Intelligent Electronic Devices Market Forecast 2023 - 2031
Report ID : CBI_1280 |
| Published Date:
| Format :
| Base Year: | 2022 |
|---|---|
| CAGR: | 7.2% |
| Forecast Year: | 2023 - 2031 |
| Revenue 2022: | $11.79 Bn |
| Revenue 2023: | $12.36 Bn |
| Revenue 2031: | $21.55 Bn |
Intelligent Electronic Devices Market Forecast 2023 - 2031
Market Overview :
Intelligent Electronic Devices Market is estimated to reach over USD 21.55 Billion by 2031 from a value of USD 11.79 Billion in 2022 and is projected to grow by USD 12.36 Billion in 2023, growing at a CAGR of 7.2% from 2023 to 2031.
Market Definition :
Intelligent electronic devices (IEDs) are commonly termed as a group of electronic devices incorporated into Industrial Control Systems (ICS) structures that allow variable power automation capabilities. IEDs are mainly electric components with microprocessors including regulator devices and circuit controllers. In addition, IEDs are employed in varied industrial control systems including SCADA (Supervisory Control and Data Acquisition) and DCS (Data Collection System). Moreover, IEDs have applications including power quality analysis, network monitoring, energy metering, and for protection purposes.
Market Dynamics :
Drivers :
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Increasing demand for intelligent electronic devices in power and energy sector is driving the market growth
The demand for IEDs in the power and energy sector is growing rapidly due to the increasing need for reliable, efficient, and secure power grids. IEDs are used to monitor, control, and protect power grids, and are essential for ensuring the safe and reliable operation of grids. In addition, renewable energy sources including solar and wind power are becoming increasingly popular owing to environmental concerns.
Moreover, IEDs help to integrate renewable energy sources into the grid by providing flexibility and control. Smart grids are power grids that utilize digital technologies to improve efficiency, reliability, and security. IEDs are an essential part of smart grids, as they are able to collect and process data from sensors and other equipment, and issue control commands to optimize the operation of the grid. Additionally, governments are increasingly imposing regulations on power quality and emissions due to the rising nature of carbon dioxide in the environment. IEDs, therefore help to comply with regulations by monitoring the grid for violations and taking corrective action. Furthermore, key factors attributed to the growth of IEDs include increased integration of renewable energy sources, reduced operational costs and enhanced security of power grids are driving the market growth of IEDs. -
Rising demand of IEDs for smart grid technology is driving the market growth
The demand for IEDs is growing in response to the increasing need for grid stability and reliability, more efficient energy use, integration of renewable energy sources, and improved security. IEDs are essential components of smart grid technology as IEDs play a vital role in improving the efficiency, reliability, and security of the grid. IEDs are designed to monitor and control grid assets, protect the grid from issues, communicate with each other and other devices on the grid, and optimize the operation of the grid. The key applications of IEDs in smart grid include monitoring the status of transformers, substations, and power lines. The information obtained is further used to identify potential problems and determine corrective action before an outage.
Moreover, IEDs are used to communicate with each other and with other devices on the grid, including smart meters and renewable energy sources. This allows for real-time monitoring and control of the grid. In addition, their efficiency to balance supply and demand for electricity also helps to reduce energy losses. Accordingly, owing to the aforementioned factors, the demand for IEDs is increasing and are being adopted by the smart grids resulting in driving its market growth.
For instance, according to International Energy Association, the demand for distributed solar PV is increasing and was accounted to have fulfilled 48% of the energy requirements by residential, industrial, and commercial sectors during the year 2022.
Restraint :
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Increasing risks of cyberattack and security of critical infrastructure is restricting the market growth
Intelligent electronic devices (IEDs) are essential components of critical infrastructure including water treatment plants, power grid, and transportation systems. IEDs are used to monitor and control systems, further systems are connected to the internet which raises the vulnerability to cyberattacks. In addition, cyberattacks are devised for physical damage to an IED or the system it controls. Also, a rise in chances of blackout increases due to disabling of power station by an attacker causing losses to government.
Moreover, a cyberattack is attempted to steal sensitive data from an IED, such as passwords, encryption keys, or control settings. Further, data is used to launch further attacks or to disrupt the operation of the system. Furthermore, a cyberattack interferes with the communication between IEDs, resulting in difficult or impossible to control the system. Therefore, owing to the aforementioned conditions generated by cyberattack and higher chances of vulnerability is restraining the growth of the IEDs market.
Opportunities :
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Increasing focus on energy efficiency to reduce dependency on fossil fuels will provide opportunities for market growth
Intelligent electronic devices (IEDs) are expected for applications to improve energy efficiency by reducing dependence on fossil fuels. Owing to the growing concern of depleting natural resources and excessive utilization of fossil fuels, the demand for non-renewable resources is expected to rise in the near future. In addition, IEDs will be used to monitor the energy consumption of appliances, buildings, and other devices. Further, information obtained from IEDs will help to identify opportunities for energy savings and to control energy usage.
Moreover, owing to several factors, the demand for IEDs is expected to rise including application of smart thermostats, installation of LEDs, weatherization of home during the forecast period.
