Yahoo Finance Protective Relays Market to Grow USD 3.20 Billion by 2030 with 5.9% CAGR, Reports Insights
The global protective relays market is expected to register a CAGR of 5.9% during 2022-2030, boosted by the rising awareness among businesses, especially in electric grids in terms of electrical safety.
New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Protective Relays Market is a rapidly growing industry, valued at USD 2.02 Billion in 2022. According to the research report published by Reports Insights, the market is projected to reach USD 3.2 Billion by 2030, demonstrating a robust growth rate of 5.9% over the forecast period. The report highlights the trends, opportunities, and challenges faced by the industry players in the market. The increasing demand for energy efficiency and the growth of renewable energy sources are some of the key drivers that are fueling the growth of the Protective Relays Market.
Protective Relays Market Size, Share & Trends Analysis, By Type (Overcurrent Relays, Directional Relays, Distance Relays, Electromechanical Relays, Digital & Numerical Relays, Pilot Relays, and Differential Relays), Voltage (Low, Medium, and High), Application (Feeder Protection, Motor Protection, Capacity Bank Protection, Transmission Line Protection, Transformer Protection, Generator Protection, Bus Bar Protection, and Others), End Use (Industrial, Utilities, Renewables, and Others), By Region and Segment, Forecast Period 2022 – 2030.
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A protective relay is an electrical component that is designed to detect faults in an electrical system and initiate the appropriate corrective action. The relay acts as a safety mechanism to protect electrical equipment from damage and prevent power outages. Further, protective relays are typically used in power transmission and distribution systems, including transformers, generators, motors, and transmission lines. Such relays use various types of sensing elements, such as current transformers and voltage transformers, to monitor electrical conditions and detect any deviations from normal operating conditions.
There are various types of protective relays such as overcurrent relays, differential relays, distance relays, and others. The choice of protective relay depends on the specific application, the type of electrical system, and the level of protection required. Thus, protective relays play a critical role as essential components in power systems to ensure the safe and reliable operation of electrical equipment.
However, with the increasing adoption of renewable energy sources such as wind and solar power, there is a growing demand for protective relays to monitor and control these systems. Also, the increased complexity due to the integration of smart grid technologies results in the growing demand for protective relays that can handle such advanced systems. As electrical systems become more critical to the daily lives of individuals and businesses, the demand for protective relays is expected to witness a sudden increase to ensure the safe and reliable operation of such power systems.
Protective Relays Market Report Coverage:-
Report Attributes | Report Details |
Market Size By 2030 | USD 3.2 Billion |
Forecast Period | 2022-2030 |
CAGR (2022-2030) | 5.9% |
Base Year | 2021 |
Study Timeline | 2016-2030 |
Key Players | ABB, Mitsubishi Electric Corporation, Siemens, Rockwell Automation, Fuji Electric, Schneider Electric, NR Electric Co., Ltd., Toshiba, Littelfuse, Tianshui, Fanox, Euchner, E. Dold & Söhne GmbH & Co. KG, Motortronics, Captron, Enda, Eaton |
By Type | Overcurrent Relays, Electromechanical Relays, Pilot Relays, Directional Relays, Distance Relays, Digital & Numerical Relays, and Differential Relays |
By Voltage | Low, Medium, and High |
By Application | Feeder Protection, Generator Protection, Motor Protection, Capacity Bank Protection, Transmission Line Protection, Transformer Protection, Bus Bar Protection, and Others |
By End Use | Industrial, Utilities, Renewables, and Others |
Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
By Geography | North America [United States, Canada, Mexico] |
Key Market Highlights
The global protective relays market size is estimated to surpass USD 3.2 billion by 2030 and grow at a CAGR of 5.9% during the forecast period (2022-2030).
Globally, protective relays are divided based on the type into overcurrent relays, electromechanical relays, directional relays, distance relays, digital & numerical relays, pilot relays, and differential relays.
Based on voltage, the market is trifurcated into low, medium, and high.
The market is also categorized by application: feeder protection, transformer protection, transmission line protection, motor protection, capacity bank protection, generator protection, bus bar protection, and others.
In the context of the end use, the market is separated into industrial, utilities, renewables, and others.
