This 7824 IC is a 24 Voltage Regulator that restricts the output voltage to 24V output for various range of input voltages. So as the name suggests, the voltage regulator is a circuit that is used to regulate (fix) the voltage fluctuations in the input and therefore, makes the circuitry safer. LM7824 is an extremely popular and easy to use linear voltage regulator for generating a regulated 24V. It is a easy and simple to use voltage regulator with no external circuitry or components needed for voltage regulation (except for a few smoothing capacitors). It can provide around 500 mA of current without an heatsink and upto 2 A with an heat sink.
Note:This regulator has a ~2V linear drop-out. That means you must give it at least 26V to get a clean 24V out.