Control Panel Market Forecast to 2030 – Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage – by Component and Application,” the industrial control panel market size was valued at US$ 7.57 billion in 2022 and is expected to reach US$ 14.70 billion by 2030. The industrial control panel market is expected to record a CAGR of 8.6% from 2022 to 2030.

Factory automation frequently uses hydraulic systems, pneumatic systems, and robotic arms to produce a more complicated system. Automation provides superior energy efficiency, stringent safety regulations, and better design, resulting in outstanding production levels in the factories. Moreover, automation helps lower process costs and ensure workers’ safety in adverse environments. Because of these benefits, governments of various countries are taking several initiatives to automate factories. For instance, in July 2021, the government of the UK announced an investment of US$ 59.3 million (GBP 53 million) to drive the development of digital manufacturing technologies. Out of which, US$ 28.10 million (GBP 25 million) will be invested in setting up five new industry-sponsored research centers to accelerate the development of cutting-edge digital solutions that can transform manufacturing businesses. The remaining amount will be invested in a digital supply chain innovation hub and will also be provided to 37 individual projects to digitalize and transform manufacturing supply chains. Similarly, in December 2021, the government of China introduced a sharpened version of the Made in China 2025 industrial policy blueprint. Under this plan, the government has released a five-year smart manufacturing development plan to digitize 70% of the country’s large enterprises. 

Industrial Control Panel Market – by Region, 2022 and 2030

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00026372

Source: The Insight Partners Analysis

The digital industrial revolution, i.e., Industry 4.0, is helping increase flexibility in manufacturing, allowing for mass customization, increased speed, better quality, and improved productivity in factories. Hence, automobiles, chemicals, food & beverages, mechanical engineering, and electronics sectors are installing industrial robots to increase productivity. In 2021, in Italy, mechanical engineering was the main consumer of automation, contributing 16% of the total share, whereas packaging contributed 10%, the food industry contributed 9%, and logistics contributed 7%. Thus, the rising factory automation is raising the demand for industrial control panels as they provide higher-level monitoring and control of various functions of production machinery, further allowing manufacturers to define, organize, and meet production objectives.

The rising demand for different metals and minerals is increasing mining activities worldwide. Various countries are increasing their investments to expand their mining sites to fulfill this rising demand. For instance, in August 2022, the Mining Chamber of Mexico (Camimex) announced an investment of US$ 5.5 billion in 2022, which is an increase of 15.2% from 2021. Similarly, according to the government of Western Australia, in 2022, ~US$ 26 billion was invested in Western Australia’s mining and petroleum sectors. Such growing investment in the mining industry will further raise mining production worldwide. According to the Statistics of the Swedish Mining Industry 2021 report, in 2021, Swedish ore production reached 88.6 million metric tons, a rise of 22% since 2015. Also, as per the Australian Bureau of Statistics, mining production in Australia increased by 5.7% in the first quarter of 2023. The increase in mining production worldwide is expected to raise the demand for higher-level monitoring and control of various machinery, fueling the growth of the industrial control panel market.

In addition, the adoption of automation is rising in the mining industry to improve safety and efficiency at the sites. Automation helps mining companies gain complete control of their fleets and reduce capital and labor costs, thus improving energy efficiency. According to the Telefonaktiebolaget LM Ericsson case study, by using automation for drilling and blasting, ~US$ 2.48 million was saved annually at the Aitik mine alone. Thus, growing mining activities and rising automation in the mining industry are expected to propel the growth of the industrial control panel market during the forecast period.

The industrial control panel market is categorized on the basis of component, application, and geography. Based on component, the industrial control panel market is segmented into control devices, fused disconnect switches, motor controllers, circuit breakers, relays, and others. By application, the industrial control panel market is segmented into manufacturing, food and beverages, oil and gas, chemical industry, automotive, and others. The industrial control panel market, based on geography, is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

ABB, Bectrol, Eaton, Siemens, Omron Corporation, Rockwell Automation, Rittal GmbH & Co. KG, Schneider Electric, Franzosi s.n.c., CETAL S.A.S. are among the key players operating in the industrial control panel market. 

Contact Us
Contact Person: The Insight Partners
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com

The Insight Partners :    https://www.theinsightpartners.com

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
© The News and Media Division of The Insight Partners 2024 | All Rights Reserved | Privacy Policy