The global Protective Relay Market is projected to reach USD 2.7 billion by 2025 from an estimated market size of USD 2.0 billion in 2020, at a CAGR of 5.7% during the forecast period. The factors driving the market include increasing renewable energy capacity addition. Additionally, the replacement of old electromechanical and static relays with new numeric relays are creating growth opportunities for the protective relay market.
The Utility
segment is expected to hold the largest share of the protective relay market
Utilities had the largest share (45%) of the protective relay market, by end-users, in 2019. This is due to the large scale use of protective relay by utilities in various applications, such as transformers, feeders, busbars, and high voltage substations. The utility segment is expected to continue its dominance over the forecast period due to the development of new distribution network and grid expansion projects, replacement of old electromechanical protective relays with new and more advanced numeric relays, substation automation for improved power quality, and implementation of smart grids for better grid management.
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The transformer is
expected to be the largest segment of the protective relay market
The transformer segment is expected to grow at the highest rate during the forecast period due to the continuous maintenance of electricity distribution infrastructure and the expansion and upgrading of the power grid and to accommodate fluctuating renewable energy in Asia Pacific, North America, and Europe.
The digital &
numerical segment of the protective relay is expected to grow at the highest
rate.
The digital & numerical segment is expected to grow at the highest rate, owing to an increased focus on substation automation, smart grid implementation, and distribution and transmission infrastructure development. Digital & numeric protective relays are advanced relays that feature multiple protection functions in one unit, along with metering, communication, self-test functions, and others. These relays use software-based protection algorithms for the detection of faults and are also known as micro-processor type protective relays. These types of advanced features of digital relay make them more attractive in the market than the other electromechanical relay.
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The Asia Pacific is
expected to be the largest protective relay market
In this report, the protective relay market has been analyzed with respect to five regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
The Asia Pacific is expected to be the largest protective relay market during the forecast period. The growth of protective relay in Asia Pacific is due to increasing renewable energy capacity addition. Additionally, focus on substation automation under IEC 61850 standard and increased grid infrastructure activities are expected to drive the protective relay market in Asia Pacific during the forecast period.
Both global and regional players dominate the global
protective relay market. The leading players in the global Protective Relay Market include ABB (Switzerland), GE (US),
Schneider Electric (France), Siemens (Germany), and SEL (US).
