Intelligent Electronic Devices Market Size, Share, Growth Analysis, By Type(On-Load Tap Changer Controller, Circuit Breaker Controller), By Application(Mass Transit System, Traction Signaling & Control System), By Industry Vertical(Oil & Gas, Food & Beverage) - Industry Forecast 2024-2031

Intelligent Electronic Devices Market size was valued at USD 13.61 billion in 2022 and is poised to grow from USD 14.85 billion in 2023 to USD 29.08 billion by 2031, at a CAGR of 9.1% during the forecast period (2024-2031).

Competition in the intelligent electronic device market is moderate. There are indications that a new group of key players will enter the market during the forecast period. There are new products and services in the marketplace. The key player’s strategies are to acquire, partner with others, expand and collaborate. 'ABB Ltd.', 'Advanced Control Systems, Inc.', 'Basler Electric Company', 'Beckwith Electric Co., Inc.', 'Eaton Corporation', 'Echelon Corporation', 'Emerson Electric Co.', 'General Electric Company', 'Honeywell International Inc.', 'Itron Inc.', 'L&T Electrical & Automation', 'Mitsubishi Electric Corporation', 'NovaTech LLC', 'Rockwell Automation Inc.', 'Schneider Electric SE', 'Schweitzer Engineering Laboratories, Inc.', 'Siemens AG', 'Toshiba Corporation', 'Trilliant Holdings, Inc.', 'Yokogawa Electric Corporation', 'Leading manufacturer in the sector, Toshiba Electronic Devices & Storage Corporation, introduced two intelligent power devices, TPD2015FN and TPD2017FN, in February 2023. These devices have the ability to regulate the drive of inductive loads, such as motors and lamps.', 'On 28 Apr 2022, ET reported that Apple’s contract manufacturers are expected to make iPhones worth ₹47,000 crores in India this fiscal year, the second year of the production-linked incentives (PLI) scheme in April. This will be almost five times the ₹10,000 crores worth of iPhones made in the country in FY22 by Foxconn and Wistron.', 'On 17 Mar 2022, Imagine Marketing, Boat’s parent company, which filed its draft red herring prospectus with market regulator Securities and Exchange Board of India in January this year to raise Rs 2,000 crore from the public markets, is awaiting approval from the regulator.'

The rising demand for smart grids is a crucial driver of the intelligent electronic devices market. The increasing need for intelligent electronics in the smart grid sector is evident in the increasing number of projects being undertaken. The need for smart grids is especially high in industries, where they can help improve efficiency and safety. Industries play an important role in facilitating high levels of entry into consumption activities. Smart grids are becoming more important as our need for energy grows. The intelligent electronics market will continue to grow in popularity due to its many benefits.

The automation of industrial processes is one of the key factors driving the IEDs market growth. The increasing need to reduce power distribution (T&D) losses and the increasing instances of power line fluctuations are driving the market. The increasing trend of substation automation in solar power systems is helping to drive market growth. In addition, the escalating demand for renewable energy sources is contributing to this trend. Governments are increasingly focusing on installing smart meters in every household, which is leading to increased demand for IEDs. This is because smart meters allow for power automation with optimal capital assets and minimal human intervention.

North America is a leading region with a high number of shares.  There is high scope for the growth and expansion of intelligent devices in this market. Further, the high adoption of technology will boost intelligent electronic devices market growth. The performance of key players will create high opportunities in the intelligent electronic devices market.