|Intelligent Electronic Device Market Size Analysis, Industry Outlook, & Region Forecast, 2023-2032
Increasing use of IEDs in the power sector, particularly in emerging nations, to increase grid stability, improve power quality, and shorten outage times is a major factor driving market revenue growth. Different industries, including Oil & Gas (O&G), mining, and transportation, are becoming more dependent on automation and digitization, to optimize operations and cut costs, which is rising demand for IEDs.
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In addition, increasing emphasis on Renewable Energy sources, such as wind and solar, is also expected to drive revenue growth of the market during the forecast period. IEDs support stability and dependability of power grid by assisting in management of intricate energy flows produced by renewable energy sources. Demand for IEDs to enable real-time monitoring and management of various devices and systems is rising by developing trend of Smart Cities and smart homes. IEDs’ integration with Cloud Computing and Internet of Things (IoT) technologies is increasing since it makes possible to remotely monitor and operate devices and analyze real-time data.
Moreover, rising need for improved cybersecurity measures in numerous industries is another factor driving market revenue growth. It is becoming more common to use IEDs with secure communication protocols, such as IEC 61850, to fend against cyberattacks and guarantee security and dependability of vital infrastructure.
However, high cost of IEDs, lack of standardization and interoperability, and difficulty of integrating IEDs with existing infrastructure are major factors, which could restrain market revenue growth. In addition, lack of qualified personnel who are competent to manage and maintain IEDs is another factor, which could restrain market revenue growth.
General Electric Company
Schneider Electric SE
Eaton Corporation PLC
Honeywell International Inc.
Schweitzer Engineering Laboratories, Inc.
Cisco Systems, Inc.
Schweitzer Engineering Laboratories, Inc.
The global market is further segmented into type and application:
By Type Outlook
By Application Outlook
Transmission & Distribution
Oil & Gas (O&G)
Manufacturing & Processing
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
Latin America (Brazil, Rest of LATAM)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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