As per the latest published report, the size of the global market for Intelligent Electronic Devices is expected to reach USD 17.31 billion in 2019 and predicted to grow at a CAGR of 6.2% over the forecast period of 2021 - 2026.
The Intelligent Electronic Device (IED) is the term used to describe microprocessor-based controllers of power system equipment like circuit breakers, transformers and capacitor banks, in the electric power industry. The Intelligent Electronic Device can control commands by receiving the data from sensors and power equipment, such as tripping surface breakers if there are any anomalies in voltage, current or frequency, or fluctuations in voltages to maintain the desired level. Conventional IEDs include protective relaying devices, on-load tap charger controllers, circuit breaker controllers, capacitor bank switches, recloser controllers, voltage regulators, etc., The principles of these testers are generally controlled by a setting file and testing it is the most time-consuming role of protection tester.
The growth of this market is attributed to the growing number of smart grid initiatives across the globe that are driving to the implementation of a large number of intelligent electronic devices (IEDs). An increase in the Internet of Things (IoT) across various industries to aid multiple appliances such as smartphones and smart cities is the key factor boosting the Global Intelligent Electronic Device Market. In addition, the adoption of these devices in commercial and non-commercial applications across the globe is also a factor promoting the growth of intelligent electronic devices globally.
Growth Drivers
The significant factors that are contributing to the growth of intelligent electronic devices market are modernization and advancements of technology. Upgraded digital substations help in producing high efficiency with very less workforce required. Over the forecast period, the market is going to witness high investments and low T&D losses due to rise in demand and usage of these devices for voltage regulators, control circuit breakers, capacitor bank switches, smart electronic products, bus fault protection, overload control, IELs in SCADA and implementation of substation automation to apply transmission, collector converter, switching, distribution in the industries.
Major Challenges
There are specific challenges that are limiting the expansion of intelligent electronic devices markets like large amounts of capital for substations and IEDs, high maintenance costs, rise in incidents of cybercrime and need to upgrade quite frequently.
Growth Opportunities
Increased number of IoT applications like smart cities, homes, and grids and other industries has led to a rise in the number of possibilities. The rise in demand for smart devices which can produce optimal and highly accurate results is also a potential opportunity for market growth. Intelligent electronic devices play a crucial role in the application of IoT technology, like in reducing faults and implementing automation. Ability to function in extreme environmental conditions of the distribution system, optimal use of apps like smart meters, digital relays, and PLCs, which are high in demand, are also escalating growth opportunities for intelligent electronic devices market.
Recent Developments in the Industry:
REPORT COVERAGE
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REPORT METRICS |
DETAILS |
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Market Size Available |
2018 – 2024 |
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Base Year |
2018 |
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Forecast Period |
2019 - 2024 |
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Segments Covered |
By Type, Application, Vertical & Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities. |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa. |
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Market Leaders Profiled |
ABB Ltd. (Switzerland), Schneider Electric (France), Siemens AG (Germany), Cisco Systems, Inc. (United States), General Electric (United States), Eaton Corporation Plc (Ireland), Honeywell International, Inc. (United States), Schweitzer Engineering Laboratories, Inc. (United States), NovaTech LLC (United States) and Crompton Greaves (India). |
This research report on the Global Intelligent Electronic Devices Market has been segmented and sub-segmented into the following categories and analyzed market size & forecast for each segment until 2024.
Intelligent Electronic Devices Market Analysis - By Type
Intelligent Electronic Devices Market Analysis - By Application
On the basis of Application, the automation segment is leading by contributing a significant share to the intelligent electronics market owing to an increase in demand for automated devices in various fields like the retail market, military, defense, aerospace, healthcare, advanced infrastructure, and home appliances. This segment is likely to continue growing with a notable rise in the percentage of CAGR. The mass transit system market is growing on par with automation, and it is expected to continue the trend with a substantial increase of CAGR. The water supply and management segment are likely to boost the market over the forecast period.
Intelligent Electronic Devices Market Analysis - By Vertical
On the basis of Vertical, the oil and gas section is ruling the market with prominent share, and this segment is exhibiting the trend to expand its share in the forecast period. In contrast, the automotive sector is consistently displaying growth at a brisk pace. It is likely to emerge as a significant contributor to the growth of the intelligent electronic devices market.
Intelligent Electronic Devices Market Analysis – By Region
This Intelligent Electronic Devices Market Report includes the segmentation of Regions with respective Countries.
North America Intelligent Electronic Devices Market includes U.S, Canada
Europe Intelligent Electronic Devices Market includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe
Asia Pacific Intelligent Electronic Devices Market includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC
Latin America Intelligent Electronic Devices Market includes Brazil, Mexico, Argentina, Chile & Rest of LATAM
Middle East & Africa Intelligent Electronic Devices Market includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA
Geographically, the market is partitioned into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America is contributing the highest share to the intelligent electronics market owing to inclined demand for automation in the solar industry and growing investments in E-Energy projects. In response to increased government initiatives power and energy fields and a rise in the number of solar and other replenishing enabled energy projects, there is substantial and high potential growth in the Asia Pacific and Europe markets.
Top Companies Profiled in the Intelligent Electronic Devices Market according to the country of origin, presence in the different areas, recent key developments, product diversification, & industry experience:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemiology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Introduction
5.1.2 protective relay device
5.1.3 on-load tap-changer controller
5.1.4 Others
5.1.5 Y-o-Y Growth Analysis, By Type
5.1.6 Market Attractiveness Analysis, By Type
5.1.7 Market Share Analysis, By Type
5.2 Application
5.2.1 Introduction
5.2.2 public transport system
5.2.3 traction and signaling control system
5.2.4 Others
5.2.5 Y-o-Y Growth Analysis, By Application
5.2.6 Market Attractiveness Analysis, By Application
5.3 Vertically
5.3.1 Introduction
5.3.2 oil and gas
5.3.3 food and beverages
5.3.4 Others
5.3.5 Y-o-Y Growth Analysis, By Vertically
5.3.6 Market Attractiveness Analysis, By Vertically
5.3.7 Market Share Analysis, By Vertically
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.3.3 By Application
6.1.3.4 By Vertically
6.1.3.5 By Indication
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Application
6.1.4.4 By Vertically
6.1.4.5 By Indication
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Application
6.1.5.4 By Vertically
6.1.5.5 By Indication
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Athersys
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 ABB Ltd
8.3 Schneider Electric
8.4 Siemens AG
8.5 Cisco Systems, Inc
8.6 General Electric
8.7 Honeywell International , Inc
8.8 Eaton Corporation Plc
8.9 Schweitzer Engineering Laboratories, Inc
8.10 NovaTech LLC
8.11 Crompton Greaves
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
