Centralized Control Cabinet Market Size & Share, by Power (1-3 kW, 3-6 kW, 6-9 kW, 9-12 kW); Application (Water & Wastewater, Pulp & Paper, Oil & Gas, Petrochemical, Power Plant, Marine & Offshore, Food & Beverage) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5733
  • Published Date: Feb 27, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.


Centralized Control Cabinet Market
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Centralized Control Cabinet Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Construction Activities - There were over 794,431 built-up areas (BUAs) in the globe in 2016. It is anticipated that this figure will increase to about 849,406 inhabitants by 2022. In addition, it's anticipated that by 2050, over 2 million new buildings will be built. Hence, with this, the need for a centralized control cabinet is growing since the construction activity process is considered to be a complicated one. One of the most significant and challenging tasks in the management and completion of building projects is construction planning. It involves choosing the appropriate technology, defining the activities to be finished, estimating the time and resources needed for each activity, and determining any interactions between the various work tasks.
  • Rising Risk of Data Loss - The risk of data loss is growing rapidly in organizations. This prevalence of data loss is estimated to impact the company on at huge scale. Since people are fallible by nature, human error accounts for the majority of data loss in corporate settings. Numerous data manipulation tasks, such as inputting, editing, updating, and deleting information, are part of the daily operations of a business and are prone to user mistakes. Another common reason for data loss is a software malfunction or crash. Any program used to request data has the potential to malfunction, causing corruption or loss of data. When changing many files, programme failure can also happen, leading to some files not saving or updating correctly and being erased. This can happen with file editing software. In the same way, data loss can also occur during backup. Hence, centralized solution enables storing data at once hence further reducing loss therefore driving the centralized control cabinet market growth.
  • Surge in Technology Advancement  - The development of a Centralized control cabinet through technology is also driving the growth of the market. To increase accuracy and patient safety, companies are implementing cutting-edge technologies including biometric authentication, barcode scanning, and connectivity with electronic health data. Additionally, gaining popularity in the centralized control cabinet market are the integration of pharmaceutical software systems with Centralized control cabinets and the use of data analytics in decision-making.

Challenges

  • High Cost of System
  • Lack of Functionality of Centralized Control Cabinet
  • Risk of Cyber Attack – With the growing advancement in technology the risk of cyber attack is also surging. Computers in industrial contexts had very specific requirements when they first started to be used. Data is plentiful these days due to the extensive use of IoT devices across many businesses. Processing the massive volume of data generated requires computer power, which frequently calls for numerous distributed systems or sizable central computing systems. Hence, the adoption of centralized control cabinets is growing which is also further estimated to boost the risk of cyber-attacks. The surge in cyberattacks targeting vital national infrastructure indicates that industrial systems are facing increased cybersecurity risks in recent times. In certain cases, ransomware was able to take control of entire pipelines.

Centralized Control Cabinet Market: Key Insights

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Centralized Control Cabinet Segmentation

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

  • 1-3 kW
  • 3-6 kW
  • 6-9 kW
  • 9-12 kW

     Application

  • Water & Wastewater
  • Pulp & Paper
  • Oil & Gas
  • Petrochemical
  • Power Plant
  • Marine & Offshore
  • Food & Beverage

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Centralized Control Cabinet Industry - Regional Synopsis

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.  

Research Nester
Centralized Control Cabinet Market size
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Top Featured Companies Dominating the Centralized Control Cabinet Market

top-features-companies
    • ABB 
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Eaton
    • Schneider Electric
    • Elmech Pneumatic Industries Pvt Ltd
    • Franzosi s.n.c
    • UL Group
    • Chint Group
    • Socomec Group
    • Mersen
    • Elsteel Ltd.

In-the-news

In The News

  • With the launch of ABB Ability Smart Substation Control and Protection for electrical systems SSC600 in Vietnam, ABB is introducing a novel, centralized method of control and protection for distribution networks. SSC600 builds on ABB's strong and tested technological base, which is reflected in the well-known Relion protection and control relay family, even if it represents a new way of thinking.
  • Eaton, a power management business, and LG Electronics, a pioneer in home energy solutions, are teaming together to provide flexible load control for renewable distributed energy applications, as more households seek to reduce their carbon footprints. To make load control in the house easier, Eaton will combine its intelligent power management technology—which includes smart breakers and EV chargers—with the LG ThinQ Energy mobile app and LG energy management solutions.   

Author Credits:  Rushikesh, Richa Gupta


  • Report ID: 5733
  • Published Date: Feb 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing construction activities, rising risk of data loss, and surge in technology advancement.

The market size of centralized control cabinet is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2024-2036.

The major players in the market are ABB, Eaton, Schneider Electric, Elmech Pneumatic Industries Pvt Ltd, and others.

The oil & gas segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
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