Analysis of Intelligent Electronic Devices Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global demand for intelligent electronic devices is expected to increase at a CAGR of 5.2% from 2023 to 2033. Currently, the global intelligent electronic devices market is valued at US$ 15 billion and is thus forecasted to reach a market size of US$ 25 billion by the end of 2033.
Intelligent electronic device (IED) is a term utilized in the electric power sector to define microprocessor-based controllers of power system equipment like circuit breakers, transformers, and capacitor banks. An intelligent electronic device is utilized in industrial control systems to automate power systems. It has human-machine interface software for testing, fault detection, and real-time event reporting synchronization.
It conducts advanced local control intelligence, checks self and external circuits, and offers local, remote, and substation data collection in network analysis. As a result, it is used in a variety of industries, including automotive, oil and gas, energy and power, food and beverage, chemicals and petrochemicals, healthcare, and so on.
Intelligent electronic devices are growing more popular for a variety of reasons. One reason is that they can frequently complete tasks faster and more correctly than humans. For instance, an industrial robot can solder a vehicle door faster and more precisely than a human worker.
Another reason is that intelligent electronic devices can work continuously without tiring. This is especially beneficial in contexts where robots can be employed to move inventory, such as warehouses. Finally, intelligent electronic devices can be operated remotely. This is important in situations when human presence is not practical or safe, such as in hazardous areas.
Growing demand for smart gadgets is one of the key reasons for boosting the adoption of intelligent electronic devices. Tablets, smartphones, and other smart devices are becoming increasingly popular. People use these devices for a variety of functions, including accessing the internet, playing games, checking emails, and staying connected with their social networks. Demand for these devices is only expected to rise in the near future as they get more functional and affordable.
Moreover, the growing demand for grid stability and the need for real-time monitoring of grid assets are other major factors driving the global market growth. Other factors include the need for enhanced grid security, the incorporation of renewable energy sources, and the growing need for smart grid technologies. Smart grid technologies aid utilities in managing electricity demand and supply effectively. These technologies also aid in lowering carbon footprint and increasing overall grid efficiency.
Intelligent Electronic Devices Market Size in 2023
US$ 15 Billion
Projected Market Value (2033)
US$ 25 Billion
Global Market Growth Rate (2023 to 2033)
Asia Pacific Market Share (2022)
Leading Product Type
Key Companies Profiled
“Increasing Upgradation of Devices and Rapid Urbanization”
Increasing upgradation of devices is one of the significant factors driving the demand for intelligent electronic devices. Upgradation and modernization of the system improve effectiveness and decreases reliance on human labor.
Another important market driver is rapid urbanization. The need for technology that makes people's lives easier has always been strong, and it is anticipated to become even stronger in the coming future. Manufacturers have a plethora of possibilities as IoT (Internet of Things) applications expand. These applications range from smart cities and smart kitchens.
Consequently, there will be an increased demand for intelligent electronic devices capable of producing ideal and highly accurate results. These devices can work in hostile conditions and help to remove defects.
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“High product Cost and Increasing Concerns Over Data Security”
The high cost of intelligent electronic devices is a major aspect that can negatively impact their sales growth. Intelligent electronic devices are usually more costly than standard ones, making them a significant investment for many businesses. Furthermore, intelligent electronic devices necessitate specialized training and support, which can dramatically increase the entire cost.
Moreover, growing concerns regarding data security can limit market growth. Intelligent electronic devices are commonly employed to manage critical infrastructure, which implies that if they are hacked or infiltrated, the consequences could be serious. In addition, as a result of the COVID-19 outbreak, scammers have escalated their use of sophisticated phishing email scams.
This is caused by the fact that almost all gadgets function on data, and if the system is hacked, the data is released, enabling the hackers to gain control of such equipment.
“Advanced Consumer Electronics Industry in These Countries”
Asia Pacific is dominating the global IEDs market. As per Fact.MR, a market research and competitive intelligence provider, Asia Pacific held 36% of the worldwide market in 2022. The regional market is mainly fueled by rising infrastructure investments and the region's constantly growing urban population, especially in emerging countries. The growing awareness of the benefits of renewable energy and an increase in government activities in the energy and power sectors are driving the need for intelligent electronic devices in emerging countries.
Moreover, as several top manufacturers invest in research and development, the regional market is projected to see more improvements and innovations in the coming years. Furthermore, the rapid deployment of smart grids and favorable government efforts are projected to accelerate the market growth in Asia Pacific during the projection period.
The consumer electronics industry is a significant user of intelligent electronic devices. The increasing demand for smartphones, smart TVs, and wearable devices is raising the need for intelligent electronic devices. Japan and South Korea are making substantial contributions to the regional market due to the growing demand for the consumer electronics industry.
“Flourishing Industrial Automation Market in the Country”
Demand for intelligent electronic devices is escalating in North America. The United States is a major market in North America. With the expansion of the industrial automation market in the United States, the demand for intelligent electronic devices to monitor and safeguard power transformers from overvoltage and overcurrent damage is increasing.
“Germany to Remain Leading Market in Europe”
The European market is growing at a rapid pace. Germany is significantly supporting the market growth due to increasing demand from the automotive industry in the country. The growing demand for autonomous vehicles and advanced driver assistance systems (ADAS) is raising the usage of intelligent electronic devices in Germany.
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“Growing Rates of Defects Due to Power Overloading”
Demand for digital relays is rising significantly due to the increasing rates of defects resulting from power overloading. A digital relay is a form of protective relay that employs a microprocessor to oversee power system currents, voltages, or other process parameters to detect problems in an industrial process system or electric power.
Digital relays involve multiple protective functions and self-testing, communication, metering, and other characteristics in a single unit. These relays, often referred to as microprocessor-type protective relays, identify faults through the use of software-based protection techniques. Due to these improved characteristics, digital relays are more prevalent in the market compared to others.
“High Demand for Automated Devices”
The spike in demand for automated devices in several areas, such as aerospace, healthcare, defense, home appliances, and retail, is raising the need for intelligent electronic devices. Intelligent electronic devices improve the electronic systems' power automation abilities and therefore are incorporated into a wide variety of automation applications.
Moreover, intelligent electronic devices are increasingly used in smart electronics in DCS (Distributed Control Systems) and SCADA (Supervisory Control and Data Acquisition) systems.
Demand for these devices is projected to snowball in the near future due to the expanding movement of industrial automation. Moreover, the strong growth of substation automation in solar power systems and the growing need for renewable power sources are driving the market growth.
The global IEDs market is extremely fragmented due to the presence of multiple established international vendors. Key market players are actively embracing tactics such as acquisitions, collaborations, technological breakthroughs, investments, and R&D activities to broaden their worldwide presence. Moreover, many start-ups are focusing on new developments to gain market presence.
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The global intelligent electronic devices market is valued at US$ 15 billion in 2023.
The market for intelligent electronic devices is predicted to achieve a valuation of US$ 25 billion by 2033.
Global demand for intelligent electronic devices is estimated to evolve at a CAGR of 5.2% from 2023 to 2033.
Asia Pacific accounted for 36% share of the global market in 2022.
ABB Group, Schneider Electric SA, Berry Palmer & Lyle Limited, Siemens Corporation, Black & Veatch Holding Company, Cisco Systems, Inc, Honeywell International, Inc, and Eaton Corporation PLC are the key companies in the market.
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