Intelligent Electronic Devices Market Report Coverage :
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 21.55 Billion |
| CAGR (2023-2031) | 7.2% |
| 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 |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | Hitachi Energy Ltd., Rockwell Automation Inc., Toshiba Corporation, Black & Veatch Corporation, Eaton Corporation Inc., Schneider Electric, Cisco |
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Download Sample ReportMarket Segmentation :
By Type :
Based on the type, the market is divided into voltage regulator, protection relays, meters controllers, communication devices, circuit breaker, and others. Protection relays are accounted to generate the largest market share in the year 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.
Furthermore, the communication devices type of intelligent electronic devices segment is anticipated to grow at the fastest growth rate during the forecast period. Since, communication devices are essential for connectivity and are used to transmit data and control signals between IEDs. In addition, IEDs are increasingly connected to communication devices and to other systems, including smart grids and SCADA systems and is further expected to drive its market growth.
By Application :
Based on the application, the market is segmented into metallurgical process plants, environmental control instruments, pharmaceutical manufacturing, food and food processing, sewage treatment plants, quality control systems, and others. The metallurgical process plants segment is accounted to generate the largest market share in the year 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.
Moreover, the environmental control instruments segment is expected to grow at the fastest rate during the forecast period. IEDs are used to monitor and control environmental conditions including air quality and water quality. In addition, IEDs are also used to control pollution emissions. Thus, owing to aforementioned conditions the demand for IEDs in environmental control instruments is expected to grow in the future.
By End Use :
Based on the end use, the market is segmented into power & energy, automotive, healthcare, consumer electronics, food & beverages, and others. The power & energy segment accounted for the largest market share of 31.5% 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.
Furthermore, the automotive segment is expected to grow at the fastest rate during the forecast period. IEDs are essential for the operation of self-driving cars and other new technologies. They are also used to improve the safety of vehicles. The demand for IEDs in the automotive industry is expected to grow rapidly in the future. Moreover, the key application of IEDs in automotive sector include controlling of safety systems, for powertrain control, collect data for telematics, and among others. For instance, IEDs are used to control the engine, transmission, and other components of the powertrain. IEDs functions including fuel injection, ignition timing, and emission control. IEDs play a critical role in ensuring the efficient and reliable operation of the powertrain, as well as in reducing emissions. Thus, based on aforementioned factors, the demand for IEDs in automotive segment is projected to drive the market growth during the forecast period.
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Download Sample ReportBy Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Regional Growth Insights
Download Sample ReportNorth America accounted for the largest revenue share of USD 5.15 Billion in 2022 and is expected to reach USD 9.38 Billion by 2031, growing by a CAGR of 7.2%. In addition, in the region, the U.S. accounted for the maximum revenue share of 51.45% in the same year.
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. In addition, The North American regulatory environment is supportive of the adoption of IEDs. In addition, North American Electric Reliability Corporation (NERC) has issued standards for the application of IEDs, and there are financial incentives available for utilities that adopt these devices.
Moreover, Asia-Pacific is expected to register the fastest CAGR growth of 7.4% during the forecast period. The intelligent electronic devices market in the Asia-Pacific region is expected to grow significantly during the forecast period. The growth is attributed to a number of factors, including growing demand for renewable energy, rapid urbanization, increasing investment in smart grid technologies, and government support. The Asia Pacific region is urbanizing rapidly, resulting in massive demand for electricity thus leading to rise in pressure on the power grid. IEDs will thus help to improve the efficiency of the grid and reduce losses, which is essential to meet the growing demand for electricity.
Moreover, Asia Pacific is projected to be a major hub for the renewable energy market, and this is expected to continue to grow during the forecast period. IEDs will help to integrate renewable energy sources into the grid, which is essential to meet the growing demand for clean energy in the region.
Details Countries Growth Insights
Download Sample ReportIntelligent Electronic Devices Market Competitive Landscape:
The intelligent electronic devices market is highly competitive with major players providing intelligent electronic devices to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end use launches to hold a strong position in the intelligent electronic devices market. Key players in the intelligent electronic devices market include-
- Hitachi Energy Ltd.
- Rockwell Automation Inc.
- Toshiba Corporation
- Black & Veatch Corporation
- Eaton Corporation Inc.
- Schneider Electric
- Cisco
Frequently Asked Question
What is Intelligent Electronic Devices?+
Intelligent electronic devices (IEDs) are commonly termed as a group of electronic devices incorporated into Industrial Control Systems (ICS) structures that allow variable power automation capabilities. IEDs are mainly electric components with microprocessors including regulator devices and circuit controllers.
What specific segmentation details are covered in the intelligent electronic devices report, and how is the dominating segment impacting the market growth?+
For instance, by type segment has witnessed protection relays as the dominating segment in the year 2022, owing to its increasing demand from industries including automotive, telecommunication, and others.
What specific segmentation details are covered in the intelligent electronic devices market report, and how is the fastest segment anticipated to impact the market growth?+
For instance, by end use segment will witness automotive segment to grow at the fastest growth rate during the forecast period. The rising demand for IEDs to control the engine, transmission, and other components of the powertrain is expected to boost the market growth during the forecast period.
Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031? +
Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and demand for improved telecommunication infrastructure.
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