Press release
Intelligent Electronic Devices Market Expected to reach usd 17.09 billion by the end of forecast period with a cagr of 9.04% (SARS-CoV-2, Covid-19 Analysis)
Intelligent Electronic Devices Market, by Type (Protective Relaying Device, On-Load Tap Changer Controller, Circuit Breaker Controller, Capacitor Bank Switch, Recloser Controller, Voltage Regulator, Digital Relay, Others), by Application (Mass Transit System, Traction Signaling & Control System, Water Supply & Management System, Automation, and Condition Monitoring), by Vertical (Oil & Gas, Food & Beverage, Automotive, Energy & Power, Pharmaceutical, Chemicals, Others), — Global Forecast till 2023The key players of the global intelligent electronic devices market identified by MRFR are; Schneider Electric (France), ABB Ltd. (Switzerland), Cisco Systems, Inc. (U.S.), Siemens AG (Germany), Eaton Corporation Plc (Ireland), General Electric (U.S.), Honeywell International, Inc. (U.S.), NovaTech LLC (U.S.), Schweitzer Engineering Laboratories, Inc. (U.S.), Crompton Greaves (India), Texas Instruments (U.S.), Larsen & Toubro Limited (India), Toshiba Corporation (Japan), and Ametek (U.S.). These marketers were identified based on their origin, regional franchises, key developments, industry expertise, and product diversification.
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Market Research Future (MRFR), in its revised “Intelligent Electronic Devices Market” report, states that the global market of intelligent electronic devices (IED) can expand at 9.04% CAGR across the assessment period (2017 to 2023). In 2017, the intelligent electronic devices market value was recorded at USD 10.55 Bn. MRFR study estimates the intelligent electronic devices market to value at USD 17.09 Bn by 2023 due to the rise in smart grid requirement.
The growth of the semiconductor industry is observed to impact the global intelligent electronic devices market positively. Renowned companies dealing in semiconductors are investing adequately in the development and modification of microsensors. They are extensively used in intelligent electronic devices, such as transformers, capacitor banks, and circuit breakers. The growing demand for smart electronic devices products is providing impetus to intelligent electronic devices marketers to boost their production capacity. Thus, companies are taking the necessary steps to do the needful. This can spur the growth of the market in the years to come.
Automation and hyper-automation trends are providing intelligent electronic devices marketers to gain a firm foothold amidst other emerging companies. intelligent electronic devices are also proving their efficacy in powering next-generation technologies. IEDs have internal monitoring mechanism. They also hold metering values. They can efficiently control logic and functions. These benefits of IEDs causing a hike in their sales can bolster the market growth in the review period.
Segmental Overview
The intelligent electronic devices market studied by application, vertical, and type.
Protective relaying device, circuit breaker controller, on-load tap changer controller, recloser controller, capacitor bank switch, digital relay, voltage regulator, and others are type-based segments of the intelligent electronic devices market.
Mass transit system, water supply & management system, traction signaling and control system, condition monitoring, and automation are the application-based segments of the intelligent electronic devices market. The automation segment can cash-in on hyper-automation trending across industries.
Food & beverage, oil & gas, pharmaceutical, automotive, energy & power, chemicals, and others are segments of the intelligent electronic devices market. The oil & gas industry can produce substantial revenue for the global intelligent electronic devices market.
Regional Outlook
The growing installation of intelligent power grid across industries can impel the intelligent electronic devices market growth in North America. Governments are also investing in smart power grid production, as demand rise. The easy accessibility of automation solutions can bolster the regional intelligent electronic devices market growth. Europe houses several proficient intelligent electronic devices developers, which can encourage the expansion of the regional market. In APAC, China is popularly known for the production of solar panels. Other countries, such as Japan and India host reputed automakers, those are well-known end-users of intelligent electronic devices. These are expected to propel the growth of the APAC intelligent electronic devices market. In addition, the crisis of fossil fuel and an increase in the consumption of electricity can prompt the expansion of the regional market.
Intended Audience
Intelligent electronic devices manufacturers
SCADA solution providers
Communication network providers
Companies operating in the oil and gas, pharmaceutical, steel, mining, and other sectors
Consultancy and advisory firms
Governments
System integrators
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