Intelligent Electronic Devices Market to Grow with a CAGR of 9.19% through 2029
Increasing adoption of smart grid technologies and rising focus towards industrial automation & industry 4.0 are likely to drive the Market in the forecast period.
According to
TechSci Research report, “Intelligent Electronic Devices Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2029”,
the Global Intelligent Electronic Devices Market is experiencing a surge in
demand in the forecast period. The escalating demand for smart grids stands as
a pivotal driver propelling the global Intelligent Electronic Devices (IEDs)
market. Smart grids represent a modernized and interconnected approach to
electricity distribution, incorporating advanced technologies to enhance
efficiency, reliability, and sustainability. IEDs play a central role in this
landscape by providing real-time monitoring, control, and automation
capabilities. As
the global emphasis on sustainable energy solutions intensifies, smart grids
offer a comprehensive solution to optimize the generation, distribution, and
consumption of electricity. IEDs, equipped with sophisticated sensors and
communication modules, enable utilities to collect and analyze data from
various points within the grid. This empowers utilities to respond promptly to
disruptions, minimize transmission and distribution losses, and integrate
renewable energy sources seamlessly. The burgeoning adoption of smart grids,
driven by the pursuit of energy efficiency and environmental sustainability,
fuels the demand for IEDs and positions them as integral components in the
modernization of global power infrastructure.
The
global Intelligent Electronic Devices (IEDs) market is experiencing robust
growth driven by the widespread adoption of industrial automation and the
emergence of Industry 4.0. As industries worldwide undergo a digital
transformation, there is an increasing need for intelligent devices that can
enhance operational efficiency, reduce downtime, and enable real-time
decision-making. IEDs, with their advanced sensing, monitoring, and control
capabilities, play a crucial role in meeting these evolving industrial demands. In
the context of Industry 4.0, which signifies the integration of digital
technologies into industrial processes, IEDs contribute to the creation of
smart and connected manufacturing environments. These devices facilitate data
acquisition and communication across different components of the industrial
ecosystem, enabling seamless coordination and automation. As businesses strive
to stay competitive by embracing smart manufacturing practices, the demand for
IEDs in industrial automation continues to surge. The
deployment of IEDs in Industry 4.0 scenarios extends beyond traditional
manufacturing, encompassing sectors such as logistics, supply chain management,
and predictive maintenance. This pervasive integration of IEDs in industrial
processes reflects a fundamental driver propelling the global market, as
industries recognize the transformative potential of these intelligent devices
in optimizing productivity and fostering innovation.
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The Global Intelligent
Electronic Devices Market is segmented into type, application, industry
vertical and region.
Based on application,
The Automation segment held the largest Market share in 2023. Automation is a
cornerstone for enhancing operational efficiency in various industries. IEDs
contribute to automating tasks and processes, reducing manual intervention, and
streamlining operations. This efficiency gain is particularly crucial in
industries where precision and speed are paramount. In manufacturing
and industrial settings, IEDs play a pivotal role in automating complex
processes. They facilitate real-time monitoring and control of equipment,
ensuring seamless operation and reducing the risk of errors. This is essential
for optimizing production and maintaining consistent product quality. Automation is
integral to the modernization of power grids, and IEDs are key components in
smart grid automation. They enable utilities to remotely monitor, control, and
automate various functions in the electricity distribution network. Automation
in smart grids enhances grid reliability, enables rapid response to faults, and
supports the integration of renewable energy sources.
IEDs enable
remote monitoring and control of critical systems and equipment. This
capability is particularly valuable in industries where assets are distributed
across large areas or are located in challenging environments. Remote
monitoring ensures quick response times to issues and reduces the need for
physical presence at the site. IEDs offer a
high degree of adaptability and customization. This allows industries to tailor
automation solutions to their specific needs. The flexibility of IEDs in terms
of programmability and configuration makes them versatile tools for addressing
diverse automation requirements. The emergence of
Industry 4.0, characterized by the integration of digital technologies into
industrial processes, has further propelled the importance of automation. IEDs
contribute to the realization of Industry 4.0 principles by providing the
intelligence and connectivity required for smart and automated manufacturing
environments. In sectors such
as smart buildings and energy management systems, IEDs support automation for
optimizing energy consumption. They enable the implementation of
energy-efficient strategies, such as demand response and load shedding,
contributing to sustainability goals. Automation,
facilitated by IEDs, reduces reliance on manual labor for routine and
repetitive tasks. This not only improves efficiency but also minimizes the
potential for human error, enhancing overall system reliability.
Major companies
operating in the Global Intelligent Electronic Devices Market are:
- ABB Ltd
- Schneider Electric S.E.
- Siemens AG
- Honeywell International Inc.
- Eaton Corporation plc
- Rockwell Automation Inc.
- General Electric Company
- Cisco Systems Inc.
- NovaTech LLC
- SUBNET Solutions Inc.
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“The Global Intelligent
Electronic Devices Market is expected to rise in the upcoming years and
register a significant CAGR during the forecast period. This growth is
primarily attributed to the increasing demand for IEDs in smart grid
applications, such as substation automation, distribution automation, and
transmission automation. Additionally, the growing adoption of Industry 4.0
principles and the increasing demand for real-time data and analytics are also
contributing to the market growth. Therefore, the Market of Intelligent
Electronic Devices is expected to boost in the upcoming years”, said Mr. Karan
Chechi, Research Director of TechSci Research, a research-based management
consulting firm.
“Intelligent Electronic Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Digital Relay, Voltage Regulator, Protection Relay, Circuit Breaker Controller, Load Tap Changer Controller, Recloser Controller, Capacitor Bank Switch), By Application (Automation, Condition Monitoring, Traction Signalling & Control System), By Industry Vertical (Automotive, Energy & Power, Food & Beverages, Pharmaceutical), By Region, By Competition 2019-2029F”, has evaluated the future growth potential of Global
Intelligent Electronic Devices Market and provides statistics & information
on Market size, structure and future Market growth. The report intends to
provide cutting-edge Market intelligence and help decision-makers make sound
investment decisions., The report also identifies and analyzes the emerging
trends along with essential drivers, challenges, and opportunities in the Global
Intelligent Electronic Devices Market.
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