Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Uncategorized

Electric Control Panel Market to Reach $10.3 Billion, Globally, by 2032 at 5.8% CAGR: Allied Market Research

Published

on

electric-control-panel-market-to-reach-$103-billion,-globally,-by-2032-at-5.8%-cagr:-allied-market-research

 
Allied Market Research published a report, titled, “Electric Control Panel Market by Type (Power and Distribution, Automation and Instrumentation, Power And Control, and DG Control), Voltage (High, Medium, and Low), and Application (Residential, Commercial, Manufacturing, and Industrial Automation, Power Generation, Agriculture, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global electric control panel industry generated $6.0 billion in 2022 and is anticipated to generate $10.3 billion by 2032, witnessing a CAGR of 5.8% from 2023 to 2032.
Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A06062
Prime determinants of growth
An electric control panel is a kind of metal box which contains important electrical components to control energy flow. The structure of the electrical control panel is designed in a way to hold maximum electric equipment within its boundaries by keeping all running systems safe. Electric control panels play a crucial role in managing and regulating the flow of electricity within a system or facility. Electric control panels play a central role in automating and controlling complex industrial processes with energy flow, which leads to rise in demand for electric control panels. Moreover, electric control panels emerge as a cost-effective and adaptable solution, which may be tailored to various industry applications. Growing demand for integrated clean energy sources such as solar and wind in commercial and residential applications creates the opportunity for electric control panels market in near future.
Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$6.0 billion

Market Size in 2032

$10.3 billion

CAGR

5.8 %

No. of Pages in Report

350

Segments Covered

Type, Voltage, Application, and Region

Drivers

•  Rise in demand for cost-effective, simple electrical components
•  Surge in demand for electrical protection devices
•  Increase in automation in manufacturing sector

Opportunities

•  Investment incentives in green energy
•  Changing environmental legislations in electrical industry

Restraints

•  Fluctuation in raw material price

Power and Distribution segment to maintain its leadership status throughout the forecast period.
By type, the power and distribution segment dominated the market in 2022, owing to rise in demand for electricity to industry process, homes, businesses, and infrastructure in urban areas, which drives the need for power and distribution devices. However, the automation and instrumentation segment is expected to grow with the highest CAGR of 6.1% from 2023 to 2032 in the market owing to easy installation of instrument panels. Automation and instrumentation panels allow the power to distribute and lower the chance of incident.
Procure Complete Report (350 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/electric-control-panel-market
Medium Voltage segment to maintain its lead position during the forecast period.
By voltage, the medium voltage segment accounted for the largest share in 2022, contributing nearly half of the global electric control panel market revenue. Medium voltage electric control panels are used in industries expand and modernize. Medium voltage electric control panels are efficient to manage and control larger and more complex electrical systems and equipment which boosts its demand in the market. Moreover, increase in the number of infrastructural project panels at remote site is projected to create opportunity for the medium voltage segment in the electric control panel market.
The manufacturing and industrial automation segment is expected to grow faster throughout the forecast period.
By application, the manufacturing and industrial automation segment accounted for the largest share in 2022, more than one-fourth of the global electric control panel market revenue. The manufacturing and industrial automation segment emerged as the dominant force in the market, owing to substantial investments by the manufacturing sector in the automation of production processes across various industries. Rise in investment in automation of manufacturing process creates the opportunity for the market. The manufacturing and industrial automation segment is expected to attain a CAGR of 6.2% from 2023 to 2032 and maintain its position during the forecast period.
Asia-Pacific region to maintain its dominance by 2032.
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global electric control panel market revenue. The dominance of Asia-Pacific in the market can be attributed to the escalating deployment of electric control panels in developing nations within the region. Notably, China plays an important role, marked by increased investments in the automation of manufacturing processes, anticipated to be a key driving factor for the growth of the electric control panel market throughout the forecast period. China is poised to experience the highest CAGR at 6.1% from 2023 to 2032, positioning it as the predominant market player during the forecast period.
For Purchase Inquiry: https://www.alliedmarketresearch.com/electric-control-panel-market/purchase-options
Leading Market Players: –

ABB
Eaton.
Schneider Electric
INDUSTLABS
Rockwell Automation Inc
Keltour
General Electric
WEG.
Electra-Tech
Power Industrial Controls

The report provides a detailed analysis of these key players in the global electric control panel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Trending Reports in Electric Control Panel Industry:
Gas Insulated Switchgear Market: Analysis and Industry Forecast, 2023-2032
Voltage Transformer Market: Analysis and Industry Forecast, 2023-2032
Electrolyzer Market: Opportunity and Industry Forecast, 2023-2032
Industrial Electrification Market: Global Opportunity and Industry Forecast, 2023-2032
Ring Main Unit (RMU) Market: Industry Forecast, 2023-2032
Electric Service Companies (ESCOs) Market: Analysis and Industry Forecast, 2023-2032
The post Electric Control Panel Market to Reach $10.3 Billion, Globally, by 2032 at 5.8% CAGR: Allied Market Research appeared first on HIPTHER Alerts.

