Report : South America Electric Control Panel Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Form (Enclosed and Open), Type (Low Tension and Medium and High Tension), and Industry (Manufacturing, Chemical, Automotive, Food and Beverages, Power, Oil and Gas, Pharmaceutical, Aerospace and Defense, and Others)
At 3.5% CAGR, the SAM Electric Control Panel Market is speculated to be worth US$ 141.46 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the SAM electric control panel market was valued at US$ 107.79 million in 2022 and is expected to reach US$ 141.46 million by 2030, registering an annual growth rate of 3.5% from 2022 to 2030. The need for higher quality control and panel fabrication and integration of advanced computing services are the critical factors attributed to the market expansion.
The implementation of Industry 4.0 results in full automation of manufacturing processes, requiring little to negligible human interference. Industry 4.0 combines the Industrial Internet of Things (IIoT), cyber-physical systems, cloud robotics, cloud computing, and Big Data. Automation has stirred the industrial sector, drastically changed production practices, and reduced manufacturing time and production costs. Manufacturers rely on Big Data and data analytics to improve the efficiency, productivity, security, and cost-effectiveness of their operations due to the rising popularity and adoption of the IoT and Industry 4.0. As many operations are being automated in the manufacturing sector, secure wireless networking has the potential to enable factory automation on a far greater scale. PaaS is a type of cloud computing service that lets users’ provision, run, and manage a modular package that includes a computer platform and one or more applications. This can be done without constructing and maintaining the infrastructure, which is generally associated with developing and launching the applications. Software as a Service (SaaS), also known as on-demand software, is a software distribution, licensing, and delivery paradigm in which software is licensed and hosted centrally on a subscription basis. Service providers offer consumers online access to applications developed by them. Instead of installing software on users’ computers, this service allows them to access programs via the internet. SaaS allows users to have more control and understanding over their projects. The IIoT allows panel makers to provide their industrial manufacturing customers with cutting-edge control panels, which help them manage their automated and robotic systems. Further, the industrial transformation toward digitalization is converting manual processes into digital processes in the manufacturing sector, which is expected to support the growth of the electric control panel market in the coming years.
On the contrary, high replacement and deployment costs, and regulatory non-compliance hurdles the growth of SAM electric control panel market.
Based on form, the SAM electric control panel market is bifurcated into enclosed and open. The open segment held 68.8% market share in 2022, amassing US$ 74.12 million. It is projected to garner US$ 99.98 million by 2030 to expand at 3.8% CAGR during 2022–2030.
Based on type, the SAM electric control panel market is bifurcated into low tension and medium and high tension. The medium and high tension segment held 77.0% market share in 2022, amassing US$ 83.00 million. It is projected to garner US$ 111.62 million by 2030 to expand at 3.8% CAGR during 2022–2030.
Based on industry, the SAM electric control panel market is segmented into manufacturing, chemical, automotive, food and beverages, power, oil and gas, pharmaceutical, aerospace and defense, and others. The power segment held 23.7% market share in 2022, amassing US$ 25.59 million. It is projected to garner US$ 38.13 million by 2030 to expand at 5.1% CAGR during 2022–2030.
Based on country, the SAM electric control panel market has been categorised into Brazil, Argentina, and rest of SAM. Our regional analysis states that Brazil captured 63.8% market share in 2022. It was assessed at US$ 68.72 million in 2022 and is likely to hit US$ 94.39 million by 2030, exhibiting a CAGR of 4.0% during the forecast period.
Key players dominating the SAM electric control panel market are ABB Ltd; Cetal; Eaton; Leviton Manufacturing Co., Inc.; Rittal Gmbh & Co. KG; Rockwell Automation, Inc.; Schneider Electric SE; and Siemens AG among others.
- In 2022, Leviton has announced the extension of its award-winning Decora Smart product line, which provides a comprehensive portfolio of Wi-Fi lighting controls with a solution for every room and house. The latest devices expand Leviton customers' smart lighting control options, including a new No-Neutral Switch and Dimmer for those living in older homes, as well as two new 2nd Gen devices that are compatible with Amazon Alexa, Hey Google, and HomeKit/Siri to address and support user voice assistant preferences.
- In 2021, Leviton announced that it had been named the BUILDER magazine's 2021 Brand Use Study's 'Brand Used Most' in the lighting controls and switches category. Leviton has won BUILDER's coveted 'Brand Used Most' category for 24 consecutive years, as well as first place in the 'Brand Familiarity,' 'Brand Used in the Previous 2 Years,' and 'Highest Overall Quality Rating' categories in 2021.
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