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Intelligent Electronic Devices Market 2019-2023 Forecast
March 26, 2019 | openPREstimated reading time: 2 minutes
The global intelligent electronic devices market was valued at $10.55 billion in 2017 and is expected to reach $17.09 billion by the end of forecast period with a CAGR of 9.04%.
Growing number of smart grid initiatives across the globe is leading to implementation of a large number of intelligent electronic devices (IEDs). Intelligent Electronic Devices Market facilitates advanced power automation and detection of abnormal operating states and faults of the power system equipment. Intelligent electronic device is a critical component of substation automation system. These devices are used for various functions such as power monitoring, control, metering, and communications. These devices also provide power fault reporting in case of system failures. However, lack of standard protocol for interrogation of substation equipment is expected to hamper the growth of this market. Intelligent electronic devices have several benefits including optimization of capital assets and enhancing operations with minimal human intervention.
Key Players
The key players in the intelligent electronic devices market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are: ABB Ltd. (Switzerland), Schneider Electric (France), Siemens AG (Germany), Cisco Systems, Inc. (U.S.), General Electric (U.S.), Eaton Corporation Plc (Ireland), Honeywell International, Inc. (U.S.), Schweitzer Engineering Laboratories, Inc. (U.S.), NovaTech LLC (U.S.), and Crompton Greaves (India). These players contribute a major share in the growth of intelligent electronic devices market.
Apart from the top key players, there are other players that contribute to the market growth. These include Larsen & Toubro Limited (India), Texas Instruments (U.S.), Toshiba Corporation (Japan), Ametek (U.S.), and others.
The global intelligent electronic devices market was valued at $10.55 billion in 2017 and is expected to reach $17.09 billion by the end of forecast period with a CAGR of 9.04%.
Segmentation
By type, the market is segmented into protective relaying device, on-load tap changer controller, circuit breaker controller, capacitor bank switch, recloser controller, voltage regulator, digital relay and others.
By application, the market is segmented into mass transit system, traction signaling & control system, water supply & management system, automation, and condition monitoring. The automation segment was the leading segment in the 2017 and is expected to continue its dominance throughout the forecast period.
By vertical, intelligent electronic devices market is segmented into oil & gas, food & beverage, automotive, energy & power, pharmaceutical, chemicals, and others. Under the vertical segment, oil & gas industry is expected to generate significant revenue share in the intelligent electronic devices market.
Regional Analysis
The global market for intelligent electronic devices is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of intelligent electronic devices market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America). Among the regions mentioned, North America is expected to dominate the intelligent electronic devices market. Factors such as upsurge in investment in smart grid projects and demand for low-cost solutions for substation automation in the solar industry is boosting up the demand for intelligent electronic devices market in this region.
Asia-Pacific region has immense potential for growth in this market and is expected to grow at a significant CAGR during the forecast period. Rising number of renewable energy projects coupled with increasing government initiatives in the energy and power sector are the prime reasons for the demand for intelligent electronic devices market. Europe is also expected to contribute significantly to the growth of Intelligent electronic devices market during the forecast period.
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