Intelligent Electronic Devices Market to 2035 - Scope and Research Methodology

 

Intelligent Electronic Devices Market Size was valued at USD 9.704 Billion in 2023. The Intelligent Electronic Devices industry is projected to grow from USD 10.581 Billion in 2024 to USD 19.393 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.87% during the forecast period (2024 - 2032). The increased need for substation automation solutions in renewable energy projects and the growing need for retrofitting conventional substations are the key market drivers enhancing the market growth.

The market for intelligent electronic devices is greatly influenced by the growing need for smart grids. The increasing need for intelligent electronics in the smart grid sector is evident in the increasing number of projects undertaken.

Recent Development

•            In August 2023, STMicroelectronics has launched new products named 45W and 150W MasterGaN Devices. The devices are designed for High-Efficiency Power Conversion. Hence, making it applicable across the industry verticals.

•            In February 2019: Leuze Electronics has launched new smart core cables for industry 4.0 applications. The products are enabled with predictive maintenance. The launch is expected to drive the market share the company in the foreseen period.

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