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. A detailed analysis report of COVID-19 impact on Protective Relay Market is provided with the report.
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. An upsurge in energy consumption has been witnessed in recent years. The global population explosion is expected to further fuel demand for energy which is poised to aid the expansion of the protective relay market. In addition, the shift towards the adoption of renewable energy is also projected to augment the market over the next couple of years.
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Drivers and Restraints
Global Protective Relay market is expected to witness considerable growth during the forecast period owing to the expansion of the T&D network, renewable energy demand, and an increase in global industrialization. Growing investment in transmission and distribution infrastructure is one of the major drivers for the growth of the protective relay market. The global Protective Relay market is touted to grow at a high rate during the review period, mainly owing to the growing renewable industry and increasing industrialization, which would lead to a surge in the protective relay demand. Furthermore, initiatives to reduce the carbon footprint would drive the need for efficient transmission components in the coming years.
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.
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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