Press release
Global AI-Based Electrical Switchgear Market Comprehensive Study: Forecasted Market Size And Growth Rate
AI-Based Electrical Switchgear Market
The Business Research Company offers in-depth market insights through AI-Based Electrical Switchgear Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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.The AI-based electrical switchgear market size is expected to see strong growth in the next few years. It will grow to $33.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing demand for ai-based power distribution and energy monitoring systems, growing demand for ai-based distribution, rising demand for energy management, expansion of power distribution infrastructure, and rising industrialization. Major trends in the forecast period include product innovation and advancement in ai-based switchgear, integration of computer technology in electrical systems, increasing investments, and increasing partnerships.
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Market Segmentation:
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
Major Driver - Industrialization Fuels Growth In The AI-Based Electrical Switchgear Market
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.
Competitive Landscape:
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
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Top Trend - Innovative Developments in the AI-Based Electrical Switchgear Market by Leading Companies
Major companies operating in the AI-based electrical switchgear market are developing innovative products, such as digitally enabled switchgear, to better serve customers with advanced features. Digitally enabled switchgear refers to electrical switchgear that incorporates digital technologies and capabilities for improved monitoring, control, and automation. For instance, in May 2022, Schneider Electric SE, a France-based energy management and digital automation company, launched the SureSeT MV Switchgear and EvoPacT Circuit Breaker. The SureSeT MV Switchgear and EvoPacT Circuit Breaker offer a distinctive set of advantages compared to traditional equipment. Integrating advanced digital features, these solutions provide remote access, monitoring, and control of equipment health, enabling predictive maintenance and operational efficiency insights. Their compact design, which is 25% smaller than standard alternatives, optimizes space in commercial and industrial buildings. With a longer lifetime of 30,000 operations, three times the industry standard, and embedded sensors for early problem detection, they ensure greater uptime. Operating on condition-based maintenance rather than fixed time intervals, these solutions enhance operational safety by providing a comprehensive 360° insight into digital operations from a safe working distance.
The Table Of Content For The Market Report Include:
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. AI-Based Electrical Switchgear Market Size And Growth
…..
27. AI-Based Electrical Switchgear Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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