Overview and Scope
AI-based electrical switchgear refers to advanced electrical switchgear systems that leverage artificial intelligence (AI) to enhance their performance and capabilities. These systems are used in various sectors, including energy, infrastructure, industrial buildings, and energy management.
Sizing and Forecast
The AI-based electrical switchgear market size has grown strongly in recent years. It will grow from $24.12 billion in 2023 to $25.99 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to smart grid integration, energy efficiency optimization, remote monitoring and control, integration with IoT sensors, and growing emphasis on digitalization in power systems.
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Segmentation & Regional Insights
The ai-based electrical switchgear market covered in this report is segmented –
1) By Type: Low Voltage Switchgear, Medium Voltage Switchgear, High Voltage Switchgear
2) By Installation: Indoor, Outdoor
3) By End User: Transmission and Distribution Utilities, Commercial, Industrial, Residential, Other End Users
North America was the largest region in the AI-based electrical switchgear market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai-based electrical switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising industrialization is expected to propel the growth of the AI-based electrical switchgear market going forward. Industrialization is the process of transforming an economy from primarily agrarian and manual labor-based production to one characterized by mechanized manufacturing and increased use of technology. AI-based electrical switchgear is used in industrialization to monitor the health of electrical equipment in real-time, predicting potential failures and enabling preventive maintenance. For instance, in January 2024, according to a report published by the Federal Reserve Board, a US-based governing body of the Federal Reserve System, industrial production increased by 0.1%, with a 0.2% uptick in the production of consumer goods in December 2023. Further, the manufacturing output also experienced a 0.1% increase, while mining output saw a notable rise of 0.9% during the same period. Therefore, rising industrialization is driving the growth of the AI-based electrical switchgear market.
Key Industry Players
Major companies operating in the ai-based electrical switchgear market report are Hitachi Ltd, Siemens AG, General Electric Company, Haier CAOS IOT Ecological Technology Co. Ltd, Schneider Electric, Mitsubishi Electric, ABB Ltd., Southern Company, Duke Energy Corp. , Toshiba International Corporation, Eaton Corporation, Dominion Energy Inc. , Emerson Electric Co. , Shenzhen Hankang Electric Automation Co. Ltd, Signify, Rockwell Automation Inc. , Havells India Limited, Meidensha Corporation, Crompton Greaves Limited, Lutron Electronics Company, Lucy Electric UK Ltd., G&W Electric, Main Systems Ltd, Jiangsu Daye Intelligent Electric Co. Ltd., SwitchGear Company NV, Electrical Engineering Portal
The ai-based electrical switchgear market report table of contents includes:
1. Executive Summary
2. AI-Based Electrical Switchgear Market Characteristics
3. AI-Based Electrical Switchgear Market Trends And Strategies
4. AI-Based Electrical Switchgear Market – Macro Economic Scenario
5. Global AI-Based Electrical Switchgear Market Size and Growth
…
32. Global AI-Based Electrical Switchgear Market Competitive Benchmarking
33. Global AI-Based Electrical Switchgear Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI-Based Electrical Switchgear Market
35.AI-Based Electrical Switchgear Market Future Outlook and Potential Analysis
36. Appendix
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