Market Research Report
Intelligent Electronic Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||960507|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Intelligent Electronic Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: September 3, 2020||Content info: 110 Pages||
The global intelligent electronic devices market grew at a CAGR of around 7% during 2014-2019. An intelligent electronic device (IED) is used in industrial control systems (ICS) to enable automation of power systems. It is equipped with a human-machine interface (HMI) software for testing, commissioning, and performing fault analysis and real-time synchronization of event reporting. It monitors self and external circuits, performs advanced local control intelligence and provides remote, local and substation data acquisition for use in network analysis. Consequently, it finds applications in a number of industries including automotive, energy and power, oil & gas, chemicals & petrochemicals, healthcare, food and beverage (F&B), and water and wastewater treatment industries.
The increasing automation in industrial processes represents one of the key factors impelling the global IEDs market growth. Moreover, the rising need to reduce transmission and power distribution (T&D) losses, along with the growing instances of fluctuation and outages in power lines, is driving the market. Apart from this, the increasing trend of substation automation in solar power systems, in confluence with the escalating demand for renewable energy sources, is contributing to the market growth. Furthermore, governments of several countries are focusing on the installation of smart meters in every household, which is positively influencing the demand for IEDs as they facilitate power automation with optimal capital assets and minimal human intervention. However, due to the sudden outbreak of the coronavirus disease (COVID-19), governments of a number of countries have announced complete lockdowns as a preventive measure. Consequently, leading players are unable to operate at optimum efficiency, which is negatively impacting the market growth. The market is anticipated to revive once normalcy is regained. Looking forward, IMARC Group expects the global intelligent electronic devices market to continue its moderate growth during the next five years.