Lucintel Forecasts Intelligent Electronic Device Market to Reach $19.7 Billion by 2028

Intelligent Electronic Device Market

Posted on 2023-08-31 by Lucintel in Marketing // 0 Comments

CITY, Country, 2023-Aug-31 — /EPR Network/ —

According to the recent study the intelligent electronic device market is projected to reach an estimated $19.7 billion by 2028 from $13.5 billion in 2023, at a CAGR of 8% from 2023 to 2028. Growth in this market is primarily driven by increasing requirement for reduction of transmission and power distribution losses, rapid expansion in automation and connectivity among various end use industries, and expanding use of smart packaging in the food and healthcare industries.

A more than 150 – page report is developed to understand trends, opportunities and forecast in intelligent electronic device market by product type (on-load tap changer controller, circuit breaker controller, capacitor bank switch, reclose controller, voltage regulator, digital relay, and protective relaying device), application (mass transit system, traction signaling & control system, water supply & management system, automation, and condition monitoring), end use industry (oil & gas, food & beverage, automotive, energy & power, pharmaceutical, chemicals, and others), and region.

“Automation market is expected to remain the largest segment during the forecast period.”

Based on application, the intelligent electronic device market is segmented into mass transit system, traction signaling & control system, water supply & management system, automation, and condition monitoring. Lucintel forecasts that the automation market is expected to remain the largest segment due to the widespread use of automated equipment and systems across a variety of industries, including military, defense, aerospace, retail, healthcare, and advanced infrastructure.

“Within the intelligent electronic device market, the oil & gas segment is expected to remain the largest end use industry”

Based on end use industry the oil & gas segment is expected to witness the highest growth over the forecast period due to the extensive application of intelligent electronic device in this industry.

“North America will dominate the intelligent electronic device market in near future”

North America is expected to witness highest growth over the forecast period due to the supportive government investment in the power and energy sector and growing number of solar and other replenishing-enabled energy plants in the region.

Major players of intelligent electronic device market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. ABB, Cisco Systems, Black & Veatch, Honeywell International, and Eaton are among the major intelligent electronic device providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com

About Lucintel

At Lucintel, we offer solutions for you growth through game changer ideas and robust market & unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times.

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