Protective Relay Market to Grow with a CAGR of 5.19% through 2028
Increasing
demand for electricity and rising investment in renewable energy are likely to
drive the market in the forecast period.
According to
TechSci Research report, “Protective Relay Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Protective Relay Market stood at USD 2.08 billion in 2022 and is
anticipated to grow with a CAGR of 5.19% in the forecast period.
A
significant driver of the global Protective Relay market is the widespread push
for grid modernization. Electrical grids worldwide are aging and grappling with
the challenges of accommodating evolving energy demands, integrating renewable
energy sources, and ensuring reliable power distribution. To address these
issues, governments, utilities, and grid operators are embarking on
comprehensive grid modernization initiatives. Grid modernization involves the
deployment of advanced technologies, including Protective Relays, to enhance
grid reliability, efficiency, and resilience. Protective Relays play a pivotal
role in monitoring and controlling power systems, swiftly detecting
abnormalities and electrical faults, and taking corrective actions to prevent
disruptions. As governments and utilities invest substantial resources in
upgrading electrical infrastructure, there is a growing demand for modern and
intelligent Protective Relays. These relays offer features like real-time
monitoring, fault isolation, and communication capabilities, aligning perfectly
with the goals of grid modernization. Consequently, the Protective Relay market
experiences a surge in growth as it caters to the need for reliable and robust
grid protection solutions.
The
global trend toward electrification, combined with industrial expansion, serves
as another significant driver of the Protective Relay market. Many industries
are transitioning toward electrical power for their operations, driven by
factors such as environmental concerns, energy efficiency, and the
electrification of transportation. Protective Relays play a vital role in
ensuring the safe and uninterrupted supply of electricity to industrial
facilities, commercial buildings, data centers, and manufacturing plants. They
protect equipment from damage, minimize downtime, and maintain electrical
system stability. Moreover, the electrification of transportation, including
the proliferation of electric vehicles (EVs), has resulted in a growing need
for robust grid protection mechanisms. EV charging infrastructure relies on
Protective Relays to manage power flows, prevent overloads, and ensure the
safety of charging stations. As governments incentivize the adoption of
electric vehicles, the expansion of charging infrastructure, and the electrification
of industries, the demand for Protective Relays rises substantially. This
driver highlights the critical role Protective Relays play in supporting the
broader electrification initiatives and industrial growth, making them
indispensable components of the evolving global electrical landscape.
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"Global Protective Relay Market”
The Global Protective
Relay Market is segmented into voltage, application, operating mechanism, end
use and region.
Based on voltage,
The medium segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. The medium segment is currently dominating the global Protective Relay
market for several compelling reasons. Firstly, medium voltage applications,
typically ranging from 1 kV to 69 kV, are prevalent in various industries such
as manufacturing, utilities, and infrastructure. This segment encompasses a
wide range of electrical systems, making protective relays a critical component
to ensure the safe and efficient operation of these systems. Secondly,
advancements in technology have led to the development of sophisticated
protective relay solutions tailored to medium voltage applications. These modern
relays offer enhanced features such as real-time monitoring, fault detection,
and communication capabilities, which are essential for safeguarding medium
voltage networks. As a result, industries are increasingly adopting these
advanced protective relays to improve system reliability and minimize downtime.
Moreover, regulatory requirements and safety standards in many regions mandate
the use of protective relays in medium voltage installations. Compliance with
these regulations has further boosted the demand for protective relays in this
segment.
Based on the operating
mechanism, The Digital
Relays segment had the largest market share in 2022 and is projected to
experience rapid growth during the forecast period. The Digital Relays segment
is currently dominating the global Protective Relay market due to several
compelling factors. Firstly, the rapid advancements in digital technology have
revolutionized the protective relay industry. Digital relays offer superior
performance, precision, and versatility compared to their analog counterparts.
These advantages make them highly desirable for a wide range of applications,
from medium voltage systems to high-voltage substations. Secondly, the
increasing complexity of modern electrical grids and industrial systems
necessitates advanced protection and control capabilities. Digital relays excel
in providing advanced functionalities such as fault detection, communication,
and self-diagnostics, which are essential for ensuring the reliability and
stability of electrical networks. This sophistication aligns well with the
evolving needs of industries and utilities worldwide. Furthermore, digital
relays have proven to be more adaptable and customizable, allowing users to
tailor their protection schemes to specific requirements. This flexibility is
crucial as industries seek to optimize their operations and minimize downtime, making
digital relays the preferred choice for critical applications. In addition, the
digital relays segment benefits from ongoing efforts to improve cybersecurity
in critical infrastructure. These relays often incorporate robust cybersecurity
features, helping to protect against potential cyber threats that can disrupt
power grids and industrial processes.
Major companies
operating in the Global Protective Relay Market are:
- ABB Ltd
- General
Electric Company
- Schneider
Electric SE
- Siemens
AG
- Schweitzer
Engineering Laboratories, Inc.
- Toshiba
Energy Systems & Solutions Corporation
- Hitachi
Energy Ltd.
- Mitsubishi
Electric Corporation
- Rockwell
Automation Inc.
- OMRON
Corporation
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“The Global Protective
Relay market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period. The growth of the protective relay
market is driven by the rising demand for electricity across the globe, the
widespread product adoption across the power utility sector, and rising
popularity of renewable energy sources. The aging infrastructure of the
electrical grid is also a major factor driving the market growth. Additionally,
The Asia Pacific region is expected to be the fastest-growing market during the
forecast period. This is due to the growing demand for electricity in the
region, coupled with the increasing investment in renewable energy projects. Therefore,
the market of Protective Relay is expected to boost in the upcoming years.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Protective Relay Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented
By Voltage (Low, Medium, and High), By Application (Feeder, Transmission Line,
Motor, Transformer, and Generator), By Operating Mechanism (Electromechanical
Relays, Static Relays, and Digital Relays), By End-Use (Industrial, Utilities,
Railways, and Others), By Region, By Competition”, has evaluated
the future growth potential of Global Protective Relay Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Protective Relay Market.
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