Global Intelligent Electronic Devices Market Size, Share, Growth Analysis, By Type, By Application, By Industry Vertical - Industry Forecast 2023-2030

Intelligent Electronic Devices Market size was valued at USD 12.76 billion in 2021 and is poised to grow from USD 13.61 billion in 2022 to USD 22.83 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).

Intelligent electronic devices (IEDs) play a vital role in automating power systems within industrial control systems (ICS). These devices come equipped with software for testing, commissioning, fault analysis, and real-time event reporting synchronization. They monitor both their own circuits and external devices, gathering advanced local control intelligence, and offer remote, local, and substation data acquisition for network analysis. The widespread application of graphene has found its way into various industries, including automotive, energy and power, oil and gas, chemicals and petrochemicals, healthcare, food and beverage (F&B), as well as water and wastewater treatment. In these sectors, IEDs have proven to be valuable tools for identifying and leveraging high-potential talent, thereby driving business performance and profitability. Several countries' governments are adopting smart meters in households to influence the demand for IEDs positively. The continuous development of electronic technologies has led to more compact and intelligent devices. Smart devices facilitate wireless communication between various body-attached components, such as data spectacles, headphones, microphones, or sensors, enabling self-diagnosis by monitoring internal signals for potential faults.

Moreover, the progress in innovation has resulted in the development of intelligent medical devices that can predict serious health issues even before the patient experiences any symptoms, contributing to better healthcare outcomes.

Another notable application of intelligent devices is the wireless identity module known as a smart card, similar to a subscriber identity module (SIM). These smart cards utilize encryption and digital signatures to ensure maximum security for web-based business exchanges by authenticating the involved parties.

Segments covered in this report:

The intelligent electronic devices market is segmented on the basis of By type, By Application, By Industry vertical, and by geography. Whereas, by type is sub segmented into the On-Load Tap Changer Controller, Circuit Breaker Controller, Capacitor Bank Switch, Reclose Controller, Voltage Regulator, Digital Relay, Protective Relaying Device. By application is sub segmented into the Mass Transit System, Traction Signaling & Control System, Water Supply & Management System, Automation, and Condition Monitoring. By Industry vertical is sub segmented into the Oil & Gas, Food & Beverage, Automotive, Energy & Power, Pharmaceutical, Chemicals, and Others. By Geography is classified into North America, Europe, Asia Pacific, and the Rest of the world.

Driver

The growth of the intelligent electronic devices market is being bolstered by the increasing adoption of artificial intelligence (AI) technologies. A key factor driving this market is the rising demand for smart grids, as evidenced by the growing number of projects being undertaken in this sector. Industries, in particular, have a high demand for smart grids as they can significantly enhance efficiency and safety in their operations, facilitating greater consumption activities and contributing to the overall need for energy as our demands continue to increase. The numerous benefits offered by intelligent electronics are contributing to their rising popularity, driving further market growth.

Another significant market driver is the increasing automation activities in various industries. Automation plays a crucial role in streamlining tasks and improving efficiency across many sectors, making processes easier and more productive. As automation gains popularity, the demand for intelligent electronic devices will continue to rise. The excellent automation features of these devices offer substantial benefits, leading to increased production rates and revenue for industries that implement them.

Restraint

The high expenditure required for infrastructure development poses a significant hindrance to the growth of the Intelligent Electronic Devices market. In recent years, there has been a notable increase in the cost of raw materials, impacting the profit margins for the market, especially during the COVID-19 pandemic. The rising prices of raw materials contribute to the overall cost of Intelligent Electronic Devices, leading to higher prices for the finished products.

While Intelligent Electronic Devices offer substantial savings potential, the initial costs can be a concern for many potential buyers. Additionally, key players in the market may face delays in investment due to financial constraints during this period. This lack of investment can result in decreased productivity and reduced demand for Intelligent Electronic Devices, ultimately leading to a slowdown in market growth. The high investment cost remains a significant challenge that needs to be addressed to ensure sustained growth in the Intelligent Electronic Devices market.

Market Trends

The global Intelligent Electronic Devices (IEDs) market is experiencing significant growth, primarily driven by the automation of industrial processes. The market is further propelled by the increasing need to reduce power distribution losses and address power line fluctuations. The rising trend of substation automation in solar power systems is also playing a crucial role in driving market growth, as it aligns with the increasing demand for renewable energy sources. Moreover, the installation of smart meters in households by governments is contributing to the surge in demand for IEDs. Smart meters enable power automation, optimizing capital assets, and reducing the need for extensive human intervention. This focus on automation and advanced metering solutions is boosting the adoption of IEDs in the market, providing ample growth opportunities for the industry.