Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The Intelligent Electronic Devices (IED) market is influenced by various factors that play a crucial role in shaping its dynamics. One of the primary market factors is technological advancements. As technology continues to evolve, IEDs are becoming more sophisticated, offering enhanced functionalities and capabilities. The integration of advanced sensors, communication protocols, and smart algorithms contributes to the overall growth of the market.
Another significant market factor is the increasing demand for automation across various industries. Intelligent Electronic Devices find applications in sectors such as manufacturing, energy, healthcare, and transportation, where automation is becoming a key driver for operational efficiency. The need for real-time monitoring, control, and data analysis in these industries has led to a rising adoption of IEDs, boosting the market's expansion.
Regulatory standards and guidelines also play a pivotal role in shaping the Intelligent Electronic Devices market. As governments worldwide focus on ensuring the safety, reliability, and interoperability of electronic devices, manufacturers are compelled to adhere to stringent regulations. Compliance with industry standards not only enhances the credibility of manufacturers but also fosters a conducive market environment that promotes innovation and quality.
Market competition is another crucial factor influencing the IED market. The presence of numerous players in the market results in a competitive landscape where companies strive to differentiate themselves through product innovation, cost-effectiveness, and superior performance. This competition drives advancements in technology and encourages companies to continuously improve their products, benefiting consumers in terms of quality and affordability.
Global economic conditions also impact the Intelligent Electronic Devices market. Economic downturns can lead to budget constraints for businesses, affecting their willingness to invest in new technologies. On the contrary, periods of economic growth often witness increased investments in automation and smart technologies, driving the demand for IEDs.
The evolving energy landscape is a noteworthy market factor as well. With the growing emphasis on renewable energy sources and the integration of smart grids, there is an increasing demand for IEDs in the energy sector. These devices play a crucial role in monitoring and controlling power distribution, ensuring the efficient and reliable operation of electrical grids.
Cybersecurity concerns represent a critical factor influencing the IED market. As these devices become integral components of interconnected systems, the risk of cyber threats and attacks rises. Manufacturers and end-users alike are investing in robust cybersecurity measures to safeguard IEDs from unauthorized access, data breaches, and disruptions to critical operations.
Additionally, environmental considerations and sustainability are gaining prominence in the IED market. With a focus on reducing the ecological footprint, manufacturers are incorporating eco-friendly materials, energy-efficient designs, and recyclability into their products. This shift towards sustainability not only aligns with global environmental goals but also caters to the preferences of environmentally conscious consumers and businesses.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 9.704 billion |
| Growth Rate | 7.87% (2024-2032) |
Intelligent Electronic Devices Market Highlights:
Global Intelligent Electronic Devices Market Overview:
Intelligent Electronic Devices Market Size was valued at USD 9.704 Billion in 2023. The Intelligent Electronic Devices industry is projected to grow from USD 10.581 Billion in 2024 to USD 19.393 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.87% during the forecast period (2024 - 2032). The increased need for substation automation solutions in renewable energy projects and the growing need for retrofitting conventional substations are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Intelligent Electronic Devices Market Trends
-
The rising demand for smart grids is driving the market growth
The market for intelligent electronic devices is greatly influenced by the growing need for smart grids. The increasing need for intelligent electronics in the smart grid sector is evident in the increasing number of projects undertaken. The need for smart grids is especially high in industries, where they can help improve efficiency and safety. Industries play an important role in facilitating high entry into consumption activities. Smart grids are becoming more important as our need for energy grows. The intelligent electronics market will continue to grow in popularity due to its many benefits. This factor drives the Market CAGR.
Other market drivers include the increasing level of automation in various sectors. Industries must include automation. In industries, automation streamlines operations and improves productivity. Among the advantages are the higher income and production rates. Intelligent electronics will become increasingly popular as a result of automation. It is a top-notch gadget with a tonne of automation features. Additionally, this technology increases any organization's productivity. Furthermore, power fluctuations in enterprises are becoming increasingly common. Developing areas are particularly affected by these power interruptions. As a result, there is a developing market for intelligent electronics, and this industry's adoption rate is expected to expand quickly throughout the projection period. High power consumption and power line management are a couple of the advantages in this sector. These elements will lead to rapid development, according to an analysis of the market for intelligent electronic devices. Opportunities in the market for intelligent electronic devices will result from technical improvements. These tools are always being improved. These advancements increase the advantages of this product. There will be many developments in the market for intelligent electronic devices in the next years. Thus, driving the Intelligent Electronic Devices market revenue.
Intelligent Electronic Devices Market Segment Insights:
Intelligent Electronic Devices Type Insights
The Intelligent Electronic Devices Market segmentation, based on type, includes Protective Relaying Devices, On-Load Tap Changer Controllers, Circuit Breaker Controllers, Capacitor Bank Switches, Recloser Controllers, Voltage Regulators, Digital Relays, and Others. The protective relaying device segment dominated the market; the protective relaying device segment is the largest segment of the IED market. This is because protective relaying devices are essential for ensuring the safety and reliability of power grids. Furthermore, the demand for protective relaying devices is growing in emerging markets as these countries invest in expanding and modernizing their power grids.
