Intelligent electronic devices market size worth $22.87bn in 2030
According to the Adroit Market Research, the global intelligent electronic devices market was valued at $12.80 billion in 2021 and by 2030, this market is expected to have grown to $22.87 billion, with a CAGR of 6.81%.
The market for IEDs was being driven by the expanding demand for automation and smart solutions across several industries, including power systems, oil and gas, manufacturing, and transportation. These tools were essential to contemporary industrial automation because they provided improved monitoring, control, and protection capabilities.
More advanced and intelligent IEDs were being created as a result of technological developments in microprocessors, communication protocols, and sensor technologies. These improved the gadgets' performance and functionality, which encouraged more users to embrace them. Many nations were making significant investments in modernising their deteriorating power infrastructure and putting smart grid technologies in place. IEDs were crucial in enhancing grid management, efficiency, and reliability as part of this modernisation process.
To encourage the use of advanced monitoring and control tools like IEDs and to stimulate the use of smart grid systems, governments, and regulatory authorities in various areas have implemented guidelines and standards.
IEDs are advanced electronic devices that are utilised in a variety of applications to carry out certain tasks with a high level of automation and intelligence. These tools are often used in industrial and power systems to keep an eye on, regulate, and safeguard processes and electrical equipment. IEDs can acquire data, interpret information, and carry out activities according to established rules or algorithms since they are outfitted with microprocessors, memory, communication interfaces, and specialised software algorithms. They function as a component of larger control and automation systems, providing real-time processing capabilities and frequently having the capacity to connect with other devices.
IEDs keep an eye on electrical characteristics including current, voltage, and frequency to look for anomalies or system flaws. They then act rapidly to isolate the damaged area in order to stop further damage and guarantee that the remainder of the network will continue to receive electricity. To ensure system stability, voltage regulation, and other operating needs, IEDs may automatically regulate a variety of devices, such as circuit breakers and switches. IEDs continually collect data on a variety of parameters, giving operators access to real-time data regarding the performance and health of the power system. IEDs' high degree of accuracy in measuring electrical quantities makes it possible for accurate invoicing, load monitoring, and energy management.
Advanced monitoring and control systems were needed since renewable energy sources like solar and wind power were being used more and more. IEDs gave us the chance to regulate power fluctuations, distribute energy more effectively, and incorporate renewable energy into existing networks. Governments and utility firms from all over the world were making investments in the creation of smart grids. Building intelligent power distribution networks, guaranteeing grid stability, and enabling demand response programmes all required the use of IEDs. Energy efficiency and demand-side management have received more attention as awareness of energy conservation and sustainability has grown. IEDs provided ways to track and manage energy use in real-time, find ways to save energy, and optimise total energy use.
Electric vehicles (EVs) are being adopted at a higher rate, and the electrification of transportation has created possibilities for IEDs to establish charging infrastructure, control grid load, and optimise charging patterns. Strong cybersecurity solutions were required because of the increased reliance on networked systems and digital communication. IEDs gave businesses the chance to create cutting-edge cybersecurity technologies to safeguard vital infrastructure from online dangers. IEDs created a massive quantity of data, which gave businesses the chance to create advanced analytics solutions. Big data analytics may be used to enhance system performance, maximise operations, and extract useful insights.
Modern monitoring and control systems were necessary because of the global move towards renewable energy sources like solar and wind. IEDs were successfully employed to control the grid's conversion to sporadic renewable energy sources. Industries used IEDs for real-time monitoring and optimisations of their electrical systems to reduce energy waste and enhance overall performance as a result of growing concerns about power quality and energy efficiency. IEDs' integration with IIoT technologies, Industry 4.0 concepts, and seamless data interchange enabled intelligent decision-making that improved the productivity and efficiency of industrial operations.
North America has a substantial market for IEDs, particularly in the US and Canada. The need for intelligent electronic equipment was fuelled by the region's emphasis on grid modernisation, renewable energy integration, and smart grid development. The adoption of smart city projects and a rising focus on energy efficiency also aided industry expansion.