Intelligent Electronic Devices Market Is Set for a Rapid Growth and Expected to Reach USD 17.09 Billion by 2023 | Top Companies- ABB Ltd., Schneider Electric

Market Research Future highlights that the “Intelligent Electronic Devices Market” To Rise With Demand For Projection Technology, the global market 2020 is expected to expand rapidly, ensuring a significant market valuation and a healthy CAGR of 9.04% over the review period.

Market Research Future (MRFR) reports that the global Intelligent Electronic Devices market is set to soar at a high growth rate throughout the forecast period (2017-2023). The global intelligent electronic devices market was valued at USD 10.55 billion in 2017 and is expected to reach USD 17.09 billion by the end of forecast period with a CAGR of 9.04%.

Intelligent electronic device is a critical component of substation automation system. These devices facilitate advanced power automation and detection of abnormal operating states and faults of the power system equipment. Increasing need for substation automation solutions in renewable energy projects such as solar and wind projects and rising need for retrofitting of conventional substations is expected to boost up the demand for intelligent electronic devices market. These devices are used for various functions such as power monitoring, control, metering, and communications.

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.

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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 the leading region in intelligent electronic devices market. Factors such as increase 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.

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TABLE OF CONTENTS:

1. Market Introduction
2. Research Methodology
3. Market Dynamics
4. Executive Summary
5. Market Factor Analysis
6. Intelligent Electronic Devices Market, By Segments
7. Competitive Analysis

Continued…

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