South & Central America Industrial Control Panel Market Forecast to 2030 - Regional Analysis - by Component and Application

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; it is estimated to grow at a CAGR of 7.2% from 2022 to 2030.

Construction of New Manufacturing Facilities and Warehouses Drives South & Central America Industrial Control Panel Market

The construction of manufacturing facilities and warehouses for producing and storing goods is growing worldwide, majorly in developed and developing countries. For instance, in 2022, Maersk established a new warehouse in Sao Paulo, Brazil. In 2023, the company further opened warehouses in Chile and Peru. Also, as part of CHINT's globalization drive, a new relay was established with the official opening of the company's 15th overseas warehouse in Brazil in 2022. Hence, the demand for industrial control panels is expected to rise in the above facilities as they help monitor and regulate various operations, including motor control, temperature management, lighting control, and process control. Thus, the growing construction of manufacturing plants and warehouses is expected to create an opportunity for the growth of the industrial control panel market.

South & Central America Industrial Control Panel Market Overview

Growing steel production activities in Brazil increase steel manufacturers' demand for industrial control panels. According to Aço Brasil Institute, in January 2023, crude steel production rose by 2% and reached 35.3 million metric tons in Brazil. These panels are used for monitoring, controlling, and data visualization of components and machines that are used in crude steel production in steel mills.

South & Central America Industrial Control Panel Market Segmentation

The South & Central America industrial control panel market is segmented based on component, application, and country. Based on component, the South & Central America 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 South & Central America 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 the largest market share in 2022.

Based on country, the South & Central America industrial control panel market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America industrial control panel market share in 2022.

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