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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