North America Industrial Control Panel Market Forecast to 2030
North America Industrial Control Panel Market Forecast to 2030 – Regional Analysis – by Component (Control Devices, Fused Disconnect Switches, Motor Controllers, Circuit Breakers, Relays, and Others) and Application (Manufacturing, Food and Beverages, Oil and Gas, Chemical Industry, Automotive, and Others)
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Description
Rise in Demand for Factory Automation Fuels North America Industrial Control Panel Market
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 2022, with the release of the National Strategy for Advanced Manufacturing, the US has reaffirmed its commitment to developing the manufacturing industry. The plan outlines three principal objectives concerning the upkeep and enhancement of the manufacturing sector in the country, encompassing the creation and application of advanced manufacturing technology. Further, the development and implementation of Industry 4.0 smart manufacturing technologies and solutions is one of the strategy’s main goals. Additionally, the National Center for Defense Manufacturing and Machining, Youngstown State University in Ohio, and the University of Northern Iowa (UNI), three US-based organizations, partnered to leverage US$ 10 million in first-year financing. In order to facilitate a faster output of quality parts while growing and strengthening the supply chain, the partnership is expected to offer hundreds of businesses support each year to remove barriers to adopting Industry 4.0 technologies, such as additive manufacturing, artificial intelligence (AI), and robotics.
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. 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.
North America Industrial Control Panel Market Overview
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.
North America Industrial Control Panel Market Revenue and Forecast to 2030 (US$ Million)
North America Industrial Control Panel Market Segmentation
The North America industrial control panel market is segmented based on component, application, and country. Based on component, the North America 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 market share in 2022.
In terms of application, the North America industrial control panel market is categorized into manufacturing, food and beverages, oil and gas, chemical industry, automotive, and others. The manufacturing segment held the largest market share in 2022.
Based on country, the North America industrial control panel market is segmented into the US, Canada, and Mexico. The US dominated the North America industrial control panel market share in 2022.
ABB Ltd, Bectrol, Eaton Corp Plc, OMRON Corp, Rockwell Automation Inc, Rittal GmbH & Co KG, Schneider Electric SE, Siemens AG, and CETAL SAS are some of the leading players operating in the North America industrial control panel market.
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According to the Research Team’ research, the North America industrial control panel market was valued at US$ 2,337.79 million in 2022 and is expected to reach US$ 4,612.14 million by 2030, registering a CAGR of 8.9% from 2022 to 2030. Growing mining activities and rise in demand for factory automation are among the critical factors attributed to the North America industrial control panel market expansion.
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 2023, the US Department of Energy announced US$ 16 million from the Bipartisan Infrastructure Law as part of President Biden’s Investing in America strategy. The goal is to bring important mineral supply chains to America and lessen reliance on competitors like China. The funds will support finance initiatives in North Dakota and West Virginia that aim to build the first-ever refinery for the extraction and separation of key minerals and rare earth elements. Moreover, to support the nation’s green transformation and digital economy, Canada committed to investing more than US$ 249.5 million toward its federal critical mineral strategy. This initiative will give priority to the establishment of domestic supply chains for key minerals such as lithium. Also, 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.
Such growing investment in the mining industry will further raise mining production worldwide. 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.
On the contrary, high deployment and replacement costs of industrial control panels hurdles the growth of North America industrial control panel market.
Based on component, the North America industrial control panel market is categorized into control devices, fused disconnect switches, motor controllers, circuit breakers, relays, and others. The control devices segment held 28.0% share of North America industrial control panel market in 2022, amassing US$ 654.58 million. It is projected to garner US$ 1,416.71 million by 2030 to expand at 10.1% CAGR during 2022-2030.
In terms of application, the North America industrial control panel market is segmented into manufacturing, food and beverages, oil and gas, chemical industry, automotive, and others. The manufacturing segment held 31.0% share of North America industrial control panel market in 2022, amassing US$ 725.06 million. It is projected to garner US$ 1,540.97 million by 2030 to expand at 9.9% CAGR during 2022-2030.
Based on country, the North America industrial control panel market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 81.7% share of North America industrial control panel market in 2022. It was assessed at US$ 1,910.21 million in 2022 and is likely to hit US$ 3819.25 million by 2030, exhibiting a CAGR of 9.0% during 2022-2030.
Key players operating in the North America industrial control panel market are ABB Ltd, Bectrol, Eaton Corp Plc, OMRON Corp, Rockwell Automation Inc, Rittal GmbH & Co KG, Schneider Electric SE, Siemens AG, and CETAL SAS, among others.
In July 2023, ABB’s latest distributed control system release helps accelerate digital transformation in process automation.
