At 9.2% CAGR, Asia Pacific Industrial Control Panel Market is Projected to be worth US$ 5,901.00 million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific industrial control panel market was valued at US$ 2,926.40 million in 2022 and is expected to reach US$ 5,901.00 million by 2030, registering a CAGR of 9.2% from 2022 to 2030. Rise in demand for factory automation and supportive government standards and regulations are among the critical factors attributed to the Asia Pacific industrial control panel market expansion.

Industrial control panels (ICPs) contain electrical and control devices. Because of the presence of different types of components, the companies have to follow several standards and regulations for ICP design, production, and installation. The ICPs must comply with the standards and regulations set by the government to ensure safety and performance. The NFPA 70, also known as the National Electrical Code (NEC), is issued by the National Fire Protection Association. This code regulates the safe installation of components and wiring for all residential, commercial, and industrial electrical systems. The NFPA70 standard is applied to electrical installations across the US, but it is adaptable to meet additional local regulations at the state level. Similarly, the UL60947-4-1 standard is for industrial control equipment. It is a result of the harmonization between IEC 60947-4-1 and UL 508 and is issued by Underwriters Laboratory. Previously, UL 508 was the key standard for control equipment in the US, but many industrial equipment categories have been superseded by UL 60947 in a multi-year phase-out program. Additionally, the NFPA 79 standard is also from the National Fire Protection Association. It helps delve deeper into wiring regulations for industrial machines, including control panels operating at 600 V or less. NFPA 79 also helps with the selection of wire sizes and provides guidelines for wiring installation, including the specifications for wire trays and conduits. This makes it a key standard for ICP design, considering that space is usually constrained due to the numerous devices installed inside. Such supportive standards and regulations by the government are driving the industrial control panel market.

On the contrary, high deployment and replacement costs of industrial control panels hurdles the growth of Asia Pacific industrial control panel market.

Based on component, the Asia Pacific industrial control panel market is categorized into control devices, fused disconnect switches, motor controllers, circuit breakers, relays, and others. The control devices segment held 27.8% share of Asia Pacific industrial control panel market in 2022, amassing US$ 813.75 million. It is projected to garner US$ 1,770.56 million by 2030 to expand at 10.2% CAGR during 2022-2030.

In terms of application, the Asia Pacific industrial control panel market is segmented into manufacturing, food and beverages, oil and gas, chemical industry, automotive, and others. The manufacturing segment held 32.2% share of Asia Pacific industrial control panel market in 2022, amassing US$ 941.02 million. It is projected to garner US$ 2,044.20 million by 2030 to expand at 10.2% CAGR during 2022-2030.

Based on country, the Asia Pacific industrial control panel market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.7% share of Asia Pacific industrial control panel market in 2022. It was assessed at US$ 986.78 million in 2022 and is likely to hit US$ 2,239.58 million by 2030, exhibiting a CAGR of 10.8% during 2022-2030.

Key players operating in the Asia Pacific industrial control panel market are ABB Ltd, 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, New Schneider Electric solution adds smart functions to standard electrical panels.
  
  
• In June 2022, New IoT-enabled products and solutions strengthen Siemens' fire safety portfolio.
  
  

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