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The Intelligent Electronic Devices (IED) market is witnessing several noteworthy trends that are shaping its trajectory. One prominent trend is the increasing integration of Internet of Things (IoT) capabilities in IEDs. This enables enhanced connectivity and data exchange, allowing for more comprehensive monitoring and control in various applications. As IoT adoption continues to rise, the demand for IEDs with advanced communication capabilities is experiencing a significant uptick.
Edge computing is emerging as a crucial trend in the IED market. Instead of relying solely on centralized data processing, edge computing involves processing data closer to the source – at the edge of the network. This trend is particularly relevant for applications that require real-time processing and low latency, such as industrial automation and smart grids. Edge computing in IEDs enhances efficiency and responsiveness in data analysis and decision-making.
Artificial Intelligence (AI) and machine learning are becoming integral components of IEDs, contributing to predictive maintenance and advanced analytics. These technologies empower IEDs to analyze large datasets, identify patterns, and predict potential issues before they occur. The incorporation of AI not only enhances the performance of IEDs but also improves the overall reliability and efficiency of systems in which they are deployed.
Energy efficiency is a growing concern, and this trend is reflected in the development of energy-efficient Intelligent Electronic Devices. Manufacturers are focusing on designing devices that consume less power without compromising performance. This not only aligns with global efforts towards sustainability but also meets the demand for eco-friendly solutions in various industries.
The rise of 5G technology is influencing the IED market by providing faster and more reliable connectivity. With higher data transfer speeds and lower latency, 5G enables seamless communication between IEDs, facilitating more responsive and efficient operations. This trend is particularly relevant in applications where real-time data is critical, such as smart manufacturing and autonomous vehicles.
Cybersecurity is an ever-evolving trend in the IED market as the interconnected nature of these devices makes them vulnerable to cyber threats. Manufacturers are increasingly prioritizing cybersecurity features, incorporating robust encryption, authentication mechanisms, and security protocols to safeguard IEDs and the systems they are part of. This trend reflects the growing awareness of the importance of securing critical infrastructure against cyber attacks.
Customization and modular design are gaining prominence as a trend in the IED market. Businesses and industries have diverse requirements, and the ability to customize IEDs to specific needs is becoming a sought-after feature. Modular designs allow for flexibility, enabling users to upgrade or expand functionalities as needed, reducing the need for complete system overhauls.
The concept of Smart Cities is influencing the IED market, particularly in applications related to urban infrastructure. Intelligent Electronic Devices play a vital role in creating smart grids, efficient transportation systems, and intelligent building management. As cities worldwide invest in smart technologies to enhance sustainability and quality of life, the demand for IEDs in the context of Smart Cities is on the rise.
Sustainable manufacturing practices are a growing trend in the IED market, with manufacturers increasingly incorporating eco-friendly materials and processes. The push for sustainability aligns with broader global efforts to reduce environmental impact. As environmental consciousness becomes a key consideration for businesses and consumers alike, manufacturers are adapting their practices to meet these expectations.
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
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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
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ABB Ltd. (Switzerland)
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Schneider Electric (France)
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Siemens AG (Germany)
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Cisco Systems, Inc. (U.S.)
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General Electric (U.S.)
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Eaton Corporation Plc (Ireland)
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Honeywell International, Inc. (U.S.)
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Schweitzer Engineering Laboratories, Inc. (U.S.)
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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
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Protective Relaying Device
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On-Load Tap Changer Controller
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Circuit Breaker Controller
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Capacitor Bank Switch
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Recloser Controller
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Voltage Regulator
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Digital Relay
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Others
Intelligent Electronic Devices Application Outlook
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Mass Transit System
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Traction Signaling & Control System
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Water Supply & Management System
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Automation
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Condition Monitoring
Intelligent Electronic Devices Vertical Outlook
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Oil & Gas
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Food & Beverage
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Automotive
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Energy & Power
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Pharmaceutical Chemicals
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Others
Intelligent Electronic Devices Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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