According to Adroit Market Research, the global intelligent electronic devices (IEDs) market was valued at USD 12.80 billion in 2021 and is projected to reach USD 22.87 billion by 2030, with a compound annual growth rate (CAGR) of 6.81%. The increasing demand for automation and smart solutions across industries such as power systems, oil and gas, manufacturing, and transportation is driving the growth of this market.
IEDs are advanced electronic devices that are employed in various applications to carry out tasks with a high level of automation and intelligence. Equipped with microprocessors, memory, communication interfaces, and specialized software algorithms, these devices can acquire data, interpret information, and carry out activities based on established rules or algorithms. They play a crucial role in monitoring, regulating, and protecting processes and electrical equipment in industrial and power systems.
One of the driving factors behind the development of more advanced and intelligent IEDs is the continuous technological advancements in microprocessors, communication protocols, and sensor technologies. These advancements have improved the performance and functionality of the devices, leading to increased adoption. Additionally, many countries are investing in the modernization of their power infrastructure and implementing smart grid technologies, where IEDs play a vital role in enhancing grid management, efficiency, and reliability.
Governments and regulatory authorities have also implemented guidelines and standards to promote the use of advanced monitoring and control tools like IEDs and stimulate the adoption of smart grid systems. This further contributes to the market growth.
IEDs monitor electrical characteristics such as current, voltage, and frequency to detect anomalies or system flaws. They can quickly isolate damaged areas to prevent further damage and ensure the continuity of electricity supply. These devices also regulate various devices, such as circuit breakers and switches, to maintain system stability and meet operating needs. By continuously collecting data on various parameters, IEDs provide real-time information on the performance and health of the power system.
With the increasing use of renewable energy sources like solar and wind power, advanced monitoring and control systems are crucial. IEDs help regulate power fluctuations, distribute energy more effectively, and integrate renewable energy into existing networks. Furthermore, the emergence of electric vehicles (EVs) has created opportunities for IEDs to establish charging infrastructure, control grid load, and optimize charging patterns.
In addition to their applications in energy and power systems, IEDs are also being used in industries to monitor and optimize electrical systems, reduce energy waste, and improve performance. The integration of IEDs with Industrial Internet of Things (IIoT) technologies and Industry 4.0 concepts enables intelligent decision-making that enhances productivity and efficiency in industrial operations.
The North American market, particularly the United States and Canada, has a significant demand for IEDs due to grid modernization efforts, renewable energy integration, smart city projects, and a focus on energy efficiency.
Overall, the global market for intelligent electronic devices is experiencing steady growth thanks to the increasing demand for automation, technological advancements, government initiatives, and the need to optimize energy systems in a rapidly evolving world.
– Adroit Market Research