San Francisco, 22 April 2024: The Report Protective Relay Market Size, Share & Trends Analysis Report By Voltage (2 Low, Medium, High), By Application, By End Use (Infrastructure, Industrial, Government, Power, Others), By Region, And Segment Forecasts, 2023 - 2030

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.

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.

As significant investments are channeled into infrastructure projects across various regions, there is a concurrent surge in energy consumption, propelling the popularity of smart grid technologies for effective energy management. Consequently, the demand for protective relays is expected to witness a notable rise, as they play a pivotal role in parallel systems to mitigate the risk of harm arising from potential system failures. The global increase in electricity demand, fueled by infrastructural developments and other contributing factors, is anticipated to drive the demand for safety equipment, including protective relays, in the forthcoming years.

Furthermore, there is a growing emphasis on power quality and reliability, acknowledging the potential implications of voltage fluctuations and frequency variations leading to equipment damage and power disruptions. These factors collectively underscore the increasing significance of protective relays in safeguarding and ensuring the stable operation of power systems.

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The COVID-19 pandemic had a significant impact on the market for protective relays. As the pandemic disrupted global supply chains, manufacturers encountered challenges sourcing raw materials and components, resulting in delays in production and delivery of protective relays. The shift towards remote monitoring solutions during the pandemic also increased the interest in protective relays equipped with advanced communication and remote monitoring capabilities. As the pandemic situation improved in some regions and industrial activities resumed, there was a gradual recovery in demand for protective relays in various sectors.

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.

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 growing population in China, India, Japan, Saudi Arabia, and UAE has resulted in a noteworthy population relocation rate, spurring the demand for residential infrastructure and electricity consumption. Thus, the escalating demand for electricity in these nations is projected to fuel market growth over the coming years.

The low voltage segment is estimated to exhibit a significant CAGR of 5.2% over the forecast period. The proliferation of smart grids, especially in urban areas, has significantly driven the growth of low-voltage protective relays. Smart grids require advanced protection and control systems to efficiently manage and monitor electricity distribution. Low-voltage protective relays safeguard smart grid components, such as distribution lines, transformers, and distribution automation devices.

Protective Relay Market Report Scope

Vendors in the market are undertaking numerous strategic initiatives, such as acquisitions and mergers, collaboration, new product development, and partnerships with other prominent players. Continuous R&D to offer product differentiation is expected to be the major success factor for industry participants. For instance, in May 2021, ABB launched a new addition to its Relion product family, the REX610. This advanced offering is designed to deliver secure, intelligent, and eco-friendly electrification solutions. The primary focus of the REX610 is to streamline safety and control for basic energy transmission applications, making them more accessible and efficient.

List of Key Players of Next Generation Sequencing Market

• ABB
• Doble Engineering Company
• Eaton
• Fanox
• Mitsubishi Electric Corporation
• General Electric
• NR Electric Co., Ltd.
• Siemens
• Schneider Electric
• Schweitzer Engineering Laboratories, Inc.