In recent years, the demand for intelligent electronic devices (IEDs) has grown significantly in the power sector. IEDs are used to control, monitor and automate various processes in power generation, transmission, distribution and building electricity management. In this article, we'll explore what IEDs are, how they can be used to benefit your business and the current market size of these devices.
Drivers of the Intelligent Electronic Devices Market
1. Increasing demand for miniaturized and smarter electronic products: The development of smaller and more powerful electronic devices has enabled the market to grow, due to the fact that consumers are demanding more intelligent and efficient products.
2. Growing demand for automation in healthcare and other industries: Automation is becoming increasingly important in many industries, including healthcare, automotive, aerospace and defines, manufacturing, robotics, and energy. This is leading to a growing demand for intelligent electronic devices that are capable of controlling complex processes in these industries.
3. Growing adoption of IoT: The growth of the Internet of Things (IoT) has also been a significant driver of the Intelligent Electronic Devices Market. IoT technology allows devices to connect with each other over a network and exchange data or commands, enabling greater levels of automation and control over production processes.
Advantages of the Intelligent Electronic Devices Market
1. Increased Efficiency: Intelligent electronic devices are designed to be more efficient than traditional ones, which makes them an attractive choice for industrial applications. This can help increase production and reduce costs.
2. Improved Security: Intelligent electronics offer improved security features, such as biometric authentication and encryption protocols, making it easier to protect data and systems from unauthorized access.
Market Value and CAGR of the Intelligent Electronic Devices Market (2021-2032)
The market Value and CAGR of the Intelligent Electronic Devices Market is expected to reach USD 476.8 billion by 2032, growing at a CAGR of 13.9% from 2021-2032.
This growth is attributed to the increasing demand for connected and automated devices in industrial and consumer sectors and the development of smart home technology. Additionally, the rise in government initiatives for digital transformation across various industry verticals is also expected to drive the market growth over the forecast period.
Key players of the Intelligent Electronic Devices Market
The key players of the Intelligent Electronic Devices Market are IBM (US), Microsoft (US), Amazon Web Services (US), Google Cloud Platform (US), Oracle Corporation (US), General Electric (US), Cisco Systems (US), Siemens AG (Germany), Hewlett Packard Enterprise Development LP (HPED) (US).
The most demanded product of the Intelligent Electronic Devices Market is expected to be the integrated sensors. These sensors are used for sensing, measuring and controlling various processes that occur in different industries. They are used for monitoring temperature, pressure, flow rate and other parameters of the process.
The application of Intelligent Electronic Devices is largely dependent on the industry it is used in. It is used in process control applications such as automation, robotics, safety systems, security systems and other related activities. End users of these devices include manufacturing industries such as automotive, chemicals, electronics and petrochemicals; energy and utilities; healthcare; food and beverage; retail; transportation and logistics; and others.
On the basis of region, North America holds a major share in terms of both production and demand for intelligent electronic devices due to the presence of a well-established industrial sector. Europe also has a significant share of the market owing to presence of leading manufacturers in several countries such as Germany, France, Italy and Spain. APAC is anticipated to witness fast growth over the forecast period due to increasing government initiatives towards automation technologies in countries such as India and China.
Impact of Covid-19
The pandemic has resulted in a slowdown in the global economy, which has adversely affected the demand for intelligent electronic devices. In addition, the lockdown measures implemented by various governments across the world have disrupted the supply chain of these devices, further hampering market growth. However, the market is expected to recover in the coming months as economic activity resumes and restrictions are lifted.
The Covid-19 pandemic has resulted in a sharp decline in demand for intelligent electronic devices globally.
This is due to the slowdown in economic activity caused by the pandemic. Various industries that use these devices have been severely impacted by the crisis, resulting in reduced demand for these products. In addition, the lockdown measures implemented by governments across the world have disrupted the supply chain of these devices, further hampering market growth. However, the market is expected to recover in the coming months as economic activity resumes and restrictions are lifted.
Key developments in the Intelligent Electronic Devices Market
- In January, 2021, ABB launched the first digital substations in the world. The company's new generation of digital substations will help enhance the overall performance and efficiency of power grids. This technology will also help reduce costs and improve reliability as well as safety.
- In February, 2021, Siemens launched a portfolio of intelligent electronic devices (IEDs) designed to monitor and manage smart grids more efficiently. It includes IEDs for monitoring voltage levels, load balancing, power quality analysis, system diagnostics and much more. These IEDs will enable energy providers to make better decisions when managing their electrical networks and reduce their energy losses due to outages or malfunctions.
- In March, 2021, Schneider Electric announced that it has developed an intelligent electronic device (IED) which is capable of detecting fault currents on power lines in real time. This device is equipped with advanced algorithms that can accurately identify faults without requiring manual intervention. In addition to this, the device can also detect potential problems before they occur such as overloads or short circuits in order to prevent damage from occurring.
- In April 2021, Rockwell Automation introduced its ControlLogix Electronic Device (CLX-ED) which is capable of controlling multiple functions across machine automation
Intelligent Electronic Devices Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 476.8 billion|
|Growth Rate||CAGR of 13.9 % during 2021-2031|
|Segment Covered||Type, Application, End Users, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IBM (US), Microsoft (US), Amazon Web Services (US), Google Cloud Platform (US), Oracle Corporation (US), General Electric (US), Cisco Systems (US), Siemens AG (Germany), Hewlett Packard Enterprise Development LP (HPED) (US)|
Key Segment of Intelligent Electronic Devices Market
By Type Overview 2021-2031, (USD Billion)
• Digital Relays
• Load Tap Controller
• Smart Meter
By Application Overview 2021-2031, (USD Billion)
• Power Generation
• Power Transmission
• Building Electricity Management
• Factory Electricity Management
By End-User Overview 2021-2031, (USD Billion)
• Manufacturing companies
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa