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.
Global Intelligent Electronic Devices Market: Scope of Report
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.
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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.
Based on application, the global intelligent electronic devices market has been segregated into mass transit system, traction signaling & control system, water supply & management system, automation, and condition monitoring. In 2017, the automation segment accounted for the maximum market share and is expected to maintain its dominance throughout the forecast period. On the other hand, the water supply & management system segment is anticipated to expand at the maximum CAGR of 6.7% during the forecast period.
In terms of end-use industry, the intelligent electronic devices market has been classified into automotive, pharmaceutical, oil & gas, petrochemical, health care, food & beverages, energy & power, water & wastewater treatment, and others. In terms of revenue, the automotive segment accounted for a major market share of more than 30% in 2017 and is anticipated to expand at a CAGR of 6.3% during the forecast period.
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As per TMR analysis, in 2017, Asia Pacific held the maximum i.e. more than 30% share of the global intelligent electronics devices market, in terms of both revenue and volume. The market in Asia Pacific is primarily driven by increased investments in modernization of infrastructure and continuously rising urban population in the region, especially in developing economies such as China and India. The intelligent electronic devices market in Asia Pacific is expected to witness more innovations and developments in the near future, as several leading manufacturers are investing in research and development activities. Furthermore, rising deployment of smart grids and favorable initiatives taken by government bodies are likely to boost the market in Asia Pacific during the forecast period.
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