Intelligent electronic device Market Size, Status and Forecast to 2022

Posted by Monica nerkar on February 7th, 2020

Intelligent electronic devices are useful in detecting and reporting faults and abnormal operations. Thus, it is gaining popularity as it enhances the operational efficiency of an organization. The report circulated by Market Research Future (MRFR) highlights that the global Intelligent electronic device market is likely to value at over USD 17 Bn by 2023 up from USD 10.55 Bn in 2017. The market is anticipated to mark 9.04% CAGR during the forecast period 2018 to 2023.

Increasing adoption of automation across industries is encouraging the deployment of these devices. Thus, proliferating applications is likely to expand the global Intelligent electronic device market over the next couple of years. In addition, the rising installation of smart grid initiatives is also poised to boost the expansion of the market in the forthcoming years.

Factors such as optimization capital assets, limitation of human intervention, etc. are anticipated to lead the proliferation of the Intelligent electronic device market in the upcoming years. Although the Intelligent electronic device market is presumed to grow substantially over the next few years, a lack of standard protocol for interrogation with equipment can pose challenges to market players. 

Market Segmentation:

On the basis of type, the global Intelligent electronic device market has been segmented into protective relaying device, circuit breaker controller, on-load tap changer controller, capacitor bank switch, voltage regulator, digital relay, recloser controller, and others.

By application, the Intelligent electronic device market has been segmented into mass transit system, water supply & management system, traction signaling & control system, automation, and condition monitoring. Among these, the automation segment held the leading position in 2017 and is expected to continue its dominance through the assessment period.

Based on vertical, the global Intelligent electronic device market has been segmented into oil & gas, automotive, food & beverage, energy & power, chemicals, pharmaceutical, and others. The oil & gas segment is prognosticated to contribute substantially to the development of the global market over the next couple of years.

Regional Analysis:

The regional assessment of the global Intelligent electronic device market spans across four major regions - North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is anticipated to lead the growth of the global market over the next couple of years. The region has been keen on the adoption of latest technologies, which is projected to emerge as the driving factor of the Intelligent electronic device market in the years to come.

Asia Pacific is also an important growth pocket and is likely to register a moderate growth rate across the forecast period. Increasing investments in renewable energy projects are likely to lead the growth of the market in the nearby future.

Competitive Dashboard:

ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric (France), Cisco Systems, Inc. (U.S.), Eaton Corporation Plc (Ireland), General Electric (U.S.), Honeywell International, Inc. (U.S.), NovaTech LLC (U.S.), Schweitzer Engineering Laboratories, Inc. (U.S.), and Crompton Greaves (India) are few of the top-notch participants of the global Intelligent electronic device market. Some of the other players that are also assessed to contribute to market development, but on a relatively lesser scale, are Larsen & Toubro Limited (India), Toshiba Corporation (Japan), Texas Instruments (U.S.), and Ametek (U.S.).

These players are emphasizing on constant innovation for staying ahead of the curve. The investments in technological developments are projected to catalyze the competitiveness among the players of the Intelligent electronic device market over the next couple of years. Some of the growth strategies to be executed by these players in the years to come are mergers & acquisitions, collaborations, agreements, etc.

Browse Complete Report "Intelligent Electronic Devices Market Research Report – Global Forecast till 2023" @ https://www.marketresearchfuture.com/reports/intelligent-electronic-devices-market-7390