Intelligent Electronic Devices Market Overview

Intelligent Electronic Devices Market Size Was Valued at USD 15.22 Billion In 2024 And Is Projected to Reach USD 23.01 Billion By 2032, Growing at A CAGR of 5.3% From 2025-2032.

An Intelligent Electronic Device (IED) is a term applied in the electric power industry to represent microprocessor-based controllers of power system equipment. IEDs obtain data from sensors and power equipment and can issue control commands, like a tripping circuit breaker if they sense voltage, current, or frequency anomalies, or raise/lower voltage levels concerning maintain the desired level.  A typical IED can hold around 5-12 protection functions, 5-8 control functions managing separate devices, self-monitoring function, communication functions, and others. Therefore, they are capably named Intelligent Electronic Devices. Some recent IEDs are developed to support the IEC61850 standard for substation automation, which offers interoperability and advanced communications capabilities. Most of the nation’s globally are trying to increase their electricity manufacturing to complement the rising industrialization and urbanization. This factor has significantly contributed to the rise of substation installation to deliver electricity to various remote parts of a nation. A substation is utilized to step up current and voltage or vice versa for transmitting electricity to long distances. Moreover, there has been rapid growth in the adoption of IEDs over the last few years, owing to an extensive range of their utilizations in substation automation such as collector converter, transmission, distribution, and switching in multiple end-use industries. Furthermore, amidst the COVID-19 pandemic, the global market for intelligent electronic devices expected at US$12.4 Billion in the year 2020, is anticipated to gain a revised size of US$17.5 Billion by 2027.

COVID-19 Impact on the Intelligent Electronic Devices Market

Owing to the sudden outbreak of coronavirus disease (COVID-19), governments of several economies have declared complete lockdowns as a preventive measure. The global effect of the coronavirus disease 2019 (COVID-19) is already starting to be felt, and will significantly influence the Intelligent Electronic Devices market in 2020. The outbreak of COVID-19 has brought effects on many aspects, such as flight cancellations; restaurants and closed; all indoor/outdoor events restricted; over forty countries state of emergency declared; travel bans and quarantines; huge slowing of the supply chain; stock market volatility; declining business confidence, rising panic among the population, and uncertainty about future. Therefore, major players are unable to operate at optimum efficiency, which is poorly influencing the intelligent electronic devices market growth. The market is expected to bring back once regularity is regained.

Market Dynamics And Factors For The Intelligent Electronic Devices Market

Drivers:

An intelligent electronic device (IED) is a device that is added to an industrial control system to allow advanced power automation. Constantly growing efforts to overcome T&D losses and high application of IEDs such as capacitor bank switches, control circuit breakers, and voltage regulators for power fault detection in multiple industrial processes are anticipated to turn the global intelligent electronic devices market during the forecast period. In addition, growing requirements for substation automation solutions in the solar industry and rising demand for the rebuild of conventional substations are probably to influence the market in the upcoming years. The factor is also expected to produce potential opportunities for producers of intelligent electronic devices in the forecast period. Furthermore, intelligent electronic devices have become a beneficial topic for scientists to research. The growing deployment of smart grids and favorable initiatives taken by government bodies are anticipated to accelerate the demand for the intelligent electronic devices market.   

With the launch of the smart grid system, the application of intelligent electronic devices is anticipated to grow in the coming years. Some intelligent electronic device vendors also offer software that assists to collate and monitor the overall condition of intelligent electronic devices. A key need for intelligent electronic devices vendors is to comply with their system with International Electrotechnical Commission (IEC) IEC 61850-6 standard. Hence, the protocol is anticipated to create a massive impact on the market in producing a standardized product. Some vendors are also offering a customized solution for gas insulated substations which also need monitoring of SF6 gas. The market for an intelligent electronic device is also anticipated to increase due to the automated and remote control of substations in remote areas. The utilization of intelligent electronic devices is growing in renewable energy installations such as wind farms and solar projects which require continuous monitoring of electrical equipment.

Restrains:

There are specific restraints that are limiting the growth of the global intelligent electronic devices market such as the high cost of the capital for the substation and IEDs, high maintenance cost, growth in the incidence of cybercrime, and the requirement to improvement quite frequently.

Opportunities:

The increased number of IoT applications such as smart cities, homes & grids, and other industries has helped to grow in the number of possibilities. The increase in demand for smart devices which can produce optimal and highly authentic results is also a lucrative opportunity for the intelligent electronic devices market growth. Intelligent electronic devices play a significant role in the application of IoT technology such as in decreasing faults and executing automation. The ability to function in antipode environmental conditions of the distribution system, optimal use of apps such as digital relays, smart meters, and PLCs, which are in high demand are also surging growth opportunities for the intelligent electronic devices market.

Market Segmentation

Global Intelligent Electronic Devices Market Research report comprises of Porter's five forces analysis to do the detail study about its each segmentation like Product segmentation, End user/application segment analysis and Major key players analysis mentioned as below;

Segmentation Analysis of Intelligent Electronic Devices Market:

Based on Application, the global intelligent electronic devices market has been classified into water supply & management systems, mass transit systems, traction signaling & control system, automation & condition monitoring. In 2017, the automation & condition monitoring segment recorded for the largest market share and is anticipated to maintain its dominance during the forecast period. In addition, the water supply & management system segment is expected to grow at the maximum CAGR over the forecast period. 

Based on Industry Vertical, the intelligent electronic devices market has been classified into food & beverage, oil & gas, automotive, energy & power, pharmaceutical, chemicals & others. In terms of revenue, the automotive segment registered for a maximum market share and is anticipated to expand at a significant CAGR during the forecast period.

Regional Analysis for the Intelligent Electronic Devices Market:

The Asia Pacific region is expected to dominate the market during the forecast period. The market in the Asia Pacific is primarily turned by raised investments in the modernization of infrastructure and continuously growing urban population in the region, especially in emerging countries such as China and India. The intelligent electronic devices market in the Asia Pacific is anticipated to observe more innovations and developments shortly, as several leading manufacturers are investing in research and development activities. Moreover, the growing deployment of smart grids and favorable initiatives taken by government bodies are probably to hasten the market in the Asia Pacific during the forecast period.

North America is anticipated to observe major growth in the intelligent electronic devices market during the forecast period. The U.S. held the maximum share of the intelligent electronic devices market in 2018, owing to the strong presence of major global key market players over the country.

Players Covered in Intelligent Electronic Devices market are :

• ABB Group
•  Toshiba Corporation
•  Rockwell Automation Inc.
•  Siemens Corporation
•  Honeywell International Inc.
•  Berry Palmer & Lyle Limited
•  Black & Veatch Holding Company
•  Leuze Electronic Cisco Systems Inc.
•  Eaton Corporation PLC
•  Landis+Gyr
•  Infrax Systems
•  S&C Electric Company
•  Schneider Electric SA
•  Subnet Solutions Inc.
•  Open Systems International Inc. and others Major Players.

Key Industry Developments in Intelligent Electronic Devices Market

• In September 2021, Toshiba Electronic Devices & Storage Corporation has designed a model-based development (MBD) simulation technology that shortens verification times for automotive semiconductors by about 90 percent. The technology enables automotive equipment developers to fast evaluate designs using Toshiba's automotive semiconductors, assisting to shorten development times.
• In February 2019, Leuze Electronic presents new advances in the management of industry 4.0. applications with its latest smart core cables. With the abrupt transformations of the smart factory not for away, the smart core cables allow inventive measurements of predictive maintenance specifically for utilization with mobile cables such as handling robots, welding robots, moving cables.