The latest report by IMARC, titled “Intelligent Electronic Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global intelligent electronic devices market size reached US$ 11.2 Billion in 2022. Intelligent electronic devices (IEDs) refer to devices that possess single or multiple microprocessors within them. They are used to provide advanced power automation for industrial control systems (ICS). They are equipped with human-machine interface (HMI) software for commissioning, testing, and performing fault analysis and real-time synchronization of event reporting. Consequently, intelligent electronics devices have recently gained traction in various industry verticals, including energy and power, automotive, oil and gas, chemicals and petrochemicals, food and beverage (F&B), healthcare, and water and wastewater treatment industries.
Global Intelligent Electronic Devices Market Trends:
One of the primary factors driving the market is rapid automation in industrial procedures. Other than this, the increasing need to minimize transmission and power distribution losses (T&D) and the rising instances of outages and fluctuations in power lines are positively influencing the market growth. Besides this, the growing trend of automation in solar power systems, along with the escalating demand for renewable energy sources, is propelling the market growth. Moreover, governments of various nations are undertaking several initiatives, such as the installation of smart meters in each household. This has accelerated the product adoption rate as IEDs simplify power automation with optimal capital assets and minimal human intervention. Looking forward, IMARC Group expects the market value to reach US$ 18.9 Billion by 2028, expanding at a CAGR of 9.3% during the forecast period (2023-2028).
- Based on the type, the market has been divided into digital relay, voltage regulator, protection relay, circuit breaker, load tap changer, recloser controller, capacitor bank switch, and others.
- On the basis of the end use industry, the market has been segmented into automotive, healthcare, oil and gas, petrochemical, chemical, food and beverages, energy and power, waste and wastewater treatment, and others.
- Region-wise, the market has been classified into 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 Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being ABB Limited, 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.
|Base Year of the Analysis
||Type, End Use Industry, Region
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
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