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ELECTRONICS & SMART DEVICES

AI-Based Electrical Switchgear Market Segmentation by Installation (Indoor, and Outdoor); and by End-User (Transmission & Distribution Utilities, Commercial, Industrial, Residential, and Others) – Global Demand Analysis and Opportunity Outlook 2030

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Extensive insights into the Growth of AI-Based Electrical Switchgear Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • March 2020: Signify announced that it has successfully acquired Cooper Lighting Solutions from Eaton. The acquisition would help Signify to strengthen its offerings in North America.

  • October 2019: Havells India Limited lunched a smart switchgear range “STADx” which includes MCB and distribution board to address the need for providing smart solutions in non-industrial segment such as hotels, office premises, and residences.

Global AI-Based Electrical Switchgear Market Highlights 2022-2030

The global AI-based electrical switchgear market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The increasing adoption of smart grid technologies, along with the growing demand for AI-based power distribution and energy monitoring systems, are expected to fuel the progress of this market. AI-based grids use the inbuilt computer technology to perform various functions like running system diagnostics, electric power fire, and demand predictions. Moreover, the AI-based electrical switchgear is expected to grow owing to its relative benefits like avoiding blackouts and failure of the equipment. The growth of the market can also be attributed to factors such as the ability to provide improved control, protection and continuous & reliable electricity supply. According to the data collected from International Energy Agency (IEA), the total energy production between 1990 and 2018 increased in the U.S. from 3200 TWh to 4430 TWh and in China from 621.27 TWh to 7150 TWh. Also, China is the world’s largest power-consuming country, followed by U.S. and India. The expansion of critical sectors like telecom, railways, airports, and ports, is projected to increase the power demand, thereby contributing to the market’s growth. CLICK TO DOWNLOAD SAMPLE REPORT

Global-AI-Based-Electrical-Switchgear-Market-Overview

The market is segmented on the basis of installation into indoor, and outdoor, out of which, the outdoor segment is anticipated to grab the largest share by the end of 2021, on account of the high rate of adoption of AI-based electrical switchgear in the transmission & sub-transmission sector. Moreover, there has been a significant growth of transmission & distribution utility sector in developing countries, which is also projected to contribute to the growth of the segment during the forecast period.

On the basis of end-user, the transmission & distribution utilities segment in the global AI-based electrical switchgear market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the increasing use of AI-based electrical switchgear in the transmission & distribution utilities for power generation, transmission, and distribution, on a global level.

Major Macro-Economic Indicators Impacting the Market Growth

/Global-Research-and-Development-Expenditure

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.

Global AI-Based Electrical Switchgear Market Regional Synopsis

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 projected to grow at the highest CAGR over the forecast period owing to the growth of many smart cities in the countries of the region which require AI-based electrical switchgear infrastructure on roads and buildings on a large scale. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the increasing investments in commercial and industrial sector, accompanied by the early adoption of advanced technologies. Along with this, North America also leads in terms of favourable regulatory environment for approval of AI-based technological solutions, which is also expected to contribute to the market growth in the region.

Global-AI-Based-Electrical-Switchgear-Market-Share

The global AI-based electrical switchgear market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global AI-based electrical switchgear market includes the following segments:

By Installation

  • Indoor
  • Outdoor

By End-User

  • Transmission & Distribution Utilities
  • Commercial
  • Industrial
  • Residential
  • Others

Growth Drivers

  • Increasing Adoption of Smart Grid Technologies
  • Growing Demand for AI-based Power Distribution and Energy Monitoring Systems

Challenges

  • High Costs of AI-Based Electrical Switchgear

Key Market Players Dominating the Market

  • ABB Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Schneider Electric
  • Siemens AG
  • Mitsubishi Electric
  • Eaton Corporation
  • Lutron Electronics Company
  • Signify
  • SwitchGear Company NV
  • Lucy Electric UK Ltd.
  • Havells India Limited

 

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