New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Intelligent Electronic Devices Market” published by Consegic Business Intelligence, the market was worth USD 11.79 Billion in 2022 and is projected to grow by USD 12.36 Billion in 2023. In addition, the market is anticipated to reach over USD 21.55 Billion by the year 2031, growing at a CAGR of 7.2%.
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An Intelligent Electronic Device (IED) is a digital device that uses microprocessors or microcontrollers to perform a variety of tasks related to the control and monitoring of electrical power systems. IEDs are used in a wide variety of applications, including substations, power plants, and distribution networks. In addition, IEDs use microprocessors or microcontrollers to perform their tasks. Microprocessors are powerful general-purpose computing devices, while microcontrollers are specialized computing devices that are designed for specific applications. The key features attributing to the growth of the market include Improved reliability, Enhanced security, Improved flexibility, Increased efficiency, and among others.
Moreover, IEDs help to improve the reliability of the power grid by providing real-time monitoring and control thus preventing outages and reducing the impact of outages in power stations. Further, IEDs help to increase the efficiency of the power grid by optimizing the flow of electricity and by reducing losses.
| Report Attributes | Report Details |
| Market Size By 2031 | USD 21.55 Billion |
| Forecast Period | 2023-2031 |
| CAGR (2023-2031) | 7.2% |
| Base Year | 2022 |
| Study Timeline | 2017-2031 |
| Key Players | Hitachi Energy Ltd., Rockwell Automation Inc., Toshiba Corporation, Black & Veatch Corporation, Eaton Corporation Inc., Schneider Electric, Cisco |
| By Type | Voltage Regulator, Protection Relays, Meters Controllers, Communication Devices, Circuit Breaker, and Others |
| By Application | Metallurgical process plants, Environmental control instruments, Pharmaceutical manufacturing, Food and food processing, Sewage treatment plants, Quality control systems, and Others |
| By End Use | Power & Energy, Automotive, Healthcare, Consumer Electronics, Food & Beverages, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Intelligent Electronic Devices Market Growth Drivers:
- Increasing demand for intelligent electronic devices in power and energy sector is driving the market growth
- Rising demand of IEDs for smart grid technology is driving the market growth
Restraints
- Increasing risks of cyberattack and security of critical infrastructure is restricting the market growth
Opportunities
- Increasing focus on energy efficiency to reduce dependency on fossil fuels will provide opportunities for market growth
Global Intelligent Electronic Devices Market Segmentation Details:
Based on Type, protection relays by type of intelligent electronic devices segment contributed the largest shares to the market growth in 2022. The key factors attributing to the growth of the segment is due to the advantage offered by protection relays in ensuring the safety of power grids and other critical infrastructure. Protection relays are employed to detect and isolate faults, which prevent damage to equipment and loss of power. In addition, protection relays are used to detect and isolate faults in power grids coupled with ensuring the safety of power grids and preventing damage to equipment and loss of power. The demand for protection relays is expected to remain high in the future.
Based on Application, metallurgical process plants by application of intelligent electronic devices segment contributed the largest shares to the market growth in 2022. Owing to the application of metallurgical process plants to monitor and control the processes in metallurgical plants including smelters and refineries is driving the market growth of IEDs. In addition, metallurgical process plants are essential for the production of metals, which are used in a wide variety of industries. Further, IEDs are used to monitor and control the processes in metallurgical plants and are also used to protect the equipment from damage.
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Based on End Use, power & energy segment contributed the largest shares to the market growth in 2022.
The key factors driving the growth of this segment are due to the essential application of IEDs to monitor and control the power grid. Since IEDs are also used to protect power plants and other critical infrastructure associated with the generation of power, the segment is presently driving the market growth.
Based on region, North America region accounted for the largest revenue share in the year 2022.
The adoption of intelligent electronic devices in North America is primarily driven by factors including well established power infrastructure, demand for enhanced reliability, regulatory support, and among others. North America has a well-developed and robust power infrastructure, which provides a foundation for the adoption of IEDs. The existing infrastructure is readily suitable to upgrade to accommodate IEDs coupled with large numbers of skilled workers availability is driving the market growth in the region.
Key Market Highlights
- Globally, the intelligent electronic devices market is divided based on the type into voltage regulator, protection relays, meters controllers, communication devices, circuit breaker, and others.
- On the basis of application, intelligent electronic devices market is categorized into metallurgical process plants, environmental control instruments, pharmaceutical manufacturing, food and food processing, sewage treatment plants, quality control systems, and others.
- Based on end use, the intelligent electronic devices market is segmented into power & energy, automotive, healthcare, consumer electronics, food & beverages, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia Pacific is estimated to support the market growth during the forecast period in terms of the adoption of the latest technology combined with expenditures on advancements in infrastructure.
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List of Major Global Intelligent Electronic Devices Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Hitachi Energy Ltd.
- Rockwell Automation Inc.
- Toshiba Corporation
- Black & Veatch Corporation
- Eaton Corporation Inc.
- Schneider Electric
- Cisco
Global Intelligent Electronic Devices Market Segmentation:
- By Type
- Voltage Regulator
- Protection Relays
- Meters Controllers
- Communication Devices
- Circuit Breaker
- Others
- By Application
- Metallurgical process plants
- Environmental control instruments
- Pharmaceutical manufacturing
- Food and food processing
- Sewage treatment plants
- Quality control systems
- Others
- By End Use
- Power & Energy
- Automotive
- Healthcare
- Consumer Electronics
- Food & Beverages
- Others
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Key Questions Covered in the Intelligent Electronic Devices Market Report
- What is Intelligent Electronic Devices?
- An Intelligent Electronic Device (IED) is a digital device that uses microprocessors or microcontrollers to perform a variety of tasks related to the control and monitoring of electrical power systems. IEDs are used in a wide variety of applications, including substations, power plants, and distribution networks.
- What is the dominating segment in the Intelligent Electronic Devices market by end use?
- In 2022, the power and energy segment in end use accounted for the highest market share in the overall Intelligent Electronic Devices market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on Intelligent Electronic Devices growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for intelligent electronic devices from multiple industries including automotive, telecommunication, among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
- Asia-Pacific is anticipated to register the fastest CAGR during the forecast period due to rapid growth in industrial infrastructure in the region.
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