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Market Analysis
The global intelligent electronics devices market will touch USD 19.39378569 billion at a 9.04% CAGR by 2032, as per the recent Market Research Future report.
Key Players
Eminent market players profiled in the global intelligent electronic devices market report include
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Drivers
Increasing Adoption in Metallurgical Process Plants to Boost Market Growth
The increasing adoption of intelligent electronic devices market in metallurgical process plants will boost market growth over the forecast period. It is used in metallurgical process plants for monitoring and controlling the processes which include refineries and smelters that boost market growth. Besides, the metallurgical process plant is crucial for metal production that is utilized in an array of industries. Also, the IEDs are utilized for protecting the equipment against damage.
Opportunities
Focus on Smart Meter Installation at Home by Governments to offer Robust Opportunities
Governments of various countries are laying emphasis on installing smart meters in each household that is positively impacting the need for intelligent electronic devices as these help in facilitating power automation with minimal human intervention and optimal capital assets. Thus the focus on smart meter installation at home by governments will offer lucrative opportunities for the intelligent electronic devices market in the forecast period.
Restraints and Challenges
Risk of Critical Infrastructure Security to act as Market Restraint
The risk of critical infrastructure security and increasing risk of cyberattacks may act as market restraints over the forecast period.
Besides, the impact of the COVID-19 epidemic may also impede the market growth for intelligent electronic devices.
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Market Segmentation
The global intelligent electronic devices market is bifurcated based on vertical, application, and type.
By type, protective relaying device will lead the market over the forecast period.
By application, automation will domineer the market over the forecast period.
By vertical, energy and power will spearhead the market over the forecast period.
Regional Analysis
North America to Command Intelligent Electronics Devices Market
North America will command the intelligent electronic devices market over the forecast period for the growing adoption of technology coupled with the performance of eminent players in the region. Besides, favorable regulatory support, need for enhanced reliability, and well-established power infrastructure are also favoring market growth. The region boasts of a robust and well-developed power infrastructure that offers a foundation to adopt the intelligent electronic devices. The available infrastructure is readily ideal for upgrading for accommodating IEDs and the presence of skilled workers in plenty are favoring the region’s market growth. The US grabbed the utmost market share followed by Canada. Besides, the need for intelligent electronic equipment was propelled by the emphasis made by the region on smart grid development, renewable energy integration, and grid modernization.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
