Intelligent Electronic Devices Market

Intelligent Electronic Devices Market Overview:

The global intelligent electronic devices market size reached US$ 12.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2032, exhibiting a growth rate (CAGR) of 8% during 2024-2032. There are various factors that are driving the market, which include the rising focus on smart grid integration, increasing number of renewable energy projects, and rapid urbanization and industrialization.

Intelligent Electronic Devices Market Analysis:

• Major Market Drivers: One of the key market drivers includes the rising focus on energy-efficiency. Moreover, there is an increase in the focus on Industry 4.0, which is acting as another growth-inducing factor.
• Key Market Trends: The rising focus on smart grid integration and increasing number of renewable energy projects are main trends in the market.
• Geographical Trends: North America exhibits a clear dominance, accounting for the biggest market share owing to the high vehicle production in the region. 
• Competitive Landscape: Major intelligent electronic devices companies are ABB Ltd., Black & Veatch Corporation, Cisco Systems Inc., CG Power and Industrial Solutions Limited (Avantha Group), Eaton Corporation Inc., Honeywell International Inc., Landis Gyr Inc., Open Systems International Inc., Rockwell Automation Inc., S & C Electric Company, Schneider Electric S.E., Siemens Aktiengesellschaft, Toshiba Corporation, Trilliant Networks Inc., among many others.
• Challenges and Opportunities: Various cybersecurity threats represent a key market challenge. Nonetheless, improvements in cybersecurity solutions, coupled with the rising development of smart cities, is projected to overcome these challenges and provide market opportunities.
   

Intelligent Electronic Devices Market Trends:

Rising Focus on Smart Grid Integration

The research report of the IMARC Group states that the smart grid market reached US$ 63.0 billion by 2023 worldwide. Smart grids are sophisticated electrical systems that rely on digital communication technology to monitor and respond to changes in local consumption. Intelligent electronic devices (IEDs) are essential components of these systems, driven by their ability to offer improved electrical infrastructure monitoring, control, and protection capabilities. The rising need for devices that enable utilities to manage power distribution more effectively by offering real time data, automated controls, and advanced fault detection and response mechanisms​ is impelling the intelligent electronic devices market growth. In addition, these devices facilitate data acquisition, which are essential for the operation of smart grids.

Growing Number of Renewable Energy Projects

The International Energy Agency (IEA) estimates that solar photovoltaic (PV) alone was responsible for three-quarters of all renewable capacity additions in 2023 worldwide. Wind and solar renewable energy sources are inherently variable and intermittent. IEDs can provide real time monitoring and control capabilities. They enable utilities to balance supply and demand efficiently even during fluctuations in the amount of renewable energy produced. Besides this, the increasing adoption of solutions that provide advanced fault detection, isolation, and response capabilities is catalyzing the intelligent electronic devices demand. These devices detect and mitigate problems such as power spikes or drops promptly as to guarantee minimal disruption and effective service restoration. This is especially crucial for renewable energy projects located in remote or harsh environments where quick response is critical. 

Rapid Urbanization and Industrialization

Urbanization leads to higher population densities and increases residential, commercial, and industrial activities. As a result, the demand for electricity rises for various purposes. IEDs are crucial to ensure a steady and dependable power supply and effectively manage and distribute this increasing load. In addition, the growing demand for efficient electrical systems is offering a favorable intelligent electronic devices market outlook. IEDs can monitor, regulate, and optimize electrical networks easily in real time, making it essential for supplying the high demand in urban areas. Apart from this, industrial growth in emerging economies usually involves the adoption of advanced automation technologies to improve productivity and efficiency. IEDs play a vital role in industrial automation as they can provide precise protection, monitoring, and control over electrical systems used in the processing and manufacturing sectors. By 2050, 68% of the world's population is expected to reside in urban areas, according to the United Nations (UN).

Intelligent Electronic Devices Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type and end use industry.

Breakup by Type:

• Digital Relay
• Voltage Regulator
• Protection Relay
• Circuit Breaker
• Load Tap Changer
• Recloser Controller
• Capacitor Bank Switch
• Others
   

Voltage regulator accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes digital relay, voltage regulator, protection relay, circuit breaker, load tap changer, recloser controller, capacitor bank switch, and others. According to the report, voltage regulator represented the largest segment.

