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
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.
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.
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.
The global AI-based electrical switchgear market is further classified on the basis of region as follows:
Our in-depth analysis of the global AI-based electrical switchgear market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing adoption of smart grid technologies and the growing demand for AI-based power distribution and energy monitoring systems are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
The high costs of AI-based electrical switchgear and privacy & security concerns of AI-based controls are estimated to hamper market growth.
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 switchgear infrastructure on roads and buildings on a large scale.
The major players dominating the AI-based electrical switchgear market are ABB Ltd, Schneider Electric, Siemens AG, Lutron Electronics Company, and Mitsubishi Electric among others.
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.
The market is segmented by installation, end-user, and by region.
With respect to end-user, the transmission & distribution utilities segment is anticipated to hold the largest market share owing to the increasing use of AI-based electrical switchgear in the transmission & distribution utilities.
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