CHICAGO, Aug. 5, 2024 /PRNewswire/ -- Protective Relay
Market in terms of revenue was estimated to be worth
$2.8 billion in 2024 and is poised to
reach $3.9 billion by 2030, growing
at a CAGR of 5.7% during the forecast period according to a new
report by MarketsandMarkets™.
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The driving factors for the protective relay market include the
growing demand for electricity, the increasing use of renewable
energy sources, and the need for advanced protection devices in
electrical systems. The global electricity demand is expected to
continue rising, driven by economic growth and urbanization.
Additionally, the shift towards renewable energy sources such as
solar and wind power is creating a significant demand for
protective relays to ensure the safe and efficient operation of
these systems. Furthermore, the development of smart grids and
digital substations is also driving the market, as these systems
require advanced protection relays to manage and protect the
electrical infrastructure effectively.
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Browse in-depth TOC on "Protective Relay
Market"
430 - Tables
62 - Figures
345 -
Pages
Protective Relay Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$2.8 billion
|
Estimated Value by
2029
|
$3.9 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 5.7%
|
Market Size Available
for
|
2019–2030
|
Forecast
Period
|
2024–2030
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Voltage, End-User,
Technology, Application, and Region
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, South America, and the Middle East &
Africa
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Integration of advanced
technologies into grid operations
|
Key Market
Drivers
|
Integration of
renewable energy into existing power grids
|
The transformer segment, by application, is expected to be
the largest market during the forecast period.
The transformer segment is projected to be largest protective
relay market, by application, during the forecast period. In the
protective relay market, applications are segmented into areas such
as generators, transmission lines, busbars, transformers, feeders,
motors, and others. Protective relays are essential in preventing
transformer overloading, a critical condition that can lead to
overheating and potential failure. These relays continuously
monitor the transformer's load conditions, ensuring that it
operates within safe limits. When an overload is detected, the
relays quickly trigger appropriate actions, such as load shedding
or alerting operators, to prevent damage and maintain system
stability. By detecting overloads early and mitigating risks,
protective relays help avoid catastrophic failures, thereby
extending the transformer's lifespan.
The digital & numerical relay segment is expected to be
the fastest protective relay market, by technology, during the
forecast period.
The digital and numerical relay sector is the fastest growing
segment in the protective relay market due to a number of important
considerations. Digital and numerical relays make use of advanced
digital technology that outperforms classic electromechanical
relays in terms of performance, reliability, and accuracy. This
technique enables faster and more detailed analysis of waveforms,
making it ideal for modern electrical systems that require great
precision and reliability.
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Asia Pacific is expected to
dominate the global protective relay market during the forecast
period.
The region is experiencing rapid economic growth, urbanization,
and infrastructure development, leading to a surge in electricity
demand. This has driven investments in new power generation,
transmission, and distribution projects, creating significant
demand for protective relays to ensure the safe and reliable
operation of these systems. Asia
Pacific is also witnessing a rapid expansion of renewable
energy capacity, particularly in countries like China, India,
and Japan. The shift towards
renewable energy sources such as solar and wind power requires
advanced protective relays to manage the dynamic nature of these
systems. Furthermore, governments in the region are actively
implementing smart grid technologies and substation automation
projects, which rely heavily on protective relays to improve power
quality and grid management. The combination of these factors has
made Asia Pacific the largest
market for protective relays, with a significant share of the
global market expected to continue in the coming years.
Key Players
To enable an in-depth understanding of the competitive
landscape, the report includes the profiles of some of the top
players in the protective relay market. These include ABB
(Switzerland), Siemens
(Germany), General Electric
Company (US), Eaton (Ireland), and
Schneider Electric (France). The
leading players are trying to establish themselves in the markets
of developed countries and are adopting various strategies to
increase their respective market shares.
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