At 8.9% CAGR, North America Industrial Control Panel Market is Projected to be worth US$ 4,612.14 million by 2030, says Business Market Insights

According to Business Market Insights' 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.
  
  
  

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