AI-based Electrical Switchgear Global Market Report 2024

The AI-based electrical switchgear market size has grown strongly in recent years. It will grow from $24.12 billion in 2023 to $25.99 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historical period can be attributed to factors such as the integration of smart grid technologies, optimization of energy efficiency, implementation of remote monitoring and control capabilities, integration with Internet of Things (IoT) sensors, and a growing emphasis on digitalization in power systems. These factors collectively contributed to the development and adoption of AI-based electrical switchgear during that time.

The AI-based electrical switchgear market size is expected to see strong growth in the next few years. It will grow to $33.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to factors such as the increasing demand for AI-based power distribution and energy monitoring systems, a growing need for AI-based distribution solutions, rising demand for energy management, expansion of power distribution infrastructure, and the ongoing trend of industrialization. Noteworthy trends expected in the forecast period encompass product innovation and advancements in AI-based switchgear, the integration of computer technology in electrical systems, increasing investments in the sector, and a rise in partnerships between industry stakeholders.

The anticipated rise in industrialization is poised to drive the growth of the AI-based electrical switchgear market in the foreseeable future. Industrialization involves the transformation of an economy from primarily agrarian and manual labor-based production to one characterized by mechanized manufacturing and increased technology utilization. In the context of industrialization, AI-based electrical switchgear plays a crucial role by monitoring the health of electrical equipment in real-time, predicting potential failures, and enabling preventive maintenance. As of January 2024, according to a report from the Federal Reserve Board, industrial production experienced a 0.1% increase, with a notable uptick of 0.2% in the production of consumer goods in December 2023. Additionally, manufacturing output saw a 0.1% increase, and mining output recorded a significant rise of 0.9% during the same period. This data underscores the impact of rising industrialization on various sectors, driving the need for advanced technologies such as AI-based electrical switchgear.

Prominent companies in the AI-based electrical switchgear market are actively developing innovative products, such as digitally enabled switchgear, to cater to the evolving needs of customers with advanced features. Digitally enabled switchgear incorporates digital technologies and capabilities for enhanced monitoring, control, and automation. For instance, in May 2022, Schneider Electric SE, a France-based energy management and digital automation company, introduced the SureSeT MV Switchgear and EvoPacT Circuit Breaker. These solutions, equipped with advanced digital features, enable remote access, monitoring, and control of equipment health, facilitating predictive maintenance and insights into operational efficiency. The compact design of these solutions, which is 25% smaller than standard alternatives, optimizes space in commercial and industrial buildings. With an extended lifetime of 30,000 operations (three times the industry standard) and embedded sensors for early problem detection, these solutions enhance operational safety by providing comprehensive insights into digital operations from a safe working distance. Operating on condition-based maintenance rather than fixed time intervals, these solutions contribute to improved operational efficiency and safety in industrial settings.

In September 2021, Vertiv, a prominent provider of critical infrastructure based in the US, successfully acquired E+I Engineering Group for an undisclosed sum. This strategic acquisition is anticipated to bolster Vertiv's standing in the critical digital infrastructure market. E+I Engineering Group's specialization in electrical switchgear and power distribution systems synergizes with Vertiv's current portfolio, enabling the delivery of more holistic solutions to their clientele. E+I Engineering Group, headquartered in the UK, is renowned for its expertise in electrical switchgear and power distribution systems.

Major companies operating in the ai-based electrical switchgear market report are Hitachi Ltd, Siemens AG, General Electric Company, Haier CAOS IOT Ecological Technology Co. Ltd, Schneider Electric, Mitsubishi Electric, ABB Ltd., Southern Company, Duke Energy Corp., Toshiba International Corporation, Eaton Corporation, Dominion Energy Inc., Emerson Electric Co., Shenzhen Hankang Electric Automation Co. Ltd, Signify, Rockwell Automation Inc., Havells India Limited, Meidensha Corporation, Crompton Greaves Limited, Lutron Electronics Company, Lucy Electric UK Ltd., G&W Electric, Main Systems Ltd, Jiangsu Daye Intelligent Electric Co. Ltd., SwitchGear Company NV, Electrical Engineering Portal.

North America was the largest region in the AI-based electrical switchgear market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai-based electrical switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ai-based electrical switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

AI-based electrical switchgear refers to advanced electrical switchgear systems that incorporate artificial intelligence (AI) to enhance their performance and capabilities. These systems find applications in various sectors, including energy, infrastructure, industrial buildings, and energy management.

The main types of AI-based electrical switchgear include low-voltage switchgear, medium-voltage switchgear, and high-voltage switchgear. Low-voltage switchgear is specifically designed to safely, efficiently, and reliably supply electric power at voltages up to 1,000 volts and currents up to 6,000 amperes. These switchgear installations can be either indoor or outdoor and are utilized by various end-users, including transmission and distribution utilities, commercial entities, industrial facilities, residential areas, and other sectors.

The AI-based electrical switchgear market research report is one of a series of new reports that provides AI-based electrical switchgear market statistics, including the AI-based electrical switchgear industry global market size, regional shares, competitors with an AI-based electrical switchgear market share, detailed AI-based electrical switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the AI-based electrical switchgear industry. This AI-based electrical switchgear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The AI-based electrical switchgear market includes revenues earned by entities through relay protection, fault detection, monitoring and analysis, predictive maintenance, and energy optimization. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The AI-based electrical switchgear market consists of sales of AI-based power distribution and energy monitoring systems, condition monitoring devices, intelligent circuit breakers, smart sensors and actuators, and self-healing grid systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.