At 6.1% CAGR, Middle East & Africa Industrial Control Panel Market is Projected to be Worth US$ 442.01 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa industrial control panel market was valued at US$ 274.23 million in 2022 and is expected to reach US$ 442.01 million by 2030, registering a CAGR of 6.1% from 2022 to 2030. Rise in demand for factory automation and technological advancements in industrial control panels are among the critical factor attributed to the Middle East & Africa industrial control panel market expansion.

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 October 2021, the Abu Dhabi Department of Economic Development (ADDED) unveiled a new Smart Manufacturing program in an effort to draw in global businesses and diversify the country's economy. This new program is being launched concurrently with the UAE Ministry of Industry and Advanced Technology's government "Industry 4.0" effort. Furthermore, in 2022, Saudi Arabia's Ministry of Industry and Mineral Resources initiated a program with the objective of automating 4,000 enterprises.

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.

On the contrary, high deployment and replacement costs of industrial control panels hurdles the growth of Middle East & Africa industrial control panel market.

Based on component, the Middle East & Africa industrial control panel market is segmented into control devices, fused disconnect switches, motor controllers, circuit breakers, relays, and others. The control devices segment held 25.7% share of Middle East & Africa industrial control panel market in 2022, amassing US$ 70.48 million. It is projected to garner US$ 124.03 million by 2030 to expand at 7.3% CAGR during 2022-2030.

In terms of application, the Middle East & Africa industrial control panel market is categorized into manufacturing, food and beverages, oil and gas, chemical industry, automotive, and others. The oil and gas segment held 33.1% share of Middle East & Africa industrial control panel market in 2022, amassing US$ 90.83 million. It is projected to garner US$ 157.78 million by 2030 to expand at 7.1% CAGR during 2022-2030.

Based on country, the Middle East & Africa industrial control panel market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 35.8% share of Middle East & Africa industrial control panel market in 2022. It was assessed at US$ 98.09 million in 2022 and is likely to hit US$ 176.31 million by 2030, exhibiting a CAGR of 7.6% during 2022-2030.

Key players operating in the Middle East & Africa 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 Nov 2022, Schneider Electric partners with ARDECO to manufacture advanced energy solutions in the UAE.
  
  

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