IMARC Group, a leading market research company, has recently released a report titled “Protective Relay Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global protective relay market research report, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the protective relay market?
Report Attributes
Details
Market Size in 2022
US$ 3.1 Billion
Market Forecast in 2028
US$ 3.9 Billion
Growth rate (2023 to 2028)
CAGR of 3.9%
Base Year of the Analysis
2022
Forecast Period
2023-2028
A protective relay is an electrical system, either mechanical or digital, that aims to prevent failures in motors, generators, and transformers. It operates by taking in inputs such as current, voltage, resistance, and temperature and comparing them to predetermined set points. It then generates outputs in the form of control warnings, alarms, or indicator lights. In addition, it serves as a fault-sensing mechanism, issuing a tripping command to the circuit breaker to prevent damage to other equipment or devices in the circuit. At present, protective relays modern versions are gaining immense traction across the globe as they are more cost-effective and efficient than traditional ones, leveraging microprocessor-based digital technology.
How big is the protective relay market?
The global protective relay market size reached US$ 3.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.9 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
Current Trends Shaping the protective relay Market.
The global protective relay market is primarily driven by increasing demand for renewable energy sources in the power sector. Moreover, the rising product utilization at different functional levels within the smart grid network to avoid or mitigate power outages due to the widespread adoption of renewable energy sources is positively influencing the market growth.
Additionally, the rising number of constructions of power substations that rely on protective relays to trigger alarm switches and circuit breakers during extreme voltage fluctuations is propelling the market growth. Furthermore, the escalating demand for protective relays due to the increasing complexity of electrical circuit designs, which requires the detection of over-current, over-voltage, and under-frequency to avoid major accidents and reverse power flow, is contributing to the market growth. Other factors, including extensive research and development (RD) activities, rising awareness of safety in the power industry, and rapid industrialization, are also anticipated to drive the market growth further.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Voltage Insights:
- High
- Medium
- Low
Type Insights:
- Electromagnetic Relays
- Solid-State Relays
- Microprocessor Relays
- Others
Application Insights:
- Feeder Protection
- Transformer Protection
- Motors Protection
- Generators Protection
- Busbar Protection
- Others
End-Use Insights:
- Power Generation and Distribution
- Industrial Equipment and Systems
- Railways
- Others
Breakup by Distribution Channel:
- OEM
- Aftermarket
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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., etc
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