Albany, NY -- (SBWIRE) -- 01/17/2019 -- According to a new market research report, published by Transparency Market Research the global intelligent electronic devices market is expected to reach value of US$ 19.31 Bn by 2026, expanding at a CAGR of 6.2% from 2018 to 2026. According to the report, the market is likely to continue to be influenced by a range of macroeconomic and market-specific factors in the next few years. In terms of demand, Asia Pacific is projected to lead the global market during the forecast period. The market in the region is likely to expand at a CAGR of 7.7% from 2018 to 2026. China, India, and Japan are expected to be major contributors to the intelligent electronic devices market in Asia Pacific during the forecast period.

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An intelligent electronic device (IED) is a device that is added to an industrial control system to enable advanced power automation. Constantly rising efforts to reduce T&D losses and high use of IEDs such as control circuit breakers, capacitor bank switches, and voltage regulators for the purpose of power fault detection in multiple industrial processes are expected to drive the global intelligent electronic devices market in the near future. Additionally, rising need for substation automation solutions in the solar industry and increasing demand for retrofitting of conventional substations are likely to impact the market in the next few years. The factor is also expected to create lucrative opportunities for manufacturers of intelligent electronic devices in the next few years. Moreover, intelligent electronic devices has become an important topic for scientists to research in. Furthermore, rising deployment of smart grids and favorable initiatives taken by government bodies are expected to propel the demand for intelligent electronic devices in the next few years.

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Internet of Things (IoT) is a concept rapidly being adopted across various industries, as IoT helps in major applications such as smart homes, smart grids, and smart cities. If backward flow is considered for Internet of Things, the need for intelligent devices that can produce more accurate and optimal results increases. Intelligent electronic devices is a key component in the implementation of technologies such as IoT, as it helps in automation as well as reduction of faults caused otherwise. A close study of recent product launches and developments by key participants active in the global intelligent electronic devices market reveals that application segments such as automation and mass transit system are likely to continue to dominate the market throughout the forecast period. Segments such as water supply & management system and traction signaling & control system are expected to witness rise in the demand during the second half of the forecast period.