Press release
AI-Based Electrical Switchgear Market: Insights into Market Trends, Growth Drivers, and Competitive Landscape in Electrical Equipment
AI-Based Electrical Switchgear Market
The Business Research Company presents an extensive market research report on the AI-Based Electrical Switchgear Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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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Key Market 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
Market Drivers:
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.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/ai-based-electrical-switchgear-global-market-report
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
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