Global Protective Relay Market
The Protective Relay Market, according to the analysis by Market Research Future (MRFR), is estimated to reach a substantial market valuation of USD 5.20 billion by 2024, at a moderate CAGR of 7.10% from 2019 to 2024. According to Market Research Future (MRFR)’s analysis, the global protective relay market has been projected to expand at a healthy CAGR of 6% during the forecast. The report also revealed that the market is anticipated to scale a decent valuation towards the end of 2027. The rising complexities in the architecture of switchgear have intensified the need for protective relays for the detection of faults and operational efficiency. Protective relays facilitate the detection and rectification of defects such as high voltage, low voltage, etc. Thus, the growing demand for protection against major accidents is likely to dictate the growth trajectory of the protective relay market in the forthcoming years.
Drivers and Restraints
The growth of a protective relay market may be accredited to the cause of an upsurge in Asia Pacific power & infrastructure projects coupled with increased investments in T&D networks worldwide. Increasing investment in distribution and transmission networks, growing knowledge of safety requirements within the power industry, has been the key factor for many years in boosting the global protective relays sector. Extreme demand for protective relays to transmission lines for shelter power will largely drive growth in the global protection relay market during the forecast period. Growing investments in transmission and distribution infrastructure are also one of the key drivers for a defensive relay market to develop.
At the same time, the factor of increasing demand for electricity, the rising market for smart controllers and rising demand for electronic devices are noteworthy opportunities that could be witnessed in the forecast period in the global safety relays sector. MRFR also shows that increasing industrialization and escalating the global population are both raising electricity demand similarly. In addition, due to their usage in power generation processes, the movement towards a sustainable renewable energy sector is also likely to uplift the global protective relay market considerably over time.
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Segmental Analysis
The global market for Protective Relay has been segmented based on the type, voltage, end-user, and region. Based on type, the protective relay market is segmented into the transmission line, feeder, motor, generator, transformer, and others. The Feeder segment is expected to lead the market and has the largest market share, majorly due to the rising transmission & distribution network across the globe, which would result in a steady increase in the number of substations, which would fuel the demand for feeder protection relays. Asia-Pacific currently houses the most significant amount of transmission & distribution expansion projects. The global Protective Relay market is segmented based on end-user, into industrial, utility, renewables, and marine. The Utility segment of the global Protective Relay market is estimated to register the highest growth rate during the forecast period.
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Regional Analysis
The regional analysis of the global protective relay market is conducted into Asia Pacific, North America, Europe, and the rest of the world.
The North American market for protective relay systems is one of the major regional markets across the globe and accounts for a significant share in the protective relays market over the review period. This is attributed to the presence of developed countries such as the US and Canada are undergoing retrofitting and revamping of current grid infrastructure. the US government is taking measures to curb the carbon footprint and impact on the environment. thus it is slated to reduce its greenhouse gas emission, which would increase the demand for protective relays in the power industry in North America. Europe is also assessed as one of the major regions of the global protective relay market and is slated to witness substantial growth over the assessment period.
The Asia-Pacific is estimated to be the largest and the fastest-growing market for protective relays over the assessment period. Market growth in Asia Pacific region is majorly driven by the number of transmission & distribution line upgradations and developments in Southeast Asia. The government authorities are investing heavily in reducing the carbon footprint and emission rate in the region, created by the increasing urbanization and industrialization in developing countries such as India, China, Japan, South Korea, among others.
Competitive Analysis
The major market players operating in the global protective relay market identified by MRFR are General Electric (US), ABB (Switzerland), Schneider Electric (France), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (US), Basler Electric (US), Fanox Electronics (Spain), Littlefuse Inc. (US), Siemens (Germany), and Schweitzer Engineering Laboratories,
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