Intelligent Electronic Devices Application Insights
The Intelligent Electronic Devices Market segmentation, based on Application, includes Mass Transit Systems, Traction Signaling & Control Systems, Water Supply & Management Systems, Automation, and Condition Monitoring. The automation segment dominated the market; this is because automation is becoming increasingly important in various industries, such as manufacturing, energy, and transportation. Furthermore, automation is used to control and monitor a wide range of industrial processes, which helps to improve efficiency and productivity.
Intelligent Electronic Devices Vertical Insights
Based on Vertical, the Intelligent Electronic Devices Market segmentation includes Oil & Gas, Food & Beverage, Automotive, Energy & Power, Pharmaceutical Chemicals, and Others. The energy & power segment dominated the market because IEDs are used to monitor and control a wide range of critical assets in power grids, such as generators, transformers, and circuit breakers.Furthermore, Energy & Power are used to ensure power grids' safe and reliable operation.
Figure1: Intelligent Electronic Devices Market, by Vertical, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Intelligent Electronic Devices Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Intelligent Electronic Devices market area will dominate due to the high adoption of technology, and the performance of key players will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: GLOBAL INTELLIGENT ELECTRONIC DEVICES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Intelligent Electronic Devices market accounts for the second-largest market share due to themany industries witnessing the rapid adoption of electronic devices. Further, the German Intelligent Electronic Devices market held the largest market share, and the U.K. Intelligent Electronic Devices market was the fastest-growing market in the European Region.
The Asia-Pacific Intelligent Electronic Devices Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to renewable energy projects rising in this Region and government initiatives. Moreover, China’s Intelligent Electronic Devices market held the largest market share, and the Indian Intelligent Electronic Devices market was the fastest-growing market in the Asia-Pacific region.
Intelligent Electronic Devices Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Intelligent Electronic Devices market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Intelligent Electronic Devices industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Intelligent Electronic Devices industry to benefit clients and increase the market sector. The Intelligent Electronic Devices industry has offered some of the most significant advantages in recent years. Major players in the Intelligent Electronic Devices market, including ABB Ltd. (Switzerland), Schneider Electric (France), Siemens AG (Germany), Cisco Systems, Inc. (U.S.), General Electric (U.S.), Eaton Corporation Plc (Ireland), Honeywell International, Inc. (U.S.), Schweitzer Engineering Laboratories, Inc. (U.S.), NovaTech LLC (U.S.)., and others, are attempting to increase market demand by investing in research and development operations.
Leuze has been the forerunner for innovations and technological milestones in industrial Automation for more than 60 years. The success of their customers drives them. The technology leader's high-tech product range includes several different sensors for the field of automation technology. These include switching and measuring sensors, identification systems, and data transmission and image processing solutions.With its new Smart Core cables, Leuze Electronic presents a solid advancement toward driving Industry 4.0 applications. With the keen smart factory transformation not too far off, the Smart Core cable empowers an innovative predictive maintenance measure specifically for applications with moving cables (i.e., handling robots, welding robots, moving cables)
The worldwide power management firm Eaton Corporation plc, founded in the United States with global headquarters in Dublin, Ireland, and a subsidiary administrative centre in Beachwood, Ohio, is American-Irish and expects 2022 revenues of $20.75 billion.Power management firm Eaton recently unveiled its new ASV60 steering valve, a small, modular valve intended to increase machine flexibility and intelligence while reducing cab noise.
Key Companies in the Intelligent Electronic Devices market include
-
ABB Ltd. (Switzerland)
-
Schneider Electric (France)
-
Siemens AG (Germany)
-
Cisco Systems, Inc. (U.S.)
-
General Electric (U.S.)
-
Eaton Corporation Plc (Ireland)
-
Honeywell International, Inc. (U.S.)
-
Schweitzer Engineering Laboratories, Inc. (U.S.)
-
NovaTech LLC (U.S.)
Intelligent Electronic Devices Industry Developments
February 2019: Leuze Electronic presents a solid advancement toward driving Industry 4.0 applications with its new Smart Core cables. With the keen smart factory transformation not too far off, the Smart Core cable empowers an innovative predictive maintenance measure specifically for applications with moving cables (i.e., handling robots, welding robots, moving cables).
Intelligent Electronic Devices Market Segmentation:
Intelligent Electronic Devices Type Outlook
-
Protective Relaying Device
-
On-Load Tap Changer Controller
-
Circuit Breaker Controller
-
Capacitor Bank Switch
-
Recloser Controller
-
Voltage Regulator
-
Digital Relay
-
Others
Intelligent Electronic Devices Application Outlook
-
Mass Transit System
-
Traction Signaling & Control System
-
Water Supply & Management System
-
Automation
-
Condition Monitoring
Intelligent Electronic Devices Vertical Outlook
-
Oil & Gas
-
Food & Beverage
-
Automotive
-
Energy & Power
-
Pharmaceutical Chemicals
-
Others
Intelligent Electronic Devices Regional Outlook
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
