The smart electronic devices market is expected to reach

A recent industry analysis by Fact.MR, a market research and competitive intelligence provider, shows that the global intelligent electronic devices (IED) market will reach $25 billion by 2033, at a compound annual growth rate (CAGR) of 5 .2% from 2023–2033.

In the power industry, intelligent electronic devices are microprocessor controllers used in power system devices. These devices monitor and detect current, voltage or frequency anomalies and respond to control commands such as tripping circuit breakers or regulating voltage levels to maintain system stability.

Download a free trial copy of this report – https://www.factmr.com/connectus/sample?flag=S&rep_id=8377

Intelligent electronic devices (IEDs) typically provide 5-12 protection functions and 5-8 control functions for communication, self-control, and management of independent devices. These capabilities make them aptly called intelligent electronic devices. Modern IEDs are often designed to meet the IEC61850 substation automation standard, providing interoperability and enhanced communication features.

Around the world, many countries are seeking to increase energy production to meet the demands of increasing urbanization and industrialization. This has led to a significant increase in the number of substations used to distribute power to remote areas. Substations are necessary for scaling voltage or current in transmitting electricity over long distances. Moreover, the use of smart electronic devices has increased in recent years due to their wide applications in substation automation including collector converter, distribution, transmission and switching in various end-user sectors.

One of the key factors in the growth of the global market is the increasing automation of industrial processes. Additionally, the market is largely driven by the critical need to reduce transmission and distribution (T&D) losses and the increasing frequency of outages and fluctuations in power lines. Moreover, the significant development of substation automation in solar power systems, along with the high demand for renewable energy sources, is driving the market growth. Moreover, governments around the world are focusing on installing smart meters in households, increasing demand for smart electronic devices that facilitate energy automation with minimal capital investment and human intervention.

Key conclusions from market research
• The global market for smart electronic devices in 2023 was $15 billion.
• Global demand for smart electronic devices is expected to evolve at a CAGR of 5.2% during 2023–2033.
• It is estimated that by 2033 the value of the global market will reach USD 25 billion.
• The Asia-Pacific region had 36% of the global market share in 2022.
• The digital relay segment is expected to grow significantly during the forecast period.

“The increasing demand for smart electronic devices across many industries as these devices are used to detect power faults, control high-voltage transformers and manage overloads is driving market expansion. Additionally, the increased acceptance of smart electronic devices due to their wide range of applications in substation automation, such as transmission, distribution and others, support market expansion,” says the Fact.MR analyst.

Regional analysis
The Asia-Pacific region is a leader in the global smart electronic devices market. Japan and South Korea are driving market growth in the Asia-Pacific region due to the increasing adoption of smart electronic devices. Moreover, North America and Europe are expected to follow the Asia-Pacific region in terms of development.

Profiling of key companies
• ABB Group
• Schneider Electric SA
• Berry Palmer & Lyle Limited
• Siemens Corporation
• Black & Veatch Holding Company
• Cisco Systems, Inc
• Honeywell International, Inc
• Eaton Corporation PLC

Competitive environment
The global IED market is extremely fragmented due to the presence of many established international suppliers. Key market players are actively using tactics such as acquisitions, collaborations, technological breakthroughs, investments and R&D activities to expand their presence globally. Moreover, many startups are focusing on new solutions to gain market presence.

• In September 2021, Toshiba Electronic Devices & Storage Corporation developed a model-driven development (MBD) simulation method that reduces automotive semiconductor testing periods by approximately 90%. This technique enables automotive OEMs to quickly evaluate designs using Toshiba automotive semiconductors, thereby reducing development times.
• STMicroelectronics (Switzerland) released new 150W and 45W MasterGaN devices for high-efficiency power conversion in August 2021.
• ON Semiconductor announced new all-silicon carbide MOSFET module solutions for electric vehicle charging in June 2021, including 2-PACK 1200V SiC MOSFET modules.

Key research segments of the smart electronic devices industry
• By product type:
o Relay protection devices
o On-load tap-changer control
o Circuit breaker controllers
o Capacitor bank switches
o Close the controllers again
o Voltage regulators
o Digital relays
o Others

• By application:
o Public transport systems
o Signaling and traction control systems
o Water supply and management systems
o Automation
o Condition monitoring

• By end user:
o Oil and gas
o Food and beverages
o Automotive
o Energy and power
o Healthcare and pharmaceuticals
o Chemicals
o Others

• By region:
o North America
o Latin America
Europe
o Asia Pacific and China
o Middle East and Africa

Read more: https://www.factmr.com/report/intelligent-electronic-devices-market

Contact:
US sales office:
11140 Pike in Rockville
Apartment 400
Rockville, Maryland, 20852
United States
Tel: +1 (628) 251-1583
Email: [email protected]

About Fact.MR
We are a trusted research partner of 80% of Fortune 1000 companies worldwide. We consistently develop in the field of market research, publishing over 1,000 reports every year. A dedicated team of over 400 analysts and consultants makes every effort to achieve the highest level of customer satisfaction.

This release was published on openPR.