At 7.2% CAGR, South & Central America Industrial Control Panel Market is Projected to be Worth US$ 695.44 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the South & Central America industrial control panel market was valued at US$ 397.71 million in 2022 and is expected to reach US$ 695.44 million by 2030, registering a CAGR of 7.2% from 2022 to 2030. Growing mining activities and technological advancements in industrial control panels are among the critical factor attributed to the South & Central 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, Codelco announced plans to rehabilitate the Chilean copper mine with an additional investment of US$ 720 million. Also, Chinese investors invested US$ 4.4 billion into Brazil's mining industry between 2007 and 2022. The director of the Brazil-China Business Council (CEBC), Gustavo Biscassi, stated that this amount accounted for 6.2% of China's overall investment during this time. The Chinese corporation plans to invest US$ 610 million to construct three factories in the state of Bahia. One of the units will produce iron phosphate and lithium for the global market. The primary constituents of steel, nickel, and copper are highly sought for in addition to iron ore. Also, Brazil and Saudi Arabia are negotiating on energy transformation and investments in sustainable mining.

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.

On the contrary, high deployment and replacement costs of industrial control panels hurdles the growth of South & Central America industrial control panel market.

Based on component, the South & Central 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 26.8% share of South & Central America industrial control panel market in 2022, amassing US$ 106.39 million. It is projected to garner US$ 202.34 million by 2030 to expand at 8.4% CAGR during 2022-2030.

In terms of application, the South & Central America industrial control panel market is segmented into manufacturing, food and beverages, oil and gas, chemical industry, automotive, and others. The oil and gas segment held 37.3% share of South & Central America industrial control panel market in 2022, amassing US$ 148.36 million. It is projected to garner US$ 273.63 million by 2030 to expand at 8.0% CAGR during 2022-2030.

Based on country, the South & Central America industrial control panel market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 57.9% share of South & Central America industrial control panel market in 2022. It was assessed at US$ 230.20 million in 2022 and is likely to hit US$ 423.08 million by 2030, exhibiting a CAGR of 7.9% during 2022-2030.

Key players operating in the South & Central America 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 September 2019, OMRON to introduce sixth wave of control panel equipment for factory automation to world, built on common design platform.
  
  
• In November 2019, Siemens control panel online symposium.
  
  

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