Low Voltage Switchgear is Expected to Dominate the Global AI-Based Electrical Switchgear Market.
Increased
Demand for Portable Power and Advancements in Battery Technology is a major
factor attributable to the growth of the market.
According
to TechSci Research report, “Global AI-Based
Electrical Switchgear Market - By Region,
Competition, Forecast & Opportunities, 2028”. The Global AI-Based
Electrical Switchgear is anticipated to
project robust growth in the forecast period with a CAGR of 6.48% through 2028. The switchgear market is
expected to witness expansion, driven by the increasing awareness of the new
generation mix and the escalating energy demand to facilitate rapid
urbanization. These devices are commonly employed in complex electrical
substations and various industries to ensure voltage stability. Moreover, they
must exhibit resilience to diverse operating voltages and adverse climatic
conditions.
Switchgear
manufacturers have the opportunity to leverage the increasing demand for
environmentally friendly and sustainable solutions. The advancement of switchgear
with minimal environmental impact, such as alternative insulating gases to SF6
with high global warming potential, aligns with regulatory mandates and the
global commitment to carbon emission reduction. Moreover, sustainable
manufacturing practices and responsible disposal of switchgear components at
the end of their lifecycle present additional areas of potential growth.
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.
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Based
on Type, The market is segmented into low, medium, high, and extra-high voltage
based on voltage. The low voltage segment dominates the wires and cables market
share owing to the wide application of low voltage wires & cables in
infrastructures, automation, lighting, sound and security, and video
surveillance, among other applications. The medium voltage segment is projected
to hold the second-largest share due to the increasing application in mobile
substation equipment, commercial buildings, hospitals, and universities &
institutions. Medium voltage wires and cables are widely used for power
distribution between high voltage mains power supply and low voltage
applications and utility companies to connect residential and industrial
complexes, or renewable energy sources such as wind and solar farms, to the
primary grid.
Based
on Region, Asia Pacific will dominated the market. Regional analysis of the
research report on AI-Based Electrical Switchgear market indicates that Asia Pacific dominated
the global AI-Based Electrical Switchgear market and held 51% share in 2021.
The region is expected to remain highly lucrative market during the forecast
period, due to rapid industrialization and rise in demand for AI-Based
Electrical Switchgear in defense and
aerospace industry in the region. China is the fastest growing battery market
for AI-Based Electrical Switchgear in
Asia Pacific, owing to growth of industries such as electronic and energy in
the country. China is a major hub for electronics products that employ AI-Based
Electrical Switchgear due to the
latter’s superior properties over metals and alloys.
Key
market players in the Global AI-Based
Electrical Switchgear Market are
following:-
- ABB
Ltd
- Havells
India Ltd.
- Mitsubishi
Electric Corporation
- Schneider
Electric SE
- Siemens
AG
- Eaton
Corporation
- Toshiba
International Corporation
- Meidensha
Corporation
- Hitachi
Ltd
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“The
global AI-Based Electrical Switchgear market is driven by several compelling factors
that are reshaping the landscape of energy storage and sustainable power
solutions. Firstly, the escalating demand for portable power sources in our
increasingly connected world is a major driver. As consumers rely on
smartphones, wearables, and other mobile devices, the need for compact and
efficient batteries like breathing batteries has surged. Secondly, advancements
in battery technology are propelling the market forward. Breathing batteries,
with their high energy density and rapid charge/discharge capabilities, are
emerging as a potential game-changer. Their potential applications in electric
vehicles, renewable energy integration, aerospace, and medical devices are
driving extensive research and development efforts. The global shift towards
electric vehicles constitutes another critical driver. Government initiatives,
incentives, and regulations promoting cleaner energy technologies and reduced
carbon emissions are also stimulating market growth. Financial support and
regulatory encouragement are driving research and commercialization efforts in
the AI-Based Electrical Switchgear sector. In conclusion, the global AI-Based
Electrical Switchgear market is being
driven by the increasing demand for portable power, ongoing advancements in
battery technology, the rise of electric vehicles, environmental concerns, and
supportive government policies. These drivers collectively indicate a promising
future for breathing batteries as they address the evolving needs of various
industries and pave the way for a more sustainable energy future.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
AI-Based Electrical Switchgear Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented AI-Based
Electrical Switchgear Market by Type (Low Voltage Switchgear, Medium Voltage
Switchgear, High Voltage Switchgear), by Application (Infrastructure,
Development Projects, Industrial Buildings, Energy Management), By Region,
Competition 2018-2028 has
evaluated the future growth potential of Global AI-Based Electrical Switchgear Market and provides statistics and information
on market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the Global AI-Based
Electrical Switchgear Market.
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