Intelligent Electronic Devices Market - Rising Deployment of Smart Grids Takes Initiative for Growth

Albany, NY -- (SBWire) -- 05/08/2019 --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.

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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.

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.

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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.