Global Protection Relay Market, By Voltage Ranges (High Voltage, Medium Voltage, Low Voltage), Protection Mechanism (Feeder Protection, Motor Protection, Transmission Line, Generator Protection, Busbar Protection, Capacitor Bank, Breaker), End- Users (Utilities, Industrial, Commercial and Institutional, Renewable, Marine, Oil and Gas, Food and Beverages, Automotive, Others), Application (Line Protection, Generator Protection, Transformer Protection, Others), Type (Electromagnetics Relays, Solid- State Relays, Microprocessor Relays, Other), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights Global Protection Relay Market
Data Bridge Market Research analyses the protection relay market will exhibit a CAGR of 7.79% for the forecast period of 2022-2029 and is likely to reach the USD 8.09 billion by 2029.
Protective relays are mechanical or digital systems that are used in electrical circuits to prevent motor, generator, and transformer failures. It takes current, voltage, resistance, and temperature as inputs, compares them to set points, and generates outputs like as indicator lights, control warnings, and alarms. It also serves as a fault sensing device, sending a tripping instruction to the circuit breaker and preventing harm to other equipment or devices in the circuit.
The upsurge in the adoption rate of IEC 61850 standard for substation automation will act as a key element driving market expansion. The protection relay market is also being driven by factors such as rapid urbanization and industrialization and an increase in technological development. In addition to this, growing awareness regarding the safety in power industry and rise in renewable capacity additions will expand the protection relay market. Furthermore, growing demand for product from various end-use industries and the rise in requirement for electricity will act as major factors influencing the growth of protection relay market. Another significant factor that will cushion the protection relay market's growth rate is the rising utilization of protection relay in power transmission and distribution network systems. Also, replacement of old electromechanical and static relays with new numeric relays will further propel the market's growth rate during the forecast period of 2022-2029.
Moreover, increasing research and development activities to enhance the safety and untapped potential in the protection relay market will create beneficial opportunities for the market's growth. Additionally, growing power demand and investments for smart grid infrastructure will act as market drivers and further boost new opportunities in the forecast period mentioned above.
However, the high cost associated with installation as well as maintenance of protection relay will hamper the market's growth rate. Also, the dearth of investment in grid stability in under-developed countries will further pose a challenge to the market. Other factors such as intense competition from the unorganized sector, impact of COVID-19 on supply chain and cybersecurity of numerical relays will obstruct the market's growth.
This protection relay market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on protection relay market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Protection Relay Market Scope and Market Size
The protection relay market is segmented on the basis of voltage ranges, protection mechanism, end- users, application and type. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of voltage range, the protection relay market is segmented into high voltage, medium voltage, and low voltage.
- Based on protection mechanism, the protection relay market is segmented into feeder protection, motor protection, transmission line, generator protection, busbar protection, capacitor bank, and breaker.
- End- user segment of the protection relay market is segmented into utilities, industrial, commercial and institutional, renewable, marine, oil and gas, food and beverages, automotive and others.
- Application segment of the protection relay market is segmented into line protection, generator protection, transformer protection and others.
- Protection relay market on the basis of type is segmented into electromagnetics relays, solid- state relays, microprocessor relays and other.
Protection Relay Market Country Level Analysis
The protection relay market is analysed and market size, volume information is provided by country, voltage ranges, protection mechanism, end- users, application and type as referenced above.
The countries covered in the protection relay market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the protection relay market and will continue to flourish its trend of dominance due to the rising number of population and significant rise in investments for the expansion and modernization of power grids in this region. North America and Europe are expected to grow during the forecast period of 2022-2029 due to the development of smart power grids and rising penetration in this region.
The country section of the protection relay market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Protection Relay Market Share Analysis
The protection relay market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to protection relay market.
Some of the major players operating in the protection relay market are Basler Electric Company, Littelfuse, Inc., Toshiba Energy Systems & Solutions Corporation, Woodward, Inc., LARSEN & TOUBRO LIMITED, Eaton, Siemens, Schneider Electric, ABB, General Electric Company, Rockwell Automation, Inc., SOLCON., TERASAKI ELECTRIC CO.,LTD, ZIV, ERLPhase Power Technologies Ltd., Schweitzer Engineering Laboratories, Inc., Mitsubishi Electric Corporation, NR Electric Co., Ltd., Hitachi Energy Ltd., SEG ELECTRONICS GMBH, WEG, Fuji Electric Co., Ltd., and TE Connectivity, among others.
Recent Development
- In May 2021, ABB had launched an all-in-one protective relay named REX610, which offers innovative simplicity. Installed hardware modules enable all available capabilities, making it a true plug-and-play solution. With only six versions, the REX610 is the first all-in-one protection relay that supports all fundamental power distribution applications, making it simple to order, set up, use, and operate.
- In May 2021, Basler Electric had launched a protective relay platform named BE1-FLEX. Both in manufacturing and in the field, the BE1-FLEX can be customized. The BE1-FLEX is built on a platform that allows for configurability and scalability, allowing it to adapt to a variety of future security challenges without ever having to be removed from its installation.
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