According to a new market research report, published by Transparency Market Research the global intelligent electronic devices market
is expected to reach value of US$ 19.31 Bn by 2026, expanding at a CAGR
of 6.2% from 2018 to 2026. According to the report, the market is
likely to continue to be influenced by a range of macroeconomic and
market-specific factors in the next few years. In terms of demand, Asia
Pacific is projected to lead the global market during the forecast
period. The market in the region is likely to expand at a CAGR of 7.7%
from 2018 to 2026. China, India, and Japan are expected to be major
contributors to the intelligent electronic devices market in Asia
Pacific during the forecast period.
Focus on Reducing T&D Losses
An intelligent electronic device (IED) is
a device that is added to an industrial control system to enable
advanced power automation. Constantly rising efforts to reduce T&D
losses and high use of IEDs such as control circuit breakers, capacitor
bank switches, and voltage regulators for the purpose of power fault
detection in multiple industrial processes are expected to drive the
global intelligent electronic devices market in the near future.
Additionally, rising need for substation automation solutions in the
solar industry and increasing demand for retrofitting of conventional
substations are likely to impact the market in the next few years.
The factor is also expected to create
lucrative opportunities for manufacturers of intelligent electronic
devices in the next few years. Moreover, intelligent electronic devices
has become an important topic for scientists to research in.
Furthermore, rising deployment of smart grids and favorable initiatives
taken by government bodies are expected to propel the demand for
intelligent electronic devices in the next few years.
The global intelligent electronic devices
market has been broadly segmented in terms of type, application,
end-use industry, and geography. Based on type, the market has been
segregated into digital relay, voltage regulator, protection relay,
circuit breaker controller, load tap changer controller, recloser
controller, capacitor bank switch, and others. Among types, the digital
relay segment accounted for a major market share of more than 30.0%, in
terms of revenue, in 2017. The segment is anticipated to expand at a
CAGR of 6.5% during the forecast period.
In order to fulfill the global demand,
various manufacturers of intelligent electronic devices are currently
focusing on research and development activities on a regular basis in
order to invent advanced applications of these devices. With growing
urbanization and industrialization, the need for distribution systems
that can function in harsh environments and occupy less space has been
rising. IEDs such as PLCs, smart meters, and digital relays are optimal
for use in substations, which creates significant potential for the
growth of the global intelligent electronic devices market. In addition,
rising urbanization is augmenting the demand for intelligent electronic
devices suitable for use in harsh environments. This is likely to boost
the demand for IEDs such as PLCs, load tap controllers, and digital
relays in the next few years.
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