Westford,USA, July 20, 2023 (GLOBE NEWSWIRE) -- The global Intelligent Electronic Devices market size is expected to reach USD 22.83 billion by 2030 and exhibit a CAGR of 7% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing demand for automation and smart grid technologies, growing focus on grid modernization and upgrading ageing infrastructure, rising need for efficient energy management and distribution, expanding integration of renewable energy sources into the power grid, advancements in communication and networking technologies, increasing emphasis on grid reliability and resilience, regulatory requirements and government initiatives promoting smart grid deployment, is fueling the market's growth.
According to SkyQuest's latest global research of the Intelligent Electronic Devices market, increasing adoption of Internet of Things (IoT) technology in power systems, growing integration of artificial intelligence (AI) and machine learning (ML) algorithms for advanced analytics and decision-making, rising demand for edge computing capabilities in IEDs for real-time data processing, expanding use of cloud-based platforms for centralized monitoring and control of IEDs, implementation of cyber security measures to protect IEDs from potential threats, advancements in communication protocols and standards for seamless interoperability, growing focus on interoperability and standardization to facilitate integration of IEDs from different manufacturers, adoption of advanced sensor technologies for enhanced monitoring and fault detection, are the trends that aid in the market's growth.
Browse in-depth TOC on "Intelligent Electronic Devices Market"
- Pages - 257
- Tables - 100
- Figures -78
Intelligent electronic devices (IEDs) are electronic devices that have been embedded with intelligence. This intelligence can be used to monitor, control, and automate a variety of systems. IEDs are used in a wide range of applications, including power grids, transportation systems, and industrial automation.
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Prominent Players in Intelligent Electronic Devices Market
- Siemens
- ABB
- Schneider Electric
- Honeywell
- Eaton
- Rockwell Automation
- Mitsubishi Electric
- Fuji Electric
- Toshiba
- Omron
- Littelfuse
- TE Connectivity
- Phoenix Contact
- Weidmüller
- Finder
- Merlin Gerin
- ABB Stotz-Kontakt
- Autonics
- Carlo Gavazzi
- Trojan
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 13.61 Billion |
| 2030 Value Projection | 22.83 Billion |
| CAGR | 7% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Intelligent Meters Demand to Grow Substantially in the Forecast Period
Intelligent Meters dominated the global online market as they enable advanced metering infrastructure (AMI) and provide real-time data on energy consumption. With the growing need for energy management, demand response programs, and accurate billing, intelligent meters are expected to have a strong presence in the market.
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Substation Automation is the Leading Application Segment
In terms of application, substation automation is the leading segment due to the increasing need for grid modernization, reliability, and efficient substation operation drives the demand for intelligent devices such as intelligent electronic reclosers, voltage regulators, and protection relays. Substation automation enables remote monitoring, control, and automation of substations, resulting in improved power quality, reduced downtime, and optimized grid performance.
North America is the leading Market Due to the Well-established Power Infrastructure
Region-wise, North America is one of the largest growing markets with a well-established power infrastructure. The region's commitment to renewable energy integration, grid reliability, and advanced metering infrastructure contributes to its potential dominance in the IEDs market. Furthermore, the presence of major IED manufacturers, extensive research and development activities, and the adoption of advanced technologies drive the market growth in North America.
A recent report thoroughly analyzes the major players operating within the Intelligent Electronic Devices market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Intelligent Electronic Devices.
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Key Developments in Intelligent Electronic Devices Market
- In March 2023, ABB, a leading provider of power and automation technologies, acquired Bently Nevada, a provider of condition monitoring solutions, for $3.8 billion. The acquisition expanded ABB's product portfolio and gave it a larger foothold in the condition monitoring market.
- In May 2023, Honeywell, a leading provider of aerospace, defense, and industrial automation solutions, acquired Smartvue, a provider of video analytics solutions, for $1.7 billion. The acquisition expanded Honeywell's product portfolio and gave it a larger foothold in the video analytics market.
Key Questions Answered in Intelligent Electronic Devices Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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