The global protective relay market size reached US$ 3.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2027, exhibiting a CAGR of 4.17% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
A protective relay refers to a mechanical or digital system installed in electrical circuits to reduce failures in motors, generator, and transformers. It receives inputs in the form of voltage, current, resistance, and temperature. A protective relay matches the received input to set points and displays the outputs in the form of indicator lights, control warnings or alarms. It also prevents potential failures and helps in detecting the damaged equipment or devices in the circuit by giving the tripping command to the circuit breaker. The modern variants of the protective relay are microprocessor-based digital tools that are more efficient and cost-effective than their conventional counterparts.
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Global Protective Relay Industry Trends and Drivers:
The growing adoption of renewable energy sources have substantially increased the product utilization in the smart grid network to minimize power outages. Moreover, the growing construction activities for power substations worldwide are further bolstering the market growth. The power stations employ protective relays to trigger alarm switches and circuit breakers during extreme voltage fluctuations while supplying electricity for commercial and residential applications. Additionally, the growing number of advanced electrical circuit designs have further aggravated the demand for protective relays to monitor over-current, over-voltage, and under-frequency for reversing power flow and avoiding major accidents. Furthermore, the increasing awareness regarding safety in the power sector and extensive R&D activities are also expected to drive the protective relay market.
Who are the Major Protective Relay Market Key players?
The report provides a detailed analysis of the market leaders, including.
Basler Electric Company,
Bender GmbH & Co.
Mitsubishi Electric Corporation,
NR Electric Co. Ltd. (NARI Technology Development Limited Co.),
Schweitzer Engineering Laboratories Inc.,
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