In January 2023, SWTCH Energy partners with Bectrol to deploy EV chargers throughout Québec.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the North America industrial control panel market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America industrial control panel market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Industrial Control Panel Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. North America Industrial Control Panel Market – Key Industry Dynamics
5.1 Industrial Control Panel Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Rise in Demand for Factory Automation
5.2.2 Supportive Government Standards and Regulations
5.3 Market Restraints
5.3.1 High Deployment and Replacement Costs of Industrial Control Panels
5.4 Market Opportunities
5.4.1 Construction of New Manufacturing Facilities and Warehouses
5.4.2 Technological Advancements in Industrial Control Panels
5.5 Future Trends
5.5.1 Growing Mining Activities
5.6 Impact of Drivers and Restraints:
6. Industrial Control Panel Market – North America Market Analysis
6.1 North America Industrial Control Panel Market Revenue (US$ Million), 2022 – 2030
6.2 Industrial Control Panel Market Forecast and Analysis
7. North America Industrial Control Panel Market Analysis – Component
7.1 Control Devices
7.1.1 Overview
7.1.2 Control Devices Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Fused Disconnect Switches
7.2.1 Overview
7.2.2 Fused Disconnect Switches Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Motor Controllers
7.3.1 Overview
7.3.2 Motor Controllers Market, Revenue and Forecast to 2030 (US$ Million)
7.4 Circuit Breakers
7.4.1 Overview
7.4.2 Circuit Breakers Market, Revenue and Forecast to 2030 (US$ Million)
7.5 Relays
7.5.1 Overview
7.5.2 Relays Market, Revenue and Forecast to 2030 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others Market, Revenue and Forecast to 2030 (US$ Million)
8. North America Industrial Control Panel Market Analysis – Application
8.1 Manufacturing
8.1.1 Overview
8.1.2 Manufacturing Market Revenue and Forecast to 2030 (US$ Million)
8.2 Food and Beverages
8.2.1 Overview
8.2.2 Food and Beverages Market Revenue and Forecast to 2030 (US$ Million)
8.3 Oil and Gas
8.3.1 Overview
8.3.2 Oil and Gas Market Revenue and Forecast to 2030 (US$ Million)
8.4 Chemical Industry
8.4.1 Overview
8.4.2 Chemical Industry Market Revenue and Forecast to 2030 (US$ Million)
8.5 Automotive
8.5.1 Overview
8.5.2 Automotive Market Revenue and Forecast to 2030 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others Market Revenue and Forecast to 2030 (US$ Million)
9. North America Industrial Control Panel Market – Country Analysis
9.1 North America
9.1.1 North America Industrial Control Panel Market Overview
9.1.2 North America Industrial Control Panel Market Revenue and Forecasts and Analysis – By Country
9.1.2.1 North America Industrial Control Panel Market Revenue and Forecasts and Analysis – By Country
9.1.2.2 US Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.2.1 US Industrial Control Panel Market Breakdown by Component
9.1.2.2.2 US Industrial Control Panel Market Breakdown by Application
9.1.2.3 Canada Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.3.1 Canada Industrial Control Panel Market Breakdown by Component
9.1.2.3.2 Canada Industrial Control Panel Market Breakdown by Application
9.1.2.4 Mexico Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.4.1 Mexico Industrial Control Panel Market Breakdown by Component
9.1.2.4.2 Mexico Industrial Control Panel Market Breakdown by Application
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 ABB Ltd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Bectrol
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Eaton Corp Plc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 OMRON Corp
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Rockwell Automation Inc
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Rittal GmbH & Co KG
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Schneider Electric SE
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Siemens AG
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 CETAL SAS
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About the Research Team
13.2 Word Index
LIST OF TABLES
Table 2. Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. North America Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Million) – Component
Table 4. North America Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Million) – Application
Table 5. North America Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 6. US Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn) – By Component
Table 7. US Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 8. Canada Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn) – By Component
Table 9. Canada Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 10. Mexico Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn) – By Component
Table 11. Mexico Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 12. Heat Map Analysis By Key Players
Table 13. List of Abbreviation
LIST OF FIGURES
Figure 2. Ecosystem: Industrial Control Panel Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Industrial Control Panel Market Revenue (US$ Million), 2022 – 2030
Figure 5. North America Industrial Control Panel Market Share (%) – Component, 2022 and 2030
Figure 6. Control Devices Market Revenue and Forecasts to 2030 (US$ Million)
Figure 7. Fused Disconnect Switches Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Motor Controllers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Circuit Breakers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Relays Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. North America Industrial Control Panel Market Share (%) Application, 2022 and 2030
Figure 13. Manufacturing Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14. Food and Beverages Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. Oil and Gas Market Revenue and Forecasts to 2030 (US$ Million)
Figure 16. Chemical Industry Market Revenue and Forecasts to 2030 (US$ Million)
Figure 17. Automotive Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 19. Industrial Control Panel Market, by Key Countries – Revenue (2022) (US$ Million)
Figure 20. Industrial Control Panel Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 21. US Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 22. Canada Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 23. Mexico Industrial Control Panel Market Revenue and Forecasts to 2030 (US$ Mn)
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
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