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This research report projects the global intelligent electronic devices market to reach over USD 100 billion, in terms of revenue, by 2019. This market is driven by the demand for reducing transmission and power distribution (T&D) losses. For instance, the US is facing annual T&D losses to the tune of approximately 6%-8% of the overall electricity generated in the country.
The demand for substation automation from countries such as India and China is also positively impacting the IED market. The global substation automation market was valued at around USD 99 billion in 2014, and it is predicted to significantly drive the IED market. Its growth is expected to accelerate the demand for IEDs to help monitor and protect power transformers from overcurrent and overvoltage damages.
As per the market analysis, the global digital relay market in intelligent electronic devices was valued at a little over USD 20 billion in 2014. Digital relays are used extensively in networks to transmit and distribute electricity in a safe mode. The primary functionality of a digital relay is to protect the equipment in the supply line from overcurrent and short circuit damages. A digital relay functions as a switch that can open or close the circuit in case of any overvoltage accumulation in the supply line. Simultaneously, it also raises an alarm while disseminating information about faults in the network. Growing instances of fluctuation and outages in power lines have increased the demand for digital relays over the last five years.
The demand for IEDs from Americas is likely to increase with growing investments for modernization of smart grids, substations, and the installation of smart meters in every home by 2021. Particularly, the demand for utilities from the North America region is expected to witness an upsurge during the forecast period.
The growing focus on renewable sources of energy for power generation will lead to the establishment of new smart grids and substations across the world. These substations will drive the demand for IEDs to respond effectively to power needs of consumers. It is expected to immensely benefit the market vendors of IEDs through 2019.
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Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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DATA ANALYSIS
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