Intelligent Electronic Devices Market Overview
Intelligent Electronic Devices Market Size Was Valued at USD 14.45 Billion In 2023 And Is Projected to Reach USD 23 Billion By 2032, Growing at A CAGR of 5.3% From 2024-2032.
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.
Global Intelligent Electronic Devices Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 14.45 Bn. |
Forecast Period 2023-30 CAGR: |
5.3% |
Market Size in 2032: |
USD 23 Bn. |
Segments Covered: |
By Type |
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By Industry Vertical |
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By Application |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Type
3.2 By Industry Vertical
3.3 By Application
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological Roadmap
4.6 Regulatory Landscape
4.7 SWOT Analysis
4.8 Price Trend Analysis
4.9 Patent Analysis
4.10 Analysis of the Impact of Covid-19
4.10.1 Impact on the Overall Market
4.10.2 Impact on the Supply Chain
4.10.3 Impact on the Key Manufacturers
4.10.4 Impact on the Pricing
Chapter 5: Intelligent Electronic Devices Market by Type
5.1 Intelligent Electronic Devices Market Overview Snapshot and Growth Engine
5.2 Intelligent Electronic Devices Market Overview
5.3 Digital Relay
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Digital Relay: Grographic Segmentation
5.4 Protective Relaying Device
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Protective Relaying Device: Grographic Segmentation
5.5 Circuit Breaker Controller
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Circuit Breaker Controller: Grographic Segmentation
5.6 Load Tap Changer Controller
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size (2017-2032F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Load Tap Changer Controller: Grographic Segmentation
5.7 Voltage Regulator
5.7.1 Introduction and Market Overview
5.7.2 Historic and Forecasted Market Size (2017-2032F)
5.7.3 Key Market Trends, Growth Factors and Opportunities
5.7.4 Voltage Regulator: Grographic Segmentation
5.8 Others
5.8.1 Introduction and Market Overview
5.8.2 Historic and Forecasted Market Size (2017-2032F)
5.8.3 Key Market Trends, Growth Factors and Opportunities
5.8.4 Others: Grographic Segmentation
Chapter 6: Intelligent Electronic Devices Market by Industry Vertical
6.1 Intelligent Electronic Devices Market Overview Snapshot and Growth Engine
6.2 Intelligent Electronic Devices Market Overview
6.3 Food & Beverage
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Food & Beverage: Grographic Segmentation
6.4 Oil & Gas
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size (2017-2032F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Oil & Gas: Grographic Segmentation
6.5 Automotive
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size (2017-2032F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Automotive: Grographic Segmentation
