Protective Relay Market Expansion: Strategies for Global Market Penetration

The global protective relay market is expected to reach USD 5.09 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% from 2023 to 2030. Mounting investments in the transmission & distribution networks to replace the old equipment is expected to be a major factor expected to spur the growth over the forecast period. The intensifying intricacy of electrical systems has made it inevitable to incorporate protective devices for power systems safety. The growing electricity generation capacity to meet the growing population’s electricity demand is estimated to act as a key driver augmenting market demand. Nevertheless, the cost concomitant with the setup & maintenance of these relays is estimated to challenge the industry over the near future.

Gather more insights about the market drivers, restrains and growth of the Global Protective Relay Market

The global protective relay market is anticipated to witness high growth over the forecast period. This may be accredited to continuous population growth along with the mounting regional power consumption in Asia Pacific. The rising importance of smart grid technology coupled with an upsurge in renewable energy projects is expected to further catapult protective relay demand over the next eight years. For instance, after the earthquake and tsunami in 2011, in Japan, the government decided to reduce the energy supply gap by augmenting renewable energy generation.

Protective Relay Market Report Highlights

• The medium voltage segment held the largest market share of 45.7% in 2022. The high share is attributed to an increase in the application of medium voltage protective relays in power systems and substations.

• The feeder protection segment dominated the market with the highest revenue share of 28.7% in 2022. This is primarily due to the criticality of the transmission & distribution networks to safeguard the overhead cables required for the electricity transmission

• The power segment dominated the market with the highest revenue share of 31.8% in 2022. Industrial development and the global upsurge in power production capacity are projected to augment the protective relay.

• Asia Pacific dominated the market with the largest revenue share of 31.0% in 2022. North America is expected to grow at a significant CAGR of 5.7% during the forecast period.

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Segments Covered in the Report

Grand View Research has segmented the global protective relay market on the basis of voltage, application, end-use, and region:

Protective Relay Voltage Outlook (Revenue in USD Million, 2017 - 2030)