Press release
Industrial Control Panel Market: Key Players, Applications, Outlook, SWOT Analysis And Forecasts By 2030
The Industrial Control Panel Market size is expected to reach US$ 14.70 billion by 2030 from 7.57 billion in 2022, at an estimated CAGR of 8.6% from 2022 to 2030.The North American Industrial Control Panel market is segmented into the US, Canada, and Mexico. The US, Canada, and Mexico are among the major economies in North America. North America contributes a noteworthy share to the global industrial control panel market owing to growing investments by market players in the manufacturing plant. For instance, in August 2023, Eaton Corp Plc announced an investment of US$ 500 million in North America's manufacturing sector to support energy transition, electrification, and digitalization across industries. These industries use industrial control panels to enhance their manufacturing processes' precision, efficiency, and safety. These panels monitor pressure and temperature to maintain ideal electrical production and energy transition conditions.
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Analysis of the Top Market Players:
1. ABB Ltd
2. Bectrol
3. Eaton Corp Plc
4. OMRON Corp
5. Rockwell Automation Inc
6. Rittal GmbH & Co KG
7. Schneider Electric SE
8. Siemens AG
9. CETAL SAS
10. Franzosi Snc
In this report, the market has been segmented on the basis of:
Component
• Control Devices
• Fused Disconnect Switches
• Motor Controllers
• Circuit Breakers
• Relays
Application
• Manufacturing
• Food And Beverages
• Oil And Gas
• Chemical Industry
• Automotive
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For instance, in October 2022, Schneider Electric SE announced an investment of US$ 46 million in its Lexington, Kentucky, and Lincoln, Nebraska manufacturing plants. The investment helped Schneider Electric SE to modernize its operations by increasing circuit breakers and related electrical products output for its customers in the US and Canada. This investment also supports the company in strengthening its regional capability and increasing the manufacturing capacity of electrical products to attract a potential customer base in North America. The demand for electrical products among consumers increases the adoption of industrial control panels among electrical manufacturers for regulating and controlling machinery, equipment, and processes within the manufacturing plant, which is driving the market in the country. Moreover, the expansion of the electrical & electronics industry creates a demand for industrial control panels among manufacturers in North America.
The industrial control panel is equipped with PLCs to automate the manufacturing processes, minimizing the risk of errors and reducing human intervention by improving production efficiency, which increases the demand among manufacturing.
Moreover, the automotive industry in the US, Canada, and Mexico is also rising rapidly due to the growing demand for passenger vehicles among consumers. The presence of key automotive manufacturers, including BMW, General Motors, Toyota, Audi, Ford, and Honda, increases the adoption of industrial control panels by these manufacturers to streamline their production processes. Automotive manufacturers are highly demanding industrial control panels for monitoring and inspecting the quality of products. However, a significant demand-supply gap still needs to be filled, creating growth opportunities for vendors operating in the market.
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