Press release
AI-Based Electrical Switchgear Market 2024 - By Size, Share, Forecast And Trends Analysis Report 2033
AI-Based Electrical Switchgear Market
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.
Market Overview -
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.
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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
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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