Centralized Control Cabinet Market size is projected to cross USD 11 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of centralized control cabinet was about USD 6 Billion. The major element to influences the growth in the market revenue is the growing automation of factories owing to its various advantages. For instance, an automated system might potentially reduce the amount of time spent in factories by approximately 36 per cent. Hence, the automation of factories is set to surge which would further also boost the centralized control cabinet market growth.
Furthermore, the imports and exports activities are also growing across the world. Hence, the need for a centralized control cabinet is growing to track the parcels, guarantee the application and interpretation of tariff rules, manage labour costs through manual labour, concentrate on target consignments, promote trader compliance, and enhance the timeliness and quality of external trade data.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~7% |
|
Base Year Market Size (2023) |
~ USD 6 Billion |
|
Forecast Year Market Size (2036) |
~ USD 11 Billion |
|
Regional Scope |
|
Application (Water & Wastewater, Pulp & Paper, Oil & Gas, Petrochemical, Power Plant, Marine & Offshore, Food & Beverage)
The oil & gas segment in the centralized control cabinet market is projected to capture the highest revenue share of over 30% during the forecast period. The major element to dominate the growth of the market is the rising demand for oil & gas. Over the past three decades, the world's oil consumption has risen significantly, reaching approximately 5 billion metric tonnes in 2022 from over 4 billion metric tonnes the year before. Furthermore, given that oil and gas manufacturing plants in remote areas are frequently targets for terrorist and terrorist group attacks, a unified physical safety system could aid in the rapid, accurate, and efficient response to such threats. Hence, during this time of swift digital change, ever-changing market conditions, and growing geopolitical uncertainty, centralized control cabinet might give the oil and gas industry the adaptability it needs to properly respond to new demands and dangers.
Power (1-3 kW, 3-6 kW, 6-9 kW, 9-12 kW)
The 9-12kW segment in the centralized control cabinet market is estimated to capture the highest share of about 40% over the forecast period. This is because the use of centralized control cabinets is usually high the large factories which need systems with high voltage to accelerate the operation. Furthermore, there has been a surge in manufacturing activities. The manufacturing industry is crucial for the advancement of society. By enabling access to necessary commodities and services, manufacturers enhance the quality of life through their production. Manufacturing has a significant impact on society as a whole, providing anything from life-saving medical equipment to environmentally friendly energy solutions that fight climate change. Furthermore, more and more "smart factory" will continue to be imagined, where real-time data and networked systems facilitate smooth production operations. Increased productivity, decreased downtime, and better product quality will result from this convergence of digital technologies with physical manufacturing. Hence, with this, the integration of high-voltage centralized control cabinets is also growing.
Our in-depth analysis of the global centralized control cabinet market includes the following segments:
|
Power |
|
|
Application |
|
North American Market Forecasts
The North America centralized control cabinet market is predicted to gather share of about 35% during the forecast period. This growth of the market in this region is poised to be dominated by the growing adoption of AI and other advanced technology. For instance, over 24% of companies in North America adopted AI in 2022. This figure is estimated to grow even further. Therefore, even though over many years, control systems have undergone constant evolution, some of the next generation of control systems are being aided by artificial intelligence (AI) technology. Furthermore, to encourage AI adoption various investments have been made which is why the centralized control cabinet market in this region is estimated to grow.
APAC Market Analysis
The Asia Pacific centralized control cabinet market is also projected to have notable growth during the forecast period. The growth of the market in this region is poised to be encouraged by rising preferences of advanced countries such as China, India, Japan, and more. This is because, Asia Pacific is experiencing expansion due to the digital revolution, which is changing how we work, live, and conduct business. Moreover, this region is also observing growth in the electronics sector owing to the growing preference for home entertainment systems and systems to work remotely. Among this region, North Asian nations generate a large number of the most widely used consumer electronics items worldwide, including computers and cell phones. Hence, with the growing demand for electronics, the growth for centralized control cabinet market is growing.
Author Credits: Richa Gupta
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?