Protective Relay Market to grow by USD 690.09 million from 2022 to 2028; Growing focus on grid modernization to drive the growth – Technavio

NEW YORK, Nov. 10, 2023 /PRNewswire/ — The protective relay market is expected to grow by USD 690.09 million from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 5.07% during the forecast period. The market is segmented by type (digital and numeric relay, electromechanical and static relay), application (feeder, transmission line, generator, motor, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample Report

The growing focus on grid modernization is a key factor driving market growth. The evolution of electricity networks, driven by the need to adapt to changing energy environments, is playing a key role in stimulating demand for protective relay devices. In addition, the performance of protective relays is essential to detect and react to unusual network conditions, thereby ensuring grid stability and reliability under these changes.

Key Highlights:

The report recognizes the following as some of the key players in the protective relay market: ABB Ltd., ALSTOM SA, Chongqing Blue Jay Technology Co. Ltd., Contrel elettronica S.r.l., Eaton Corp. Plc, ERLPhase Power Technologies Ltd., ETA Elektrotechnische Apparate GmbH, Fanox Electronic SL, General Electric Co., HNAC Technology Co. Ltd., ISKRA elektro in sistemske resitve d.o.o, Larsen and Toubro Ltd., Littelfuse Inc., Mitsubishi Electric Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Solcon IGEL Group, TERASAKI ELECTRIC CO. LTD., and ZIV AutomationProtective Relay Market is fragmented in nature.Market to observe 4.6% YOY growth in 2024.

Market Dynamics:

Major Trend

New product development related to protective relays is a major trend in the market.These new products, in keeping with the integration of renewable sources and energy system requirements linked to modern interconnected power grids, are improving grid efficiency, reliability, and sustainability.In addition, there are other applications such as cranes, lifts, air conditioning compressors, and the timber industry.

Significant Challenge 

To exchange data and monitor remotely, industrial protective relays are increasingly integrated into digital systems.In addition, disruptions and security risks may occur if unauthorized access is allowed to these systems.Moreover, many Industrial Relays are associated with the IoT ecosystem which is also frequently subject to cyber-attacks.

The report also covers information on the upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The digital and numeric relays segment is estimated to witness significant growth during the forecast period. The technology of protection relays has progressed substantially with digital and numeric segments, offering a more accurate, flexible solution to safeguard electric systems. In addition, these relay devices offer various characteristics such as overcurrent protection, distance protection, differential protection, and frequency protection.

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The circuit breaker market size is estimated to grow at a CAGR of 6.11% between 2023 and 2028. The market size is forecast to increase by USD 3,378.61 million.

The heating, ventilation, and air conditioning (HVAC) test instruments market size is estimated to grow at a CAGR of 6.39% between 2023 and 2028. The market size is forecast to increase by USD 192.64 million.

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio