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Intelligent Electronic Devices Market Is Predicted To Achieve A Valuation Of US$ 25 Billion By 2033

06-24-2024 09:59 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Fact.MR

Intelligent Electronic Devices Market Is Predicted To Achieve

A recent industry analysis by Fact.MR, a market research and competitive intelligence provider, forecasts that the global intelligent electronic devices (IEDs) market will reach US$ 25 billion by 2033, with a compound annual growth rate (CAGR) of 5.2% from 2023 to 2033.

In the electric power industry, intelligent electronic devices are microprocessor-based controllers used for power system equipment. These devices monitor and detect anomalies in current, voltage, or frequency and respond with control commands, such as triggering circuit breakers or adjusting voltage levels to maintain system stability.

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Intelligent electronic devices (IEDs) typically provide 5-12 protection functions and 5-8 control functions for communication, self-monitoring, and managing independent devices. These capabilities make them aptly named intelligent electronic devices. Modern IEDs are often designed to meet the IEC61850 substation automation standard, ensuring interoperability and enhanced communication features.

Globally, many countries are striving to increase power production to meet the demands of growing urbanization and industrialization. This has led to a significant rise in the development of substations to distribute energy to remote areas. Substations are essential for scaling voltage or current for long-distance electricity transmission. Moreover, the use of intelligent electronic devices has surged in recent years due to their extensive applications in substation automation, including collector converter, distribution, transmission, and switching across various end-use sectors.

One of the key drivers of global market growth is the increasing automation of industrial processes. Additionally, the market is significantly propelled by the critical need to reduce transmission and distribution (T&D) losses and the rising frequency of outages and fluctuations in power lines. Furthermore, the substantial expansion of substation automation in solar energy systems, along with the strong demand for renewable energy sources, is fueling market development. Moreover, governments around the world are focusing on the installation of smart meters in households, boosting the demand for intelligent electronic devices that facilitate energy automation with minimal capital investment and human intervention.

Key Takeaways from Market Study
• The global intelligent electronic devices market amounted to US$ 15 billion in 2023.
• Worldwide demand for intelligent electronic devices is anticipated to evolve at a CAGR of 5.2% from 2023 to 2033.
• The global market is estimated to hit US$ 25 billion by 2033.
• Asia Pacific accounted for 36% share of the global market in 2022.
• The digital relay segment is expected to grow considerably during the forecast period.

"Increased demand for intelligent electronic devices in numerous industries, as these devices are employed to detect power faults, control transformers from high voltages, and manage overload, are propelling market expansion. Additionally, increased acceptance of intelligent electronic devices due to their wide variety of applications in substation automation, such as transmission, distribution, and others, is supporting market expansion," says a Fact.MR analyst.

Regional Analysis
Asia Pacific is leading the worldwide intelligent electronic devices market. Japan and South Korea are boosting the market growth in Asia Pacific due to the increasing adoption of intelligent electronic devices. Moreover, North America and Europe are projected to follow Asia Pacific in terms of development.

Key Companies Profiled
• ABB Group
• Schneider Electric SA
• Berry Palmer & Lyle Limited
• Siemens Corporation
• Black & Veatch Holding Company
• Cisco Systems, Inc
• Honeywell International, Inc
• Eaton Corporation PLC

Competitive Landscape
The global IEDs market is extremely fragmented due to the presence of multiple established international vendors. Key market players are actively embracing tactics such as acquisitions, collaborations, technological breakthroughs, investments, and R&D activities to broaden their worldwide presence. Moreover, many start-ups are focusing on new developments to gain market presence.

• Toshiba Electronic Devices & Storage Corporation developed a model-based development (MBD) simulation method in September 2021 that reduces testing periods for automotive semiconductors by around 90%. The technique allows automotive equipment makers to quickly assess designs utilizing Toshiba's automotive semiconductors, thereby reducing development timelines.
• STMicroelectronics (Switzerland) released new 150W and 45W MasterGaN devices for high-efficiency energy conversion in August 2021.
• ON Semiconductor revealed its new full silicon carbide MOSFET module solutions for electric vehicle charging in June 2021 with its 1200V SiC MOSFET 2-PACK modules.

Key Segments of Intelligent Electronic Devices Industry Research
• By Product Type :
o Protective Relaying Devices
o On-Load Tap Changer Controls
o Circuit Breaker Controllers
o Capacitor Bank Switches
o Reclose Controllers
o Voltage Regulators
o Digital Relays
o Others

• By Application :
o Mass Transit Systems
o Traction Signaling & Control Systems
o Water Supply & Management Systems
o Automation
o Condition Monitoring

• By End User :
o Oil & Gas
o Food & Beverages
o Automotive
o Energy & Power
o Healthcare & Pharmaceuticals
o Chemicals
o Others

• By Region :
o North America
o Latin America
o Europe
o Asia Pacific & China
o Middle East & Africa

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About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

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