AI-Based Electrical Switch Market by Segmentation includes Type, Applications, Channel and Forecast 2030
Research Nester released a report titled “AI-Based Electrical Switch Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global AI-based electrical switch 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.
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The global AI-based electrical switch market is projected to grow with a moderate CAGR during the forecast period, i.e., 2022–2030, on account of the growing use of artificial intelligence in electrical devices and the rising demand for innovative technological solutions to minimize energy consumption on a global level. As per the International Energy Agency, there has been a decrease of 36% in energy intensity, i.e., the quantity of energy used to generate a unit of GDP, of the world’s economy from 1990 to 2018. The threat posed by climate change-related events has caused the need to minimize power consumption globally using advanced technologies. This change and rising awareness regarding the use of smart electrical devices are expected to boost the AI-based electrical switch market’s growth.
The global AI-based electrical switch market is segmented on the basis of installation into indoor and outdoor. Among these segments, the indoor segment is anticipated to hold the largest share, by the end of 2021, as a result of the high deployment rate of AI-based electrical switches in commercial and industrial organizations. On the basis of end-user, the market is segmented into domestic, commercial, industrial, and others, out of which, the commercial segment is expected to grow significantly over the forecast period owing to the growing adoption of AI-based electrical switches in the commercial sector worldwide to increase the efficiency of energy use and save efforts.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, out of which, the AI-based electrical switch market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period owing to the increasing development of smart cities in countries, such as, China, Japan, and Singapore. Currently, the market in North America holds the largest share. This can be attributed to the growing adoption of AI-based smart switches for domestic use in energy management and reducing human efforts, especially in the United States, along with the favorable government initiatives to adopt energy-efficient electrical systems.
Rising Demand for Smart Technological Solutions to Minimize Energy Consumption Globally to Drive Market Growth
According to the data collected from U.S. Energy Information Administration, the total energy consumption globally amplified from 567 Quadrillion British Thermal Units in 2014, to 599 Quadrillion British Thermal Units in 2018. For reference, 1 quadrillion is a 1 followed by 15 zeros.
With the rapidly growing demand for energy on a global scale, there is an ever-expanding need for energy-efficient electrical devices. It has been observed that AI-based electrical switches can enhance the efficiency of power consumption and remove redundancies caused by manual switching, thus saving money and energy. Additionally, the rising demand for innovative technological solutions to minimize energy consumption in recent years is also expected to boost the market growth in upcoming years.
However, the expensive costs of AI-based electrical switches and privacy & safety apprehensions related to AI-based controls are some of the factors that are 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 switch market which includes company profiling of Leviton Manufacturing Company, Legrand SA, Signify, Lutron Electronics Company, Nichia Corporation, General Electric Company, iDevices, LLC, Eve Systems GmbH, Osram Licht AG, and Zigbee Alliance. 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 switch 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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