Protective Relay Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: SE240513 | Research Suite: Report (PDF) & Market Data (Excel)
The global market value for the protective relay market was valued at USD 2.1 billion in 2022, and a CAGR of 5.7% is expected during the forecast period. Increased renewable capacity addition is driving the demand for protective relays. A concurrent surge in energy consumption is propelling the property of smart grid technologies. It is a device designed to detect abnormal conditions in electrical systems and initiate appropriate actions, which is driving growth in the market significantly. Increasing demand for reliable electricity supply and the expansion of power infrastructure worldwide are driving growth in the market.
Increasing industrialization and the need for improved grid reliability are expected to drive the growth of the market. The integration of digital technologies is driving the market to new heights. Enhancing functionality and efficiency are the key factors behind the growth of the market.
Growth Drivers
Increasing demand for Electricity in
all over the world is driving the market towards zenith
Rapidly growing urbanization and industrialization are driving the demand for electricity all over the world. Growing population is the key factor behind significantly growing demand for electricity. Technological evolution has led to the proliferation of electronic devices and appliances. Urbanization and industrialization have also played a major role in the success of the protective relay market. Improved grid reliability is the need of the hour, and it plays a crucial role in driving the demand for grid relays.
Protective relays help ensure the reliability and stability of the
electric grid by detecting and responding to faults and abnormalities in the
system. With a more reliable grid, instances of power outages will be
minimized, and it will reduce the downtime for industries. Increased
reliability leads to greater emphasis on investment in protective relay systems
to maintain and enhance the resilience of grid infrastructure. Investment in
grid protection is increasing to enhance the growth in the market
significantly.
Segmentation
By Voltage
·
Low
·
Medium
·
High
By Application
·
Feeder Protection
·
Generator Protection
·
Bus-Bar Protection
·
Capacitor Bank Protection
·
Breaker Protection
·
Transformer Protection
·
Others
By End-User
·
Infrastructure
·
Industrial
·
Government
·
Power
·
Others
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Europe
·
Middle East and Africa
Protective Relay Market by Voltage
Segmentation
On the basis of voltage, the protective relay market is segmented into low, medium, and high. Low voltage typically operates in distribution systems, buildings, and industrial facilities, protecting equipment such as motors, pumps, and lighting circuits. Increasing demand from substations and industrial plants for medium-voltage protective relays is driving the growth of the market. High-voltage relays are used in transmission systems and power generation facilities to protect large transformers, circuit breakers, and transmission lines from faults and disturbances.
Protective Relay Market by End User
Segmentation
On the basis of end-user, the protective relay market is segmented into infrastructure, industrial, government, power, and others. The industrial sector is a leading segment and is expected to drive growth in the market due to its diverse and extensive range of machinery and equipment that requires protection. Industries rely heavily on protective relays to safeguard critical assets such as motors, transformers, generators, and other electrical equipment from faults, overloads, and other electrical disturbances. Industrial processes often require complex and customized protection schemes, driving the demand for advanced protection relays in the market.
The infrastructure segment
in the protective relay market includes various sectors such as transportation,
telecommunication, and public utilities. Protective relays play a crucial role
in ensuring the reliability and safety of infrastructure systems by detecting
and responding to faults and abnormalities in electrical networks, substations,
and equipment. In public utilities, relays are vital for grid protection,
ensuring uninterrupted power supply to essential services like hospitals, and
other emergencies. They protect the safety of data centers and communication
networks from electrical disruptions. To ensure continuous power supply to
hospitals and all other places, the protective relay market is significant.
Protective Relay Market by Application
Segmentation
On the basis of the applications, the protective relay
market is segmented into Feeder Protection, Generator Protection, Bus-Bar
Protection, Capacitor Bank Protection, Breaker Protection, Transformer
Protection, and others. Feeder protection is expected to dominate the market
during the forecast period due to the widespread deployment of distribution
networks and the need to ensure the reliability and safety of feeder lines.
These relays protect against faults and abnormalities in distribution feeders,
helping to maintain power supply to consumers. Generator protection is also a
critical segment, especially in power generation facilities, where generators
are expensive and essential assets.
Regional Outlook
On the basis of the regions, the protective relay market is segmented into Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa. Asia Pacific is the leading segment in the protective relay market due to rapid urbanization and industrialization. Increased demand for reliable power structures in countries like India, China, South Korea, Japan, and South Korea has significantly increased the growth of the market. Many countries in the Asia-Pacific region are investing heavily in infrastructure development, including power generation, transmission, and distribution systems.
The region is also witnessing technological growth, such as smart grids and digital substations, which require advanced protective relay systems for efficient operation and protection against faults. Government initiatives aimed at improving energy efficiency, reliability, and grid modernization are further boosting market growth. Rising awareness of the importance of power quality and reliability. The protective relay market in Europe is characterized by stringent regulations, technological advancements, and a growing emphasis on grid modernization and energy integration.
Countries in Europe are upgrading
their aging infrastructure and enhancing grid resilience, driving the demand
for protective relays across various sectors such as utilities, industrial, and
commercial. Increasing adoption of smart grid solutions and digitalization is
fueling the deployment of advanced protective relay systems and real-time
monitoring, diagnostics, and control. Major players in the European protective
relay market include ABB, Siemens, Schneider Electric, and GE, among others,
who offer a wide range of relay solutions and increase the growth in the
European market significantly.
Key Players
·
ABB
·
Doble Engineering Company
·
Eaton
·
Fanox
·
Mitsubishi Electric Corporation
·
General Electric
·
NR Electric Company Limited
·
Siemens
·
Schneider Electric
·
Schweitzer Engineering Laboratories
·
Tiepco
·
Ziv
·
Toshiba Corporation
· Other Players