AI-Based Electrical Switchgear Market Size

AI-Based Electrical Switchgear Market size was valued at USD 25.06 billion in 2023 and is expected to exceed USD 55.45 billion by 2036, expanding at over 6.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of AI-based electrical switchgear is assessed at USD 26.32 billion. 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 AI-based electrical switchgear market growth.