The market is geographically segregated into five regions: the Asia-Pacific, Europe, North America, South America, and the Middle East and Africa.
Asia Pacific and North America are expected to support the industry growth during the forecast period in terms of growing emphasis on research and development of innovative protective relays for multiple end-use industries.
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Protective Relays Market Segmentation Details:
Based on type, the digital & numerical relays contributed the largest shares to the market growth. Numerical relays are typically used in the protection of HV and MV distribution systems, transmission systems, and industrial plants. such adoption is mainly attributed to several advantages over traditional electromechanical relays such as improved accuracy, flexibility, improved diagnostics, and remote monitoring and control. Further, numerical relays are also used in renewable energy systems such as wind and solar farms, as well as in smart grid applications in terms of monitoring, control, and protection of the power system.
Based on voltage, the medium segment is projected to contribute substantial shares to the market growth in terms of value. Medium voltage relays (MV) are typically used in MV distribution systems to protect feeders, transformers, generators, and motors against faults. Further, such MV relays are also used in substations to provide protection against internal and external faults along with overcurrent, earth fault, and differential protection. Thus, the segment growth is mainly attributed to the large usage in industrial plants for the protection of large motors and other equipment against faults to ensure reliable operation and reduce system downtime.
Based on the application, the motor protection segment contributed the largest shares to the market growth in 2021 in terms of revenue. Relays are typically used to protect large industrial motors in various industries such as manufacturing, mining, and petrochemical. Also, relays find large applications for the protection of pump motors in water treatment and irrigation systems along with heating, ventilation, and air conditioning (HVAC) systems in terms of real-time monitoring for preventing the spread of disturbances back into the electrical grid or mentioned applications.
Based on end use, the utility segment contributed the largest shares to the market growth. High dependence on protective relays for protecting high voltage transmission networks against along with medium and low voltage distribution networks via detection and isolation of the faults in power systems. Also, the increased demand among utilities manufacturers in terms of protecting power generation equipment such as generators and turbines supports the segment growth.
Based on region, Asia Pacific is anticipated to provide lucrative opportunities for market growth in terms of volume and revenue. The large presence of established consumer goods manufacturing facilities along with growing construction activities in this region increases the demand for protective relays in several applications. Further, economies such as China, Indonesia, and India are expected to witness a sudden rise in their industrial and construction activities, which supports the high market demand.
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Recent Developments
In May 2021, ABB introduced REX610, a new product to its Relion® line, in May 2021 with the goal of promoting safe, smart, and environmentally friendly electrification.
In July 2021, Industry.AI, a subsidiary of Bharat Light & Power Pvt. Ltd. that focuses on AI solutions, teamed up with Sharper Shape from the US to provide power grid monitoring and maintenance solutions.
In December 2022, ABB launched a Relay Retrofit Program to upgrade selected SPACOM protection relays to the advanced REX610 technology. The REX610 is a state-of-the-art, all-in-one protection relay that can handle all types of primary power distribution applications, with six different options available.
List of Major Protective Relays Market Players
The market research report examines several market parameters to identify the major market drivers, restraints, and opportunities currently being considered by market players. Further, other factors such as SWOT analysis, regional evaluation, and segmental estimation provide a detailed overview of market circumstances. Thus, such evaluation helps in identifying several growth opportunities across several adoptions of technologies, product applications, business strategies, and new product launches. Listed are key players currently functioning in the market—
ABB
Mitsubishi Electric Corporation
Siemens
Rockwell Automation
Fuji Electric
Schneider Electric
NR Electric Co., Ltd.
Toshiba
Littelfuse
Tianshui
Fanox
Euchner
E. Dold & Söhne GmbH & Co. KG
Motortronics
Captron
Enda
Eaton
Global Protective relays Market Segmentation:
By Type
Overcurrent Relays
Electromechanical Relays
Directional Relays
Digital & Numerical Relays
Distance Relays
Pilot Relays
Differential Relays
By Voltage
Low
Medium
High
By Application
Feeder Protection
Transmission Line Protection
Motor Protection
Capacity Bank Protection
Transformer Protection
Generator Protection
Bus Bar Protection
Others
By End Use
Industrial
Utilities
Renewables
Others
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