Intelligent Electronic Devices (IEDs) is a critical component of the substation automation system. IEDs facilitate advanced power automation and detection of abnormal operating states and faults of the power system equipment. Intelligent electronic devices also provide power fault reporting in case of system failures and are used in several functions such as power monitoring, control, metering, and communications.
Over the past few years, the intelligent electronic devices (IEDs) market has been growing rapidly mainly due to the growing number of smart grid initiatives across the globe that are leading to the implementation of a large number of IEDs. The burgeoning electronics sector is a key driving force behind the growth of the market. The dynamic of the enterprise technology in the electronics industry is changing at lightning speed. Moreover, technological advancements are escalating the IEDs market on the global platform.
Considering the colossal growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study analysis asserts that the global IED Market is poised to touch a valuation of USD 17.09 BN, registering a CAGR of 9.04% through the assessment period (2018 to 2023). In the year 2017, the market had evaluated at USD 10.55 BN.
On the other hand, factors such as lack of standard protocol for interrogation of substation equipment are impeding the growth of the market. Nevertheless, other several benefits that IEDs are offering such as optimization of capital assets and enhancing operations with minimal human intervention would support the growth of the market.
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IED Market – Geographical Analysis
North American region, heading with the large technological advancements and the presence of the flourishing electronics sectors, dominates the global IED Market. The presence of a well-established infrastructure that allows implementations and uptake of advanced technologies are impacting the growth of the regional market, positively.
Moreover, factors such as the upsurge in investment in smart grid projects, demand for low-cost solutions for substation automation in the solar industry, and high-speed internet connectivity are acting as major tailwinds pushing up the electronic devices market in the region.
Additionally, factors such as the boosting demand for intelligent electronic devices in the automation processes drive the regional market. Furthermore, the presence of major electronics manufacturers and the increasing demand for digital technologies, especially in the well-developed markets of the US and Canada foster the growth of the regional market.
The IED Market in the Asia Pacific region accounts for the second-largest market, globally. Factors such as the rising number of renewable energy projects led by increasing government initiatives in the energy and power sector are some of the key driving forces behind the growth of the regional market.
The burgeoning electronics markets, mainly in China, Japan, and India, are contributing to the market growth in the region majorly. The region also witnesses a vast advancement in ubiquitous technologies such as IoT and internet connectivity.
European IED Market has emerged as a profitable market, globally. Factors such as the enormous advancements in IoT and its integration in the rapidly increasing consumer electronics market are propelling the growth of the regional market. Undoubtedly, the resurging economy is playing a vital role in the growth of the market in the region. The growing markets in Germany, the UK, France, and Italy will majorly support the market growth in the region.
Highly competitive, the IED Market appears to be fragmented owing to the presence of numerous well-established players. Innovations, mergers & acquisitions, and brand reinforcement remain the key trends of these leading players.
Considering the escalating market of IoT based gadgets, many new entrants are likely to get attracted to this market as for the manufacturers; these opportunities indicate the remarkable revenue potential.
However, for most manufacturers, the connectivity aspect not being their core expertise, the lack of ability to get secure, scalable connected products are posing challenges. Hence, these the vendors providing the IoT integrations strive to develop a platform that can help users to quickly get their products to the market, leveraging a well proven, scalable, and secure IoT platform.
Key players leading the global IED Market include Schneider Electric (France), ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (US), Cisco Systems, Inc. (US), Eaton Corporation Plc (Ireland), Schweitzer Engineering Laboratories, Inc. (US), Honeywell International, Inc. (US), Crompton Greaves (India), NovaTech LLC (US), Texas Instruments (US), Larsen & Toubro Limited (India), Toshiba Corporation (Japan), and Ametek (US) among others.
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