AI-Based Electrical Switch Market Segmentation by Installation (Indoor, and Outdoor); and by End-User (Domestic, Commercial, Industrial, and Others) – Global Demand Analysis and Opportunity Outlook 2022-2030
Buy Now Report ID: 3263 | Published Date: Feb 09, 2023
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the growth of smart cities which require AI-based electrical switch infrastructure on roads & buildings on a large scale, and increase in per capita income in the countries of the region. Furthermore, in 2030, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the increasing use of AI-based smart switches for domestic use for energy management, accompanied by the rising adoption of these switches by commercial sector because of its cost-saving potential. Along with this, increasing government initiatives to adopt energy-efficient electrical solutions in the region are also expected to contribute to the market growth. Alternatively, the market in Europe is also anticipated to occupy a significant share in the AI-based electrical switch market throughout the forecast period on account of growing consumer awareness about AI-based electrical switches and government initiatives to encourage the use of smart technologies in the region. As per the analysis of European Environment Agency (EEA), total greenhouse gases emissions in European Union have decreased by 2 % in 2018, 17% since 2005, and by 23% since 1990. Energy efficiency is considered as one of the essential drivers of this.
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The global AI-based electrical switch market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global AI-based electrical switch market includes the following segments:
By Installation
By End-User
Growth Drivers
Challenges
September 2020: Leviton Manufacturing Company announced Zigbee-enabled light controls for intuitive control of lighting in the smart houses. These lighting switches allow their users to control lights from anywhere, reduce energy consumption, and enhance the overall wellness of their homes with customized lighting.
March 2020: Signify acquired Cooper Lighting Solutions. This acquisition solidifies Signify’s position and places the company to grow in the North American lighting market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The increasing use of AI technology in electrical devices and the growing demand for smart public and private infrastructure are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: The high costs of AI-based electrical switches and privacy & security concerns of AI-based controls are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the growth of many smart cities in the countries of the region which require AI-based electrical switch infrastructure on roads and buildings on a large scale.
Ans: The major players dominating the AI-based electrical switch market are Leviton Manufacturing Company, Legrand SA, Signify, and Lutron Electronics Company, among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by installation, end-user, and by region.
Ans: With respect to end-user, the commercial segment is anticipated to hold the largest market share owing to the increasing use of AI-based electrical switches in the commercial sector on a global level.
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