Continue Reading

Uncategorized

Unveiling the Complex Psychological Implications of Artificial Intelligence

Published

on

unveiling-the-complex-psychological-implications-of-artificial-intelligence

 
In today’s world, the realm of artificial intelligence (AI) presents us with fascinating possibilities and unsettling dilemmas. From engaging in nuanced conversations with humanoid robots to grappling with the consequences of deepfake technology, the advancements in AI have far-reaching implications that extend into the realm of human psychology, as noted by Joel Pearson, a cognitive neuroscientist at the University of New South Wales.
While AI holds the promise of simplifying our lives, Pearson emphasizes that these developments can also have profound effects on our mental well-being, challenging our perceptions and emotional responses in ways we may not fully comprehend. Despite our fears of killer robots and rogue self-driving cars, Pearson suggests that the psychological impacts of AI are equally if not more significant, albeit less tangible.
One area of concern highlighted by Pearson is the tendency for humans to anthropomorphize AI entities, attributing human-like qualities to non-human agents such as chatbots. This phenomenon can lead to emotional attachments and vulnerabilities, as evidenced by individuals who develop romantic feelings for AI companions like Replika. Pearson underscores the need for further research into the implications of these human-AI relationships, particularly regarding their impact on interpersonal dynamics and emotional health.
Furthermore, Pearson raises alarm about the proliferation of deepfake technology, which has the potential to distort our perception of reality and erode trust in media. Deepfake images and videos, often used for nefarious purposes like non-consensual pornography, can leave lasting impressions on our psyche, even after their falsity is exposed. Pearson warns of the long-term effects of exposure to such content, particularly on vulnerable populations like teenagers whose developing brains may be more susceptible to manipulation.
In response to these challenges, Pearson calls for a nuanced understanding of AI’s psychological impact and advocates for a proactive approach to addressing its potential harms. He stresses the importance of prioritizing human connection and well-being in the face of technological uncertainty, urging individuals to reflect on their values and embrace activities that foster genuine human interaction.
Ultimately, Pearson’s message serves as a reminder that while AI offers immense potential, we must remain vigilant about its unintended consequences and prioritize our mental and emotional resilience in navigating an increasingly AI-driven world. By acknowledging the psychological implications of AI and engaging in thoughtful dialogue, we can work towards harnessing its benefits while mitigating its risks.
Source: abc.net.au

The post Unveiling the Complex Psychological Implications of Artificial Intelligence appeared first on HIPTHER Alerts.

Continue Reading

Uncategorized

US official calls on China and Russia to affirm human, not AI, control over nuclear weapons

Published

on

us-official-calls-on-china-and-russia-to-affirm-human,-not-ai,-control-over-nuclear-weapons

 

Senior U.S. Official Urges China and Russia to Affirm Human Control Over Nuclear Weapons
In a recent online briefing, Paul Dean, an arms control official from the State Department, called on China and Russia to align their declarations with those of the United States and other nations. He stressed the importance of ensuring that only humans, not artificial intelligence, are responsible for decisions regarding the deployment of nuclear weapons.
Dean highlighted Washington’s firm commitment to maintaining human control over nuclear weapons, a commitment echoed by France and Britain. He expressed the hope that China and Russia would issue similar statements, emphasizing the significance of this norm of responsible behavior, especially within the context of the five permanent members of the United Nations Security Council.
These remarks coincide with efforts by the administration of U.S. President Joe Biden to engage in separate discussions with China on nuclear weapons policy and the development of artificial intelligence.
While the Chinese defense ministry has yet to respond to these comments, discussions on artificial intelligence emerged during recent talks between U.S. Secretary of State Antony Blinken and China’s Foreign Minister Wang Yi in Beijing. Both parties agreed to hold their first bilateral talks on artificial intelligence in the coming weeks, aiming to address concerns about the technology’s risks and safety.
Although U.S. and Chinese officials resumed nuclear weapons discussions in January as part of efforts to normalize military communications, formal arms control negotiations are not expected in the near future. Meanwhile, China, amid its expansion of nuclear capabilities, previously suggested that the largest nuclear powers should prioritize negotiating a no-first-use treaty between each other.
Source: reuters.com

The post US official calls on China and Russia to affirm human, not AI, control over nuclear weapons appeared first on HIPTHER Alerts.

Continue Reading

Uncategorized

Enterprise AI Faces Looming Energy Crisis

Published

on

enterprise-ai-faces-looming-energy-crisis

 

The widespread adoption of artificial intelligence (AI) has been remarkable, but it has come at a significant cost.
R K Anand, co-founder and chief product officer at Recogni, highlighted the exponential growth in data and compute power required to train modern AI systems. He emphasized that firms must invest substantial resources, both in terms of time and money, to train some of today’s largest foundational models.
Moreover, the expenditure doesn’t end once the models are trained. Meta, for instance, anticipates spending between $35 billion and $40 billion on AI and metaverse development this fiscal year. This substantial investment underscores the ongoing financial commitment necessary for AI development.
Given these challenges, Anand stressed the importance of developing next-generation AI inference solutions that prioritize performance and power efficiency while minimizing total ownership costs. He emphasized that inference is where the scale and demand of AI will be realized, making efficient technology essential from both a power cost and total cost of operations perspective.
AI inference, which follows AI training, is crucial for real-world applications of AI. Anand explained that while training builds the model, inference involves the AI system producing predictions or conclusions based on existing knowledge.
However, inference also represents a significant ongoing cost in terms of power and computing. To mitigate these expenses, Anand suggested methods such as weight pruning and precision reduction through quantization to design more efficient models.
Since a large portion of an AI model’s lifespan is spent in inference mode, optimizing inference efficiency becomes crucial for lowering the overall cost of AI operations.
Anand highlighted the importance of efficient inference for enterprises, noting that it enables higher productivity and returns on investment. However, he cautioned that without favorable unit economics, the AI industry could face challenges, especially considering the increasing volume of data.
Ultimately, Anand emphasized the need for AI solutions that increase productivity without significantly increasing operating costs. He predicted a shift towards allocating a larger portion of computing resources to inference as AI becomes more integrated into day-to-day work.
Source: pymnts.com

 
The post Enterprise AI Faces Looming Energy Crisis appeared first on HIPTHER Alerts.

Continue Reading

Trending