Europe Industrial Control Panel Market Forecast to 2030 - Regional Analysis - by Component and Application

The Europe industrial control panel market was valued at US$ 1.63 billion in 2022 and is expected to reach US$ 3.05 billion by 2030; it is estimated to grow at a CAGR of 8.1% from 2022 to 2030.

Supportive Government Standards and Regulations Fuel Europe Industrial Control Panel Market

Industrial control panels (ICPs) contain electrical and control devices. Because of the presence of different types of components, the companies have to follow several standards and regulations for ICP design, production, and installation. The ICPs must comply with the standards and regulations set by the government to ensure safety and performance. The NFPA 70, also known as the National Electrical Code (NEC), is issued by the National Fire Protection Association. This code regulates the safe installation of components and wiring for all residential, commercial, and industrial electrical systems. The NFPA 79 standard is also from the National Fire Protection Association. It helps delve deeper into wiring regulations for industrial machines, including control panels operating at 600 V or less. NFPA 79 also helps with the selection of wire sizes and provides guidelines for wiring installation, including the specifications for wire trays and conduits. This makes it a key standard for ICP design, considering that space is usually constrained due to the numerous devices installed inside. Such supportive standards and regulations by the government are driving the industrial control panel market.

Europe Industrial Control Panel Market Overview

Germany, France, the UK, and Italy are among the major countries contributing to the growth of the Europe industrial control panel market. Europe is the home of the world's largest and oldest steel companies. The region is the world's second-largest steel producer, and generated around US$ 148.17 billion gross value added (GVA) in 2022, positively supporting the region's GDP for industrial development. The growth in steel production creates opportunities for industrial control panels among steel manufacturers. Adopting industrial control panels in the steel industry is associated with the increasing demand for safe operation in the manufacturing sector. Steel manufacturers use these panels for monitoring and controlling steel manufacturing processes by maximizing high-quality steel production. The steel industry relies on a wide range of machinery and equipment, including rolling mills and blast furnaces. The industrial control panel works as an interface between the manufacturer and the complex system by facilitating monitoring, real-time adjustment, and safety in the operations. Moreover, government initiatives for net zero emission and rising environmental concerns among consumers increase the adoption of sustainable solutions, further encouraging manufacturers to develop eco-friendly products and creating opportunities for industrial control panels. For instance, in March 2023, the European Steel Association AISBL (EUROFER) took Green Deal Industry Plan initiatives as an integral part of the Net-Zero Industry Act for transitioning steel and other energy-intensive industries toward carbon neutrality. These initiatives are positively affecting Europe's steel industry. Steel is essential for a climate-neutral economy and is highly used in renewables, wind, and electric vehicles. European Steel Association AISBL (EUROFER) estimated that over 67.13 million metric tons of steel would be needed to expand renewable energy generation to demonstrate the Net-zero Age's foundations. The increasing steel production is also expected to create growth opportunities for the market during the forecast period.

Europe Industrial Control Panel Market Segmentation

The Europe industrial control panel market is segmented based on component, application, and country. Based on component, the Europe industrial control panel market is segmented into control devices, fused disconnect switches, motor controllers, circuit breakers, relays, and others. The control devices segment held the largest market share in 2022.

In terms of application, the Europe industrial control panel market is categorized into manufacturing, food and beverages, oil and gas, chemical industry, automotive, and others. The manufacturing segment held the largest market share in 2022.

Based on country, the Europe industrial control panel market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Germany dominated the Europe industrial control panel market share in 2022.

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