The global AI-based electrical switchgear market is projected to grow with a moderate CAGR during the forecast period, i.e., 2022-2030, on account of the rising need for AI-based power distribution & energy monitoring systems and the growing use of smart grid technologies across the globe. As per the IEA Atlas of Energy, the overall energy generation between 1990 and 2018 increased from 621.27 TWh to 7150 TWh in China. China is the world’s largest power-consuming nation, followed by U.S. and India. The rise in demand for energy results from the increasing global population and the subsequent urbanization, has elevated the necessity to create intelligent infrastructure. This is estimated to boost the market growth.
Research Nester released a report titled “AI-Based Electrical Switchgear Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global AI-based electrical switchgear market in terms of market segmentation by installation, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The market is segmented by installation into indoor and outdoor, out of which, the outdoor segment is anticipated to hold the largest share by the end of 2021 in the AI-based electrical switchgear market as a result of the high deployment rate of AI-based electrical switchgear in transmission sector. On the basis of end-user, the market is segmented into transmission & distribution utilities, commercial, industrial, residential, and others, out of which, the transmission & distribution utilities segment is expected to grow significantly owing to the growing adoption of AI-based electrical switchgear in the segment for energy generation and transmission.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the AI-based electrical switchgear market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period owing to the increase in rate of development of smart infrastructure in the countries of the region which require AI-based electrical grids and switchgear on streets and constructions on a large scale. Currently, the market in North America holds the largest share. This can be attributed to the well-developed technological infrastructure, especially in the United States, along with the favorable government initiatives to adopt reliable and controlled energy systems.
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Rising Need for AI-Based Power Distribution & Energy Monitoring Systems and Growing Use of Smart Grid Technologies to Drive Market Growth
According to the data collected from U.S. Energy Information Administration, the total energy consumption globally amplified from 567 quadrillion btu in 2014, to 599 quadrillion btu in 2018.
With the rapidly increasing demand for energy globally, there is an ever-expanding need for continuous and reliable electricity supply solutions, which is estimated to boost the market growth. Additionally, the growing use of smart grid technologies in recent years is also expected to boost the market growth in upcoming years.
However, the expensive costs associated with AI-based electrical switchgear is estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global AI-based electrical switchgear market which includes company profiling of ABB Ltd., Schneider Electric, Siemens AG, Mitsubishi Electric, Lutron Electronics Company, Eaton Corporation, Signify, SwitchGear Company NV, Lucy Electric UK Ltd., and Havells India Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global AI-based electrical switchgear market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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