IMARC Group’s report titled “Intelligent Electronic Devices Market Report by Type (Digital Relay, Voltage Regulator, Protection Relay, Circuit Breaker, Load Tap Changer, Recloser Controller, Capacitor Bank Switch, and Others), End Use Industry (Automotive, Healthcare, Oil and Gas, Petrochemical, Chemical, Food and Beverages, Energy and Power, Waste and Wastewater Treatment, and Others), and Region 2024-2032”, The global intelligent electronic devices market size reached US$ 12.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2032, exhibiting a growth rate (CAGR) of 8% during 2024-2032.
Factors Affecting the Growth of the Intelligent Electronic Devices Industry:
- Smart Home Growth:
Smart home devices are becoming very popular as people want easier, safer, and more efficient living. Devices like smart thermostats, lights, cameras, and home assistants connect homes and make them smarter. With IoT technology, users can control these devices through their phones or voice. More people are choosing smart homes, and companies are creating new products to meet the demand.
- Wearable Technology Advancing:
Wearables like smartwatches and fitness trackers are improving quickly. These devices help track health, like heart rate, sleep, and activity, making it easier to stay healthy. New features like blood oxygen and ECG tracking are also available. As people focus more on health and telehealth services grow, wearables are becoming even more popular.
- Industrial Automation Rising:
Industries are using smart devices to work faster and save money. Smart sensors monitor machines and help make better decisions using data. Automation helps businesses stay competitive and efficient. The demand for these devices is growing as industries modernize.
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Leading Companies Operating in the Global Intelligent Electronic Devices Industry:
- ABB Ltd.
- Black & Veatch Corporation
- Cisco Systems Inc.
- CG Power
- Industrial Solutions Limited (Avantha Group)
- Eaton Corporation Inc.
- Honeywell International Inc.
- Landis Gyr Inc.
- Open Systems International Inc.
- Rockwell Automation Inc.
- S & C Electric Company
- Schneider Electric S.E.
- Siemens Aktiengesellschaft
- Toshiba Corporation
- Trilliant Networks Inc.
Intelligent Electronic Devices Market Report Segmentation:
Breakup by Type:
- Digital Relay
- Voltage Regulator
- Protection Relay
- Circuit Breaker
- Load Tap Changer
- Recloser Controller
- Capacitor Bank Switch
- Others
Breakup by End Use Industry:
- Automotive
- Healthcare
- Oil and Gas
- Petrochemical
- Chemical
- Food and Beverages
- Energy and Power
- Waste and Wastewater Treatment
- Others
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Intelligent Electronic Devices Market Trends:
In 2024, the intelligent electronic devices market is set to evolve significantly with several key trends. One major focus will be on better device integration, allowing smart devices to connect seamlessly across platforms for a smoother and more unified user experience. Improved privacy and security will also take center stage as manufacturers prioritize protecting user data with advanced measures to address growing concerns about cyber threats. Sustainability will drive the development of energy-efficient devices made from eco-friendly materials, catering to environmentally conscious consumers. Wearable technology will see enhancements with advanced health-focused features such as improved heart monitoring, sleep tracking, and stress management tools, making them more valuable for health-conscious users.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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