Market Overview:
The Global Intelligent Electronic Devices Market size is expected to grow from USD 13.72 billion in 2022 to USD 20.74 billion by 2030, at a CAGR of 5.3% during the forecast period (2023-2030).
An intelligent electronic device(IED) is an integrated microprocessor-based controller of power system equipment, such as circuit breakers, transformers, and capacitor banks. An Intelligent Electronic Device (IED) is a term used in the electric power industry to describe microprocessor-based controllers for power system equipment. These devices acquire data from sensors and power equipment and can issue control commands, such as tripping a circuit breaker if they detect anomalies in voltage, current, or frequency, or adjusting voltage levels to maintain desired levels. Typically, an IED can incorporate approximately 5-12 protection functions, 5-8 control functions for managing separate devices, self-monitoring capabilities, communication functions, and other features. This comprehensive functionality justifies their name as Intelligent Electronic Devices.
Top Key Players Covered in The Intelligent Electronic Devices Market:
- ABB Group (Switzerland)
- Toshiba Corporation (Japan)
- Rockwell Automation Inc. (US)
- Siemens Corporation (Germany)
- Honeywell International Inc. (US)
- Berry Palmer & Lyle Limited (UK)
- Leuze Electronic (Germany)
- Cisco Systems Inc. (US)
- Eaton Corporation PLC (Ireland)
- Landis+Gyr (Switzerland)
- Infrax Systems (US)
- S&C Electric Company (US)
- Schneider Electric SA (France)
- Open Systems International Inc. (US) and other Major Players.
Market Dynamics and Factors:
The growing requirements for substation automation solutions in the solar industry are a significant driver of the Intelligent Electronic Device (IED) market. As the solar industry expands and more solar power plants are installed, there is a need for efficient and reliable substation automation systems to manage the generation, transmission, and distribution of solar energy. Integrating IEDs into solar power substations allows for advanced monitoring, control, and protection of the electrical infrastructure. These devices can gather real-time data from sensors and power equipment, enabling operators to effectively manage voltage levels, monitor the performance of solar panels, and detect any faults or anomalies in the system.
The growing automation of industrial processes presents a significant opportunity for businesses and industries. Automation technologies, such as robotics, artificial intelligence, and advanced control systems, enable increased efficiency, productivity, and accuracy in manufacturing and other industrial operations. By automating repetitive tasks and streamlining processes, businesses can reduce costs, improve quality, enhance safety, and achieve higher levels of production output. This trend toward automation also opens up new possibilities for innovation and the development of advanced manufacturing techniques. As a result, businesses that embrace and invest in automation technologies have the potential to gain a competitive advantage.
Intelligent Electronic Devices Market Report Highlight:
- By Type, Digital Relay Segment is anticipated to dominate the market over the forecast period, due to its advanced functionalities, such as precise protection and control capabilities, and faster response times.
- By Industry Vertical, Automotive Industry is expected to dominate the market, due to the increasing adoption of advanced electronics and connectivity features in vehicles, such as driver assistance systems, infotainment systems, and electric vehicle components.
- By Application, Automation & Condition Monitoring is expected to dominate the market, due to the increasing demand for efficient and automated control systems, as well as the need for real-time monitoring.
- Asia Pacific is expected to dominate the market, due to rapid industrialization, urbanization, and the increasing demand for electricity in countries like China and India.
Key Industry Development:
In Feb 2023, ABB launched an array of products and solutions at ELECRAMA 2023. ABB India displays innovations developed by its two businesses, Electrification and Motion, at ELECRAMA 2023. To provide safe, intelligent, and sustainable electrification, ABB's Electrification business offers a broad array of equipment, digital solutions, and services, from substations to sockets.
Intelligent Electronic Devices Market Segmentation:
By Type
- Digital Relay
- Protective Relaying Device
- Circuit Breaker Controller
- Load Tap Changer Controller
- Voltage Regulator
- Others
By Industry Vertical
- Food & Beverage
- Oil & Gas
- Automotive
- Pharmaceutical
- Chemicals
- Others
By Application
- Water Supply & Management System
- Mass Transit System
- Traction Signaling & Control System
- Automation & Condition Monitoring
