Summary

The Protective Relay Market is expected to grow at a steady rate of around 6% owing to the rising renewable energy additions and the growing need for the replacement of old electromechanical and static relays with numeric relays. A protective relay is a switchgear component that detects a fault and initiates the circuit breaker's operation to isolate the damaged component from the system as a whole. They are minimal and independent gadgets that can recognize unusual circumstances. Defensive transfers identify unusual circumstances in the electrical circuits by continually estimating the electrical amounts which are different under ordinary and issue conditions. After the fault has been detected, the relay activates to close the breaker's trip circuit. As a result, the faulty circuit is disconnected, and the breaker is opened. Moreover, growing investment in electricity grids and infrastructure projects, the increasing adoption of renewable energy, and growing energy usage are some of the most prominent factors driving the growth of the market. For instance, according to Energy Information Administration, between 2018 and 2050, the world's energy consumption will rise by nearly 50%. The majority of this growth comes from nations that are not members of the Organization for Economic Cooperation and Development (OECD), and it is concentrated in Asia, where strong economic growth is driving demand.

Some of the major players operating in the market include ABB; General Electric; Schneider Electric; Siemens; Schweitzer Engineering Laboratories, Inc.; Toshiba Energy Systems & Solutions Corporation; Hitachi Energy Ltd.; Mitsubishi Electric Corporation; Rockwell Automation; and OMRON Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst voltage, the medium voltage is expected to grow at a substantial CAGR during the forecast period”
Based on voltage, the market is segmented into low, medium, and high. The medium segment is expected to grow at a prominent CAGR during the forecasted period owing to the rising electricity demand for energy in the residential sector. Moreover, The increased adoption of solar energy and wind energy also supports the growth of the market, and the rural electrification being carried out in various countries with green energy targets will also help the global protective relay market to grow.

“Amongst application, the transmission line segment held the significant share of the market in 2021”
On the basis of application, the market is categorized into transmission line, transformer, motor, generator, and others. Among these, the transmission line segment catered to a significant share of the market in 2021 and is expected to grow at a robust CAGR during the forecast period. The growth of this segment can be attributed to the factors such as growing demand for energy, advancements in technology, and an increasing focus on grid modernization.

“Asia-Pacific to lead the growth”
Asia-Pacific catered to a significant share of the global protective relay market in 2021. One of the primary drivers is the increasing demand for electricity in the region, driven by population growth, urbanization, and industrialization. As the demand for electricity grows, power systems become more complex, and the need for reliable protection systems becomes increasingly important. Moreover, the Asia Pacific region is experiencing rapid economic growth, leading to increased investment in infrastructure projects such as power plants, transmission lines, and distribution networks. These large-scale projects require advanced protection systems to ensure reliable and safe operation.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global protective relay market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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