At 8.1% CAGR, Europe Industrial Control Panel Market is Projected to be worth US$ 3,057.78 million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe industrial control panel market was valued at US$ 1,639.33 million in 2022 and is expected to reach US$ 3,057.78 million by 2030, registering a CAGR of 8.1% from 2022 to 2030. Construction of new manufacturing facilities and warehouses and supportive government standards and regulations are among the critical factors attributed to the Europe industrial control panel market expansion.

The construction of manufacturing facilities and warehouses for producing and storing goods is growing worldwide, majorly in developed and developing countries. For instance, 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 industrial control panels 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.

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

Based on component, the Europe industrial control panel market is categorized into control devices, fused disconnect switches, motor controllers, circuit breakers, relays, and others. The control devices segment held 26.8% share of Europe industrial control panel market in 2022, amassing US$ 438.52 million. It is projected to garner US$ 889.67 million by 2030 to expand at 9.2% CAGR during 2022-2030.

In terms of application, the Europe industrial control panel market is segmented into manufacturing, food and beverages, oil and gas, chemical industry, automotive, and others. The manufacturing segment held 34.3% share of Europe industrial control panel market in 2022, amassing US$ 563.00 million. It is projected to garner US$ 1,123.45 million by 2030 to expand at 9.0% CAGR during 2022-2030.

Based on country, the Europe industrial control panel market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 29.6% share of Europe industrial control panel market in 2022. It was assessed at US$ 485.24 million in 2022 and is likely to hit US$ 982.70 million by 2030, exhibiting a CAGR of 9.2% during 2022-2030.

Key players operating in the Europe industrial control panel market are ABB Ltd, Eaton Corp Plc, OMRON Corp, Rockwell Automation Inc, Rittal GmbH & Co KG, Schneider Electric SE, Siemens AG, Franzosi Snc, and CETAL SAS, among others.

• In October 2023, Omron Advances Panel Solutions with MY-GS-R relay, empowering users with enhanced operational visibility and efficiency.
  
  
• In October 2022, Rockwell set to acquire CUBIC for strengthened motor control offerings.
  
  

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