Intelligent Electronic Devices Market Analysis Report
As per the latest published report, the size of the global market for Intelligent Electronic Devices is expected to reach USD 17.31 billion in 2019 and predicted to grow at a CAGR of 6.2% over the forecast period of 2019 - 2024.
The growth of this market is attributed to the growing number of smart grid initiatives across the globe that are driving to the application of these intelligent electronic devices.
Recent developments
- Leuze electronic presents new technological advancements in the management of industry 4.0 applications with its new smart cor cables. These smart core cables are enabling innovative measurement of predictive maintenance specifically for applications with mobile wires because of the abrupt transformation of small factory nor far away.
- To help reduce cabin noise and improve machine flexibility and intelligence, Eaton, an energy management company, has announced its new ASV60 steering valve, a modular, compact valve.
Market drivers and restraints
In addition, the increase in the implementation of the intelligent electronic devices in commercial and non-commercial applications across the globe is one of the significant factors for the growth of Intelligent Electronics Devices. Moreover, the adoption of the IoT (Internet of Technology) and AI (Artificial Intelligence) across various industries to aid multiple appliances such as smartphones, computers, and smart cities is the crucial factor for the growth of the global Intelligent Electronic Devices Market. The usage of these intelligent electronic devices in the voltage regulators, control circuit breakers, capacitor bank switches, smart electronic products, bus fault protection, overload control, IELs for the sake of low T&D losses is the primary driving force of the global intelligent devices market.
But the challenges like large amounts of capitals for substations and IEDs, high maintenance costs, rise in incidents of cybercrimes and need to upgrade quite frequently.
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Report Segmented as
Segmentation by Type:
- Protective Relaying Devices
- On-load Tap Changer Controller
- Circuit breaker Controller
- Capacitor Bank Switch
- Recloser Controller
- Voltage Ragulator
- Digital Relay
- Others
Segmentation by Application:
- Mass Transit System
- Traction Signaling & Control System
- Water Supply & Management System
- Automation
- Condition Monitoring
Segmentation by End User:
- Oil & Gas
- Food & Beverages
- Automotive
- Energy & Power
- Pharmaceuticals
- Chemicals
- Others
Geographical Analysis
- North America
- Europe
- Asia-Pacific
- South America
- Middle-East & Africa
In the regional analysis, North America has acquired a major share of the global intelligent electronic device market with the help of inclined demand for the automation in the solar industry and growing investments in E-Energy projects.
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Key market players
- ABB Ltd. (Switzerland)
- Schneider Electric (France)
- Siemens AG (Germany)
- Cisco Systems, Inc. (United States)
- Eaton Corporation Plc (Ireland)
- Honewell International, Inc. (United States)
- Schweitzer Engineering Laboratories, Inc. (United States)
- Novatech LLC (United States)
- Crompton Greaves (India)