According to our latest study on “Industrial Control Panel Market Forecast to 2030 – Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage – by Component and Application,” 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.
Construction of New Manufacturing Facilities and Warehouses to Provide Lucrative Opportunities for Industrial Control Panel Market Growth During Forecast Period
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 with an aim 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. Hence, the demand for solutions in industrial control panel market 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.
Key Findings of Industrial Control Panel Market Study:
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. By geography, the Industrial Control Panel market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Based on component, the Industrial Control Panel market is segmented into control devices, fused disconnect switches, motor controllers, circuit breakers, relays, and others. The control devices segment held the largest share of the Industrial Control Panel market in 2022. Control devices include control logics, terminal blocks, and isolators. Control logics and devices are small, industrialized computers particularly developed to control various processes in industrial settings, including operating a wave machine in a swimming pool or controlling a complex production process. In addition, an advanced human machine interface (HMI) can be implemented through the use of a control display. Also, terminals allow electricians and engineers to connect wires from assembled equipment to the input/output connections on other equipment, thus creating a complete circuit. Moreover, within a control panel, terminals allow wires to be joined together, directing electrical power to various components that need it. A fused disconnect switch is a combination of a switch and a fuse, which are used to disconnect the circuit and shut the circuit off in the event of a problem. In addition, these switches can also detect potential electric problems or malfunctions and help take prompt action accordingly. Thus, the overall purpose of fused disconnect switches is to disconnect the control panel from its electrical supply completely to perform operations such as repairs or maintenance, as well as for emergency stoppages. Motor controllers regulate the operation of electric motors. They are often used to perform manual or automatic operations, which include starting and stopping the motor, speeding up or slowing down, selecting forward or reverse rotation, and controlling other operational parameters. Additionally, motor controllers can help in the protection of the system by regulating the torque and protecting against overloads and faults. Furthermore, many motor controllers contain additional capabilities such as data logging and data collection, as well as application-specific control logic. Thus, all these capabilities and uses of motor controllers are raising their demand in the market, fueling the market growth for the segment.
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