Intelligent Electronic Devices Market Size, Share, Trends, Growth and Forecast 2032

Global Intelligent Electronic Devices Market: Overview

The global Intelligent Electronic Devices Market size was worth around USD 13.91 Billion in 2023 and is predicted to grow to around USD 54.12 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 16.3% between 2024 and 2032.

A device assembled additionally to industrial control systems (ICS), with the motive of enabling advanced power automation, is called an intelligent electronic device (IED). Numerous categories of IEDs are available in the market and are assembled as per specific requirements of a wide range of applications, such as power surveillance, measuring, management, and communication.

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Intelligent Electronic Devices Market: Definition/ Overview

Intelligent electronic devices (IEDs) are sophisticated equipment used in a variety of industrial sectors, most notably power systems, to monitor, control, and protect electrical networks. These devices have significant computing capabilities, allowing them to process massive volumes of data in real time and make autonomous judgments or follow established algorithms.

IEDs serve an important role in assuring the reliability, efficiency, and safety of electrical infrastructure by performing fault detection, voltage control, and load balancing functions. They are widely used in substations, distribution systems, and other key components of the power grid.

These devices include communication interfaces that allow for seamless integration into supervisory control and data acquisition (SCADA) systems or other networked contexts, as well as the capacity to operate in tough industrial environments.

Furthermore, IEDs frequently accept interoperability standards such as IEC 61850, which promotes compatibility and interoperability among devices from various manufacturers. Overall, Intelligent Electronic Devices are a key component of modern industrial automation, providing increased functionality and intelligence to improve the performance and dependability of complex systems.

The adoption and application rates of Internets of Things (IoT), such as smart grids, smart cities, and smart homes, are growing rapidly worldwide. Intelligent electronic devices play a crucial role in the implementation of various advanced technologies by extensively reducing the rate of dreadful faults. Thus, the worldwide emergence of advanced technologies, such as IoT, is propelling the intelligent electronic devices market globally. Even a minor alteration in documented values and actual values of IEDs can result in serious losses across numerous sensitive applications. Thereby, the risk of data inaccuracy may hinder the intelligent electronic devices market to some extent globally. Alternatively, numerous benefits facilitated by intelligent electronic devices, such as operation enhancement and optimization of capital assets with nominal human involvement, are projected to further support the market growth in the years ahead.

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The intelligent electronic devices market is fragmented based on the product, application, and end-user. The product segment is categorized into capacitor bank switch, digital relay, voltage regulator, circuit breaker controller, recloser controller, protection relay, load tap changer, controller, and others. The increasing rate of faults due to power overloading is fuelling the global demand for protection relays, which will drive this segment’s growth in the future. The application segment of the market includes traction signaling and control system, mass transit system, water supply, and management system, condition monitoring, and automation. By the end of 2019, the automation segment is projected to hold the largest market share. By end-user, the intelligent electronic devices market comprises oil and gas, energy and power, automotive, petrochemical, healthcare, water and wastewater treatment, food and beverages, and others. The automotive segment holds the largest market share globally.

North America is projected to witness major growth in the intelligent electronic devices market over the forecast timeframe. The U.S. held the largest share of the intelligent electronic devices market in 2018, due to the strong presence of globally leading market players across the country.

Some key participants operating in the intelligent electronic devices market are Siemens Corporation, Schneider Electric, Eaton Corp., ABB, SUBNET Solutions, Honeywell International, Black & Veatch, Cisco Systems, Landis+Gyr, BPL Global, Toshiba Corporation, Open Systems International, Rockwell Automation, S&C Electric, and Schweitzer Engineering Laboratories.

Intelligent Electronic Devices Market: Report Scope

This report segments the global intelligent electronic devices market into:

Intelligent Electronic Devices Market: Product Analysis

• Voltage Regulator
• Digital Relay
• Circuit Breaker Controller
• Protection Relay
• Load Tap Changer Controller
• Capacitor Bank Switch
• Recloser Controller
• Others

Intelligent Electronic Devices Market: Application Analysis

• Traction Signaling and Control System
• Mass Transit System
• Water Supply and Management System
• Condition Monitoring
• Automation

Intelligent Electronic Devices Market: End-User Analysis

• Oil and Gas
• Automotive
• Petrochemical
• Food and Beverages
• Healthcare
• Water and Wastewater Treatment
• Energy and Power
• Others

Intelligent Electronic Devices Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa