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Industrialization Fuels Growth In The AI-Based Electrical Switchgear Market: Strengthening the Growth Trajectory of the AI-Based Electrical Switchgear Market
AI-Based Electrical Switchgear Market Size
What Is the Expected CAGR for the AI-Based Electrical Switchgear Market Through 2025?
The market for AI-powered electrical switchgear has seen significant expansion in the past few years. The sector, which is worth $25.99 billion in 2024, is predicted to increase to $27.98 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.7%. This surge during the historic period is due to factors such as the integration of smart grids, optimization of energy efficiency, provisions for remote monitoring and control, uptake of IoT sensors, and an increased focus on digitizing power systems.
What's the Projected Size of the Global AI-Based Electrical Switchgear Market by 2029?
Predictions indicate robust expansion in the AI-driven electrical switchgear market in the upcoming years, potentially reaching a valuation of $35.45 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 6.1%. The projected growth can be tied to increasing needs for AI-powered energy monitoring and power distribution systems, as well as escalating demands for energy management. The expansion of power distribution infrastructure alongside the rise in industrialization further fuel the growth. Key trends for the forecast period encompass product innovation and enhancements in AI-based switchgears, integration of computing technology in electrical systems, a rise in investment, and an uptick in partnerships.
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Top Growth Drivers in the AI-Based Electrical Switchgear Industry: What's Accelerating the Market?
The escalating trend of industrialization is anticipated to augment the growth of the AI-based electrical switchgear market. The concept of industrialization refers to the evolution of an economy from mainly farming and manual labor-centric production to a system marked by automated manufacturing and enhanced technological application. Real-time monitoring of the health of electrical equipment is possible with AI-based electrical switchgear, which can predict potential breakdowns and facilitate preventive maintenance. For example, as per a report by the Federal Reserve Board, a governing body based in the US for the Federal Reserve System, industrial production rose by 0.1%, while there was a 0.2% increase in consumer goods production in December 2023. Additionally, there was a bump of 0.1% in manufacturing output, and an impressive 0.9% increase in mining output observed during the same timeframe. Hence, the surge in industrialization is influencing the growth of the AI-based electrical switchgear market.
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What Trends Will Shape the AI-Based Electrical Switchgear Market Through 2029 and Beyond?
Leading corporations in the AI-based electrical switchgear market are creating innovative solutions such as digitally enabled switchgear, which offers enhanced attributes for better customer service. Digitally enabled switchgear is electrical switchgear outfitted with digital technology, enhancing its monitoring, control, and automation capabilities. In an illustration from May 2022, Schneider Electric SE, a French company specializing in energy management and digital automation, introduced the SureSeT MV Switchgear and EvoPacT Circuit Breaker. These products present a unique set of benefits compared to conventional devices. By utilizing advanced digital characteristics, these technologies afford remote access, monitoring, and control over equipment health, enabling foresight into predictive maintenance and operational efficacy. Their streamlined design, which is 25% tinier than typical alternatives, allows for spatial optimization in commercial and industrial premises. With an extended lifespan of 30,000 operations, triple the industry norm, and inbuilt sensors for early problem identification, they guarantee increased uptime. Emphasizing condition-centred upkeep over fixed time intervals, these technologies enhance operational safety by offering a comprehensive 360° view of digital operations from a secure working distance.
What Are the Main Segments in the AI-Based Electrical Switchgear Market?
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
Subsegments:
1) By Low Voltage Switchgear: Distribution Boards, Circuit Breakers, Switch Disconnectors
2) By Medium Voltage Switchgear: Gas-Insulated Switchgear (GIS), Air-Insulated Switchgear (AIS), Ring Main Units (RMUs)
3) By High Voltage Switchgear: Circuit Breakers, Disconnectors, Switches And Busbars
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Which Top Companies are Driving Growth in the AI-Based Electrical Switchgear Market?
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
Which Regions Will Dominate the AI-Based Electrical Switchgear Market Through 2029?
North America was the largest region in the AI-based electrical switchgear market in 2024. 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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