Protective Relay Market Research: Upcoming Trends, Analysis by Industry Share, Revenue and Global Forecast to 2024
Protective Relay Market Analysis
According to Market Research Future (MRFR)’s analysis, the global protective relay market has been projected to expand at a healthy CAGR of 6% during the forecast. The report also revealed that the market is anticipated to scale a decent valuation towards the end of 2027. The rising complexities in the architecture of switchgear have intensified the need for protective relays for the detection of faults and operational efficiency. Protective relays facilitate the detection and rectification of defects such as high