PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1529515
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1529515
The global protective relay market is projected to reach USD 3.9 billion by 2030 from an estimated market size of USD 2.8 billion in 2024, at a CAGR of 5.7% during the forecast period. The increasing share of renewable energy are expected to drive the demand for protective relay. The rising incidence of electrical faults and the need for improved grid stability and safety are prompting utilities and industries to adopt advanced protective relay systems. Technological advancements in relay design, such as digital and microprocessor-based relays, are also contributing to market growth by offering enhanced accuracy, speed, and connectivity features.
Scope of the Report | |
---|---|
Years Considered for the Study | 2019-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD) |
Segments | Voltage, End-User, Technology, Application, and Region |
Regions covered | Asia Pacific, North America, Europe, South America, and the Middle East & Africa |
"The low voltage segment, by voltage, is expected to grow at the highest rate in the forecast period"
The low voltage segment is expected to grow at the highest rate in the forecast period. The proliferation of residential, commercial, and industrial applications that rely on low voltage systems is driving demand for reliable and efficient protection solutions. As urbanization and electrification efforts expand globally, particularly in developing regions, there is an increasing need for low voltage infrastructure to support growing populations and economic activities. Additionally, the rise of renewable energy installations, such as solar photovoltaic systems, which often operate at low voltages, is further fueling market growth. Technological advancements in low voltage relays, offering enhanced protection, connectivity, and ease of integration, are also making them more attractive for new installations and retrofitting projects.
"The Utility segment, by end-user, is expected to have largest market during the forecast period"
The three-phase segment is estimated to grow at the highest rate of all segments during the forecast period. Utilities are investing heavily in modernizing their grids to enhance efficiency, reliability, and resilience against faults and outages. The integration of renewable energy sources into the grid requires advanced protection systems to manage the variability and complexity introduced by these sources. Furthermore, the growing emphasis on smart grids and digitalization within the utility sector necessitates the adoption of sophisticated protective relays capable of real-time monitoring, remote control, and data analytics.
"Asia Pacific is expected to lead the global protective relay market in terms of market size"
Asia Pacific is expected to be the largest market & has share of 42.3% for protective relay during the forecast period. Asia Pacific had the largest share of the digital & numeric protection relay market in 2023. The protective relays market in the Asia Pacific region is primarily driven by the rapid industrialization and urbanization in countries such as China, India, and Southeast Asian nations. The growing energy demand in these rapidly developing economies necessitates robust and reliable power infrastructure, leading to increased investment in power generation, transmission, and distribution projects. Additionally, government initiatives focused on grid modernization and the integration of renewable energy sources are further propelling the market.
By Company Type: Tier 1-65%, Tier 24%, and Tier 11%
By Designation: C-Level-20%, Directors-25%, and Others-55%
By Region: North America-27%, Europe-20%, Asia Pacific-37%, Middle East & Africa-4%, and South America-12%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue, as of 2023; Tier 1: USD 1 billion, Tier 2: USD 500 million-1 billion, and Tier 3: <USD 500 million.
The global protective relay market is dominated by a few major players that have an extensive global and regional presence. The leading players in the protective relay market are ABB (Switzerland), Siemens (Germany), General Electric Company (US), Eaton (Ireland), and Schneider Electric (France).
The report defines, describes, and forecasts the global protective relay market by voltage, end-user, technology, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The protective relays market is segmented by voltage into low, medium, high, and very high categories. By end-user, the market caters to utilities, industrial sectors, railways, and others. Technologically, the market distinguishes between electromechanical & static relays and digital & numerical relays. Application-wise, protective relays are used in transmission lines, busbars, transformers, feeders, generators, motors, and others. Geographic regions (Asia Pacific, North America, Europe, Middle East and Africa, South America). The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the protective relay market.
Key Benefits of Buying the Report
The report is thoughtfully designed to meet the needs of both seasoned industry leaders and new entrants in the Protective relays market. It provides dependable revenue projections for both the overall market and its various sub-segments, making it a crucial tool for stakeholders looking to gain a deep understanding of the competitive environment. This information helps stakeholders develop effective market strategies for their businesses. Furthermore, the report serves as a key resource for stakeholders to grasp the current market scenario, offering vital insights into the drivers, constraints, challenges, and opportunities for growth. With these insights, stakeholders can make well-informed decisions and keep up with the rapidly changing dynamics of the Protective relays industry.