6.6 Pharmaceutical
6.6.1 Introduction and Market Overview
6.6.2 Historic and Forecasted Market Size (2017-2032F)
6.6.3 Key Market Trends, Growth Factors and Opportunities
6.6.4 Pharmaceutical: Grographic Segmentation
6.7 Chemicals
6.7.1 Introduction and Market Overview
6.7.2 Historic and Forecasted Market Size (2017-2032F)
6.7.3 Key Market Trends, Growth Factors and Opportunities
6.7.4 Chemicals: Grographic Segmentation
6.8 Others
6.8.1 Introduction and Market Overview
6.8.2 Historic and Forecasted Market Size (2017-2032F)
6.8.3 Key Market Trends, Growth Factors and Opportunities
6.8.4 Others: Grographic Segmentation
Chapter 7: Intelligent Electronic Devices Market by Application
7.1 Intelligent Electronic Devices Market Overview Snapshot and Growth Engine
7.2 Intelligent Electronic Devices Market Overview
7.3 Water Supply & Management System
7.3.1 Introduction and Market Overview
7.3.2 Historic and Forecasted Market Size (2017-2032F)
7.3.3 Key Market Trends, Growth Factors and Opportunities
7.3.4 Water Supply & Management System: Grographic Segmentation
7.4 Mass Transit System
7.4.1 Introduction and Market Overview
7.4.2 Historic and Forecasted Market Size (2017-2032F)
7.4.3 Key Market Trends, Growth Factors and Opportunities
7.4.4 Mass Transit System: Grographic Segmentation
7.5 Traction Signalling & Control System
7.5.1 Introduction and Market Overview
7.5.2 Historic and Forecasted Market Size (2017-2032F)
7.5.3 Key Market Trends, Growth Factors and Opportunities
7.5.4 Traction Signalling & Control System: Grographic Segmentation
7.6 Automation & Condition Monitoring
7.6.1 Introduction and Market Overview
7.6.2 Historic and Forecasted Market Size (2017-2032F)
7.6.3 Key Market Trends, Growth Factors and Opportunities
7.6.4 Automation & Condition Monitoring: Grographic Segmentation
Chapter 8: Company Profiles and Competitive Analysis
8.1 Competitive Landscape
8.1.1 Competitive Positioning
8.1.2 Intelligent Electronic Devices Sales and Market Share By Players
8.1.3 Industry BCG Matrix
8.1.4 Ansoff Matrix
8.1.5 Intelligent Electronic Devices Industry Concentration Ratio (CR5 and HHI)
8.1.6 Top 5 Intelligent Electronic Devices Players Market Share
8.1.7 Mergers and Acquisitions
8.1.8 Business Strategies By Top Players
8.2 ABB GROUP
8.2.1 Company Overview
8.2.2 Key Executives
8.2.3 Company Snapshot
8.2.4 Operating Business Segments
8.2.5 Product Portfolio
8.2.6 Business Performance
8.2.7 Key Strategic Moves and Recent Developments
8.2.8 SWOT Analysis
8.3 TOSHIBA CORPORATION
8.4 ROCKWELL AUTOMATION INC.
8.5 SIEMENS CORPORATION
8.6 HONEYWELL INTERNATIONAL INC.
8.7 BERRY PALMER & LYLE LIMITED
8.8 BLACK & VEATCH HOLDING COMPANY
8.9 LEUZE ELECTRONIC CISCO SYSTEMS INC.
8.10 EATON CORPORATION PLC
8.11 LANDIS+GYR
8.12 INFRAX SYSTEMS
8.13 S&C ELECTRIC COMPANY
8.14 SCHNEIDER ELECTRIC SA
8.15 SUBNET SOLUTIONS INC.
8.16 OPEN SYSTEMS INTERNATIONAL INC.
Chapter 9: Global Intelligent Electronic Devices Market Analysis, Insights and Forecast, 2017-2032
9.1 Market Overview
9.2 Historic and Forecasted Market Size By Type
9.2.1 Digital Relay
9.2.2 Protective Relaying Device
9.2.3 Circuit Breaker Controller
9.2.4 Load Tap Changer Controller
9.2.5 Voltage Regulator
9.2.6 Others
9.3 Historic and Forecasted Market Size By Industry Vertical
9.3.1 Food & Beverage
9.3.2 Oil & Gas
9.3.3 Automotive
9.3.4 Pharmaceutical
9.3.5 Chemicals
9.3.6 Others
9.4 Historic and Forecasted Market Size By Application
9.4.1 Water Supply & Management System
9.4.2 Mass Transit System
9.4.3 Traction Signalling & Control System
9.4.4 Automation & Condition Monitoring
Chapter 10: North America Intelligent Electronic Devices Market Analysis, Insights and Forecast, 2017-2032
10.1 Key Market Trends, Growth Factors and Opportunities
10.2 Impact of Covid-19
10.3 Key Players
10.4 Key Market Trends, Growth Factors and Opportunities
10.4 Historic and Forecasted Market Size By Type
10.4.1 Digital Relay
10.4.2 Protective Relaying Device
10.4.3 Circuit Breaker Controller
10.4.4 Load Tap Changer Controller
10.4.5 Voltage Regulator
10.4.6 Others
10.5 Historic and Forecasted Market Size By Industry Vertical
10.5.1 Food & Beverage
10.5.2 Oil & Gas
10.5.3 Automotive
10.5.4 Pharmaceutical
10.5.5 Chemicals
10.5.6 Others
10.6 Historic and Forecasted Market Size By Application
10.6.1 Water Supply & Management System
10.6.2 Mass Transit System
10.6.3 Traction Signalling & Control System
10.6.4 Automation & Condition Monitoring
10.7 Historic and Forecast Market Size by Country
10.7.1 U.S.
10.7.2 Canada
10.7.3 Mexico
Chapter 11: Europe Intelligent Electronic Devices Market Analysis, Insights and Forecast, 2017-2032
11.1 Key Market Trends, Growth Factors and Opportunities
11.2 Impact of Covid-19
11.3 Key Players
11.4 Key Market Trends, Growth Factors and Opportunities
11.4 Historic and Forecasted Market Size By Type
11.4.1 Digital Relay
11.4.2 Protective Relaying Device
11.4.3 Circuit Breaker Controller
11.4.4 Load Tap Changer Controller
11.4.5 Voltage Regulator
11.4.6 Others
11.5 Historic and Forecasted Market Size By Industry Vertical
11.5.1 Food & Beverage
11.5.2 Oil & Gas
11.5.3 Automotive
11.5.4 Pharmaceutical
11.5.5 Chemicals
11.5.6 Others
11.6 Historic and Forecasted Market Size By Application
11.6.1 Water Supply & Management System
11.6.2 Mass Transit System
11.6.3 Traction Signalling & Control System
11.6.4 Automation & Condition Monitoring
11.7 Historic and Forecast Market Size by Country
11.7.1 Germany
11.7.2 U.K.
11.7.3 France
11.7.4 Italy
11.7.5 Russia
11.7.6 Spain
11.7.7 Rest of Europe
Chapter 12: Asia-Pacific Intelligent Electronic Devices Market Analysis, Insights and Forecast, 2017-2032
12.1 Key Market Trends, Growth Factors and Opportunities
12.2 Impact of Covid-19
12.3 Key Players
12.4 Key Market Trends, Growth Factors and Opportunities
12.4 Historic and Forecasted Market Size By Type
12.4.1 Digital Relay
12.4.2 Protective Relaying Device
12.4.3 Circuit Breaker Controller
12.4.4 Load Tap Changer Controller
12.4.5 Voltage Regulator
12.4.6 Others
12.5 Historic and Forecasted Market Size By Industry Vertical
12.5.1 Food & Beverage
12.5.2 Oil & Gas
12.5.3 Automotive
12.5.4 Pharmaceutical
12.5.5 Chemicals
12.5.6 Others
12.6 Historic and Forecasted Market Size By Application
12.6.1 Water Supply & Management System
12.6.2 Mass Transit System
12.6.3 Traction Signalling & Control System
12.6.4 Automation & Condition Monitoring
12.7 Historic and Forecast Market Size by Country
12.7.1 China
12.7.2 India
12.7.3 Japan
12.7.4 Singapore
12.7.5 Australia
12.7.6 New Zealand
12.7.7 Rest of APAC
Chapter 13: Middle East & Africa Intelligent Electronic Devices Market Analysis, Insights and Forecast, 2017-2032
13.1 Key Market Trends, Growth Factors and Opportunities
13.2 Impact of Covid-19
13.3 Key Players
13.4 Key Market Trends, Growth Factors and Opportunities
13.4 Historic and Forecasted Market Size By Type
13.4.1 Digital Relay
13.4.2 Protective Relaying Device
13.4.3 Circuit Breaker Controller
13.4.4 Load Tap Changer Controller
13.4.5 Voltage Regulator
13.4.6 Others
13.5 Historic and Forecasted Market Size By Industry Vertical
13.5.1 Food & Beverage
13.5.2 Oil & Gas
13.5.3 Automotive
13.5.4 Pharmaceutical
13.5.5 Chemicals
13.5.6 Others
13.6 Historic and Forecasted Market Size By Application
13.6.1 Water Supply & Management System
13.6.2 Mass Transit System
13.6.3 Traction Signalling & Control System
13.6.4 Automation & Condition Monitoring
13.7 Historic and Forecast Market Size by Country
13.7.1 Turkey
13.7.2 Saudi Arabia
13.7.3 Iran
13.7.4 UAE
13.7.5 Africa
13.7.6 Rest of MEA
Chapter 14: South America Intelligent Electronic Devices Market Analysis, Insights and Forecast, 2017-2032
14.1 Key Market Trends, Growth Factors and Opportunities
14.2 Impact of Covid-19
14.3 Key Players
14.4 Key Market Trends, Growth Factors and Opportunities
14.4 Historic and Forecasted Market Size By Type
14.4.1 Digital Relay
14.4.2 Protective Relaying Device
14.4.3 Circuit Breaker Controller
14.4.4 Load Tap Changer Controller
14.4.5 Voltage Regulator
14.4.6 Others
14.5 Historic and Forecasted Market Size By Industry Vertical
14.5.1 Food & Beverage
14.5.2 Oil & Gas
14.5.3 Automotive
14.5.4 Pharmaceutical
14.5.5 Chemicals
14.5.6 Others
14.6 Historic and Forecasted Market Size By Application
14.6.1 Water Supply & Management System
14.6.2 Mass Transit System
14.6.3 Traction Signalling & Control System
14.6.4 Automation & Condition Monitoring
14.7 Historic and Forecast Market Size by Country
14.7.1 Brazil
14.7.2 Argentina
14.7.3 Rest of SA
Chapter 15 Investment Analysis
Chapter 16 Analyst Viewpoint and Conclusion
Global Intelligent Electronic Devices Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 14.45 Bn. |
Forecast Period 2023-30 CAGR: |
5.3% |
Market Size in 2032: |
USD 23 Bn. |
Segments Covered: |
By Type |
|
|
By Industry Vertical |
|
||
By Application |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
|
Frequently Asked Questions :
The forecast period in the Intelligent Electronic Devices Market research report is 2024-2032.
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 other major players.
The Intelligent Electronic Devices Market is segmented into Type, Industry Vertical, Application, and region. By Type, the market is categorized into Digital Relay, Protective Relaying Device, Circuit Breaker Controller, Load Tap Changer Controller, Voltage Regulator, and Others. By Industry Vertical the market is categorized into Food & Beverage, Oil & Gas, Automotive, Pharmaceutical, Chemicals, and Others. By Application, the market is categorized into Water Supply & Management systems, Mass Transit systems, Traction Signaling & Control systems, and Automation & Condition Monitoring. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
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.
Intelligent Electronic Devices Market Size Was Valued at USD 14.45 Billion In 2023 And Is Projected to Reach USD 23 Billion By 2032, Growing at A CAGR of 5.3% From 2024-2032.