Dublin, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The "Protective Relay Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global protective relay market reached a value of US$ 3.1 billion in 2022, and it is expected to grow to US$ 3.9 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 3.9% during the period of 2023-2028. Several factors are contributing to the growth of this market.
Key Drivers:
- Rising Demand for Electricity: Increasing demand for electricity worldwide is a major driver of the protective relay market. As populations grow and economies develop, the need for reliable power generation and distribution systems escalates.
- Widespread Adoption in the Power Utility Sector: Protective relays are widely adopted in the power utility sector to ensure the safe and reliable operation of electrical systems, which is a key factor driving market growth.
- Renewable Energy Sources: The popularity of renewable energy sources such as wind, solar, and hydropower has surged, and these sources require sophisticated control systems to ensure grid stability, further contributing to the demand for protective relays.
- Aging Infrastructure: The aging electrical grid infrastructure necessitates the use of protective relays to detect faults and isolate faulty sections of the grid, making the market increasingly important.
- Government Regulations: Governments worldwide are implementing regulations and standards that require the use of protective relays in power transmission and distribution systems, positively affecting market demand.
- Integration of Advanced Technologies: The integration of advanced sensors, communication networks, and data analytics for real-time fault detection and response is further boosting the protective relay market.
Market Segmentation:
- Voltage: The market is segmented by voltage into high, medium, and low voltage. Medium voltage accounted for the largest segment due to its growing demand for reliable and secure power transmission and distribution systems, especially in conjunction with renewable energy sources.
- Type: Protective relays are categorized into electromagnetic relays, solid-state relays, microprocessor relays, and others. Solid-state relays held the largest market share, as they offer superior performance, faster response times, higher accuracy, and reliability.
- Application: The application segment includes feeder protection, transformer protection, motors protection, generators protection, busbar protection, and others. Feeder protection was the largest segment due to the need for a reliable and uninterrupted power supply, particularly in critical infrastructure.
- End-Use: The end-use segment comprises power generation and distribution, industrial equipment and systems, railways, and others. Power generation and distribution held the largest market share due to the demand for reliable and efficient power supply, especially in developing countries.
Regional Insights:
- North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa are the major regional markets.
- Asia-Pacific led the protective relay market due to rapid urbanization, favorable government regulations, and technological advancements.
The market structure is moderately fragmented, with numerous global and regional players operating in the industry. It is expected to grow, and competition is driven by innovations and low product differentiation. New entrants are limited due to high capital requirements and moderate government regulations.
COVID-19 Impact:
- The COVID-19 pandemic temporarily reduced the production of protective relay devices due to lockdowns and restrictions on production and movement.
- Many players experienced losses as products could not be transported, and labor shortages occurred.
- However, with the decline in COVID-19 cases, manufacturing activities increased, and players focused on improving safety, speed, and efficiency.
The protective relay market is characterized by several trends, including the growing demand for power supply, the increased adoption in power utilities, rising popularity of renewable energy sources, aging infrastructure, and the integration of advanced technologies. The market is poised for significant growth, offering opportunities for key players to expand and innovate.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 139 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $3.1 Billion |
| Forecasted Market Value (USD) by 2028 | $3.9 Billion |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Global |
Key Topics Covered
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
5 Global Protective Relay Market
6 Market Breakup by Voltage
7 Market Breakup by Type
8 Market Breakup by Application
9 Market Breakup by End-Use
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Indicators
15 Competitive Landscape
Companies Mentioned
- ABB Ltd.
- Basler Electric Company
- Bender GmbH & Co. KG
- Eaton Corporation
- Fanox Electronics
- General Electric
- Littelfuse Inc.
- Mitsubishi Electric Corporation
- NR Electric Co. Ltd. (NARI Technology Development Limited Co.)
- Schneider Electric
- Schweitzer Engineering Laboratories Inc.
- Siemens Aktiengesellschaft
- Toshiba Corporation
- Woodward Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ypybmd
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