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Intelligent Electronic Devices Market 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 North America (United States, Canada, Mexico), by Europe (Germany, France, Italy, United Kingdom, Spain, Nordics, Benelux, Rest of Europe), by Middle East & Africa (UAE, South Africa, Saudi Arabia, Rest of Middle East Africa), by Asia Pacific (China, Japan, India, South Korea, Taiwan, South East Asia, Australia, Rest of Asia-Pacific), by Latin America (Brazil, Argentina, Rest of South America) Forecast 2024-2032
The size of the Intelligent Electronic Devices market was valued at USD 13.61 USD Billion in 2023 and is projected to reach USD 25.04 USD Billion by 2032, with an expected CAGR of 9.1 % during the forecast period. IED is a sophisticated microprocessor-based device employed in electrical power systems for measuring, protecting, controlling, and automating. These devices collect data from sensors, perform computations on the collected data in real-time, and also perform pre-determined operations to increase the reliability and effectiveness of power systems. Some of the IEDs are protective relays, circuit breaker controllers, remote terminal units (RTUs), and programmable logic controllers(PLCs). Other important characteristics of the system are data handling with the rate of real-time, communication, command, and control system, and diagnostic system. IEDs have multipurpose usage in current prospects including substation automation, smart grid-encompassing energy management systems, and integration of renewable energy sources.
Intelligent Electronic Devices Market Trends
The increasing demand for energy efficiency, reliable power supply, and real-time monitoring is driving the adoption of intelligent electronic devices across various industries. The shift towards digitalization and automation is leading to the integration of intelligent electronic devices in industries such as manufacturing, energy, and transportation.
The intelligent electronic devices market is expected to continue its growth trajectory due to the rising demand for automation, condition monitoring, and smart grid applications. The increasing adoption of digitalization and smart city initiatives is also driving the growth of the market. However, the market growth may be impacted by factors such as high implementation costs, cybersecurity concerns, and the lack of standardization.
Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 9.1 % from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 9.1 % from 2018-2032 |
Segmentation |
|
Note* : In applicable scenarios
Primary Research
Secondary Research
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