Voltage regulator is crucial for maintaining the stability of power grids by ensuring that the voltage levels remain within acceptable limits. With the growing integration of renewable energy sources such as solar and wind, the need for voltage regulation has become more crucial. These energy sources can cause fluctuations in voltage levels, and voltage regulators help in managing these variations to ensure a stable power supply​. In addition, the intelligent electronic devices market value is set to rise with rapid urbanization and industrial growth, particularly in emerging economies. Voltage regulators play a key role in electrical systems by providing the necessary voltage stability required for industrial operations and urban infrastructure​.

Breakup by End Use Industry:

• Automotive
• Healthcare
• Oil and Gas
• Petrochemical
• Chemical
• Food and Beverages
• Energy and Power
• Waste and Wastewater Treatment
• Others
   

Automotive holds the largest share of the industry

A detailed breakup and analysis of the market based on the end use industry have also been provided in the report. This includes automotive, healthcare, oil and gas, petrochemical, chemical, food and beverages, energy and power, waste and wastewater treatment, and others. According to the report, automotive accounts for the largest market share.

The rising demand for IEDs because of the thriving automotive sector is contributing to the market growth. Increasing preferences for electric vehicles (EVs) are catalyzing the demand for IEDs. EVs require advanced electrical systems for battery management, power distribution, and charging infrastructure, all of which rely heavily on IEDs for efficient operation and safety​. Beyond EVs, there is a broader trend toward vehicle electrification, including the electrification of traditional internal combustion engine (ICE) vehicles. This is expected to provide a positive intelligent electronic devices market forecast. S&P Global Mobility claims that around 88.3 million new vehicles are anticipated to be sold across the globe in 2024.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest intelligent electronic devices market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for intelligent electronic devices.

As per the CEIC, the United States motor vehicle production was reported at 10,611,555.000 units in December 2023. The thriving automotive sector in the region is impelling the market growth. North America, particularly the United States, is home to a highly advanced technological infrastructure. The region's strong emphasis on adopting cutting-edge technologies in the energy and industrial sectors is driving the demand for IEDs. These devices are crucial for modernizing the electrical grid and supporting smart grid initiatives​. These are the main factors that provide intelligent electronic devices market overview in the region. Apart from this, North America has several leading companies in the market that foster innovation and the development of advanced IED technologies. In line with this, the region is witnessing a significant rise in renewable energy projects including solar and wind farms. IEDs play a critical role in integrating these renewable energy sources into the power grid, managing variability, and ensuring a stable power supply. This integration is thereby driving the demand for advanced IED solutions.

Competitive Landscape:

• The intelligent electronic device market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the intelligent electronic devices industry include ABB Ltd., Black & Veatch Corporation, Cisco Systems Inc., CG Power and Industrial Solutions Limited (Avantha Group), Eaton Corporation Inc., Honeywell International Inc., Landis Gyr Inc., Open Systems International Inc., Rockwell Automation Inc., S & C Electric Company, Schneider Electric S.E., Siemens Aktiengesellschaft, Toshiba Corporation, and Trilliant Networks Inc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key players are entering into strategic partnerships with utility companies to develop advanced products for smart grid applications. These collaborations aim to enhance the efficiency and reliability of power distribution networks. They are also launching a new generation of IEDs with enhanced cybersecurity features to address growing concerns about cybersecurity threats in the utility industry and increase their intelligent electronics devices market revenue. For instance, on 25 March 2024, Cisco announced the launch of new purpose-built, multifunctional devices that deliver modernized collaboration experiences to today's hybrid workforce. The company launched the Cisco Board Pro G2, an AI-fueled and touch-enabled collaboration device and Cisco Desk Phone 9800 Series, which are designed to bring a modern and personalized productivity hub to any desk. In addition, these latest innovations are designed to support organizations as they transition into permanent hybrid models and reconfigure workspaces to enable seamless collaboration.

Intelligent Electronic Devices Market News:

• 7 February 2023: Toshiba Electronic Devices & Storage Corporation launched two intelligent power devices that control the drive of the inductive loads of motors, solenoids, lamps, and other devices used in applications, such as the programmable logic controllers of industrial equipment. The new products use Toshiba’s analog device consolidation process (BiCD) to achieve an on-resistance of 0.4Ω (typ.) in the output stage, over 50% lower than that of Toshiba’s current products.

Intelligent Electronic Devices Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the intelligent electronic devices industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.