Pune, India, February 13, 2019, MRFR Press Release/- Market Research Future published a half-cooked research report on global intelligent electronic devices market.
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.
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.
Apart from the top key players, there are other players that contribute to the market growth. These include Larsen & Toubro Limited (India), Texas Instruments (U.S.), Toshiba Corporation (Japan), Ametek (U.S.), and others.
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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.
Asia-Pacific region is expected to grow at a significant CAGR during the forecast period as it has immense potential for growth in this market due to several factors such as smart city initiatives and increasing government investments in this region. Rising number of renewable energy projects coupled with increasing government initiatives in the energy and power sector are the prime reasons for the demand for intelligent electronic devices market. Europe is also expected to contribute significantly to the growth of Intelligent electronic devices market during the forecast period.