AI-Based Electrical Switch Market Size

AI-Based Electrical Switch Market size is anticipated to grow at substantial growth rate during the forecast period i.e., between 2024-2036.

The increasing use of AI technology in electrical devices, along with the growing demand for smart public and private infrastructure, are expected to fuel the progress of this market. The proliferation of AI technology has made inroads into the electrical devices sector owing to its capability to reduce human efforts and thus, increase convenience. Along with this, the growing global population and the consequent tendency of urbanization have raised the need to create smart infrastructure, which includes the use of smart switches in residences and public infrastructure. The growth of the AI-based electrical switch market can also be attributed to factors, such as, the ability of AI-based electrical switches to reduce energy consumption, and the increase in awareness about using energy-efficient devices among consumers on a global level. According to the data collected from International Energy Agency, the energy intensity, i.e., the amount of energy used to generate a unit of GDP, of the world’s economy reduced by 36% between 1990 and 2018. The adverse impact caused by the rise in average global temperature due to carbon emissions has led the countries to declare joint action plans to tackle climate change. These actions include the technological solutions to reduce energy consumption. The adoption of novel technologies to curb environmental degradation is expected to boost the demand for AI-based smart switches, owing to their energy-saving capacity and the ability to minimize redundancies caused by the use of manual controls. Also, the increase in government initiatives to improve the efficiency of power consumption led to the rise in awareness for the benefits of smart electrical devices in emerging economies.