The intelligent electronic devices market, which is undergoing the initial stage of development, is witnessing significant technological advancements. Use of these devices for power fault reporting in multiple industrial products such as control circuit breakers, capacitor bank switches, and voltage regulators and the rise in efforts to reduce T&D losses are expected to drive the intelligent electronic devices market during the forecast period. There has been significant rise in the adoption of IEDs over the last few years, due to the wide range of their applications in substation automation such as transmission, distribution, collector converter, and switching in multiple end-use industries. The global market for intelligent electronic devices is estimated to reach value of US$ 19.31 Bn by 2026 from US$ 11.31 Bn in 2017, expanding at a CAGR of 6.2% during the forecast period. Furthermore, increase in use of IEDs in SCADA and applications such as overload control, transformer fault protection, and bus fault protection is driving the global intelligent electronic devices market.
Internet of Things (IoT) is a concept rapidly being adopted across various industries, as IoT helps in major applications such as smart homes, smart grids, and smart cities. If backward flow is considered for Internet of Things, the need for intelligent devices that can produce more accurate and optimal results increases. Intelligent electronic devices is a key component in the implementation of technologies such as IoT, as it helps in automation as well as reduction of faults caused otherwise.
A close study of recent product launches and developments by key participants active in the global intelligent electronic devices market reveals that application segments such as automation and mass transit system are likely to continue to dominate the market throughout the forecast period. Segments such as water supply & management system and traction signaling & control system are expected to witness rise in the demand during the second half of the forecast period. This rise is attributable to further increase in the adoption by consumers and decrease in the average selling price. Rising urbanization and industrialization is a factor driving the demand for intelligent electronic devices in both commercial and non-commercial applications. However, the intelligent electronic devices market faces challenges such as high maintenance associated with IEDs, ever-changing need for dynamicity in several industries, and wider scope for functionalities.
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With growing urbanization and industrialization, the need for distribution systems that function in harsh environments and occupy less space has been rising. IEDs such as PLCs, smart meters, and digital relays are optimal for use in substations. This creates significant potential for growth of the global intelligent electronic devices market.
Attracted by the rapid rate of expansion of the market and underlying latent demand, several players are prompted to invest in the market for intelligent electronic devices in terms of technologies, products, and services. Companies ranging from display panel manufacturers to device manufacturers are striving to strengthen their foothold in the intelligent electronic devices market. Some of the prominent players operating in the intelligent electronic devices market and profiled in the study include: