Intelligent Electronic Devices Market Trends and Forecast 2024-2032
Rohit Pujari
IMARC Group’s report titled “Intelligent Electronic Devices Market Report by Type (Digital Relay, Voltage Regulator, Protection Relay, Circuit Breaker, Load Tap Changer, Recloser Controller, Capacitor Bank Switch, and Others), End Use Industry (Automotive, Healthcare, Oil and Gas, Petrochemical, Chemical, Food and Beverages, Energy and Power, Waste and Wastewater Treatment, and Others), and Region 2024-2032” , The global intelligent electronic devices market size reached US$ 12.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2032, exhibiting a growth rate (CAGR) of 8% during 2024-2032.
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Factors Affecting the Growth of the Intelligent Electronic Devices Industry:
- Growing Smart Grid Projects:
The market for intelligent electronic devices (IEDs) is growing fast because of the increasing use of smart grids worldwide. Smart grids are modern power systems that use advanced technology to make energy distribution more efficient, reliable, and sustainable. IEDs play a key role in smart grids by collecting and analyzing real-time data to monitor electricity flow, reduce outages, and improve grid performance. With more renewable energy sources like solar and wind being added to power systems, IEDs are needed to manage their inconsistent energy supply. Governments and utility companies are investing heavily in smart grid projects to meet rising energy demands and cut carbon emissions. This trend is expected to drive the demand for IEDs significantly in the coming years.
- Advances in IoT and Automation:
The rapid progress in the Internet of Things (IoT) and automation is boosting the demand for IEDs. IoT-enabled IEDs allow real-time monitoring, data analysis, and remote control, helping industries like manufacturing, transportation, and healthcare run more efficiently. These devices can predict and fix problems before they cause downtime, improving safety and saving resources. Additionally, the use of artificial intelligence (AI) and machine learning with IEDs makes them smarter, enabling advanced data predictions and better system performance. As businesses adopt IoT and automation to stay competitive and improve operations, the need for intelligent electronic devices is expected to grow rapidly.
- Government Rules and Industry Standards:
Government support and industry standards are playing a big role in the growth of the IED market. Governments are creating policies and incentives to encourage the use of IEDs for improving energy efficiency and sustainability. Organizations are also developing standards to ensure that IEDs are reliable, work well together, and meet safety requirements. These rules and guidelines help build trust in IEDs and push companies to make better products. With clear regulations and standards, it’s easier to integrate IEDs into existing systems, driving their adoption in many industries.
We explore the factors driving the growth of the market, including technological advancements, consumer behaviors, and regulatory changes, along with emerging intelligent electronic devices market trends.
Leading Companies Operating in the Global Intelligent Electronic Devices Industry:
- ABB Ltd.
- Black & Veatch Corporation
- Cisco Systems Inc.
- CG Power
- Industrial Solutions Limited (Avantha Group)
- Eaton Corporation Inc.
- Honeywell International Inc.
- Landis Gyr Inc.
- Open Systems International Inc.
- Rockwell Automation Inc.
- S & C Electric Company
- Schneider Electric S.E.
- Siemens Aktiengesellschaft
- Toshiba Corporation
- Trilliant Networks Inc.
Intelligent Electronic Devices Market Report Segmentation:
Breakup by Type:
- Digital Relay
- Voltage Regulator
- Protection Relay
- Circuit Breaker
- Load Tap Changer
- Recloser Controller
- Capacitor Bank Switch
- Others
Breakup by End Use Industry:
- Automotive
- Healthcare
- Oil and Gas
- Petrochemical
- Chemical
- Food and Beverages
- Energy and Power
- Waste and Wastewater Treatment
- Others
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Intelligent Electronic Devices Market Trends:
The market for intelligent electronic devices is growing due to several major trends. Smart grid projects are expanding globally, increasing the need for IEDs to improve energy systems. Advances in IoT and automation are making IEDs essential tools for industries looking to optimize operations and reduce downtime. Support from governments and clear industry standards are encouraging companies to adopt IEDs and innovate new solutions. Lastly, the focus on sustainability and energy efficiency is pushing businesses to invest in technologies like IEDs that reduce environmental impact. These factors are coming together to make the IED market a critical part of modern technology and energy systems.
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