Intelligent Electronic Devices Market Size, Share, Growth Analysis, By Type(On-Load Tap Changer Controller, Circuit Breaker Controller, Capacitor Bank Switch, Reclose Controller), By Application(Mass Transit System, Traction Signaling & Control System, Water Supply & Management System, Automation), By Industry Vertical(Oil & Gas, Food & Beverage, Automotive, Energy & Power), By Region - 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).

An intelligent electronic device (IED) is used in industrial control systems (ICS) to automate power systems. The instrument comes with software for testing, commissioning, and performing fault analysis and real-time synchronization of event reporting. The device monitors its own circuits and those of external devices, gathers advanced local control intelligence, and provides remote, local, and substation data acquisition for use in network analysis. The application of graphene in a variety of industries has led to its widespread use. These industries include automotive, energy and power, oil; gas, chemicals; petrochemicals, healthcare, food and beverage (F&B), and water and wastewater treatment. Intelligent electronic devices are helpful in identifying and engaging high-potential talent to drive business performance and profitability.

Governments of several countries are implementing smart meters in households in order to positively influence demand for IEDs. The development of electronic technologies has allowed for the development of more compact and intelligent devices. Smart devices communicate between the components attached to the body, such as data spectacles, headphones, microphones, or sensors, by wireless connection between the individual components. They perform self-diagnosis by monitoring internal signals for evidence of faults. As progress in innovation continues, many intelligent medical devices have been developed that can automatically predict serious health issues even before the patient begins to feel sick.

Another application of intelligent devices is the smart card known as a wireless identity module. It is similar to the subscriber identity module. The SIM card is used in many GSM cellular phones. The smart card by Method for encryption and digital signature ensures the maximum security for web-based business exchanges by verifying the required gatherings.

US Intelligent Electronic Devices Market is poised to grow at a sustainable CAGR for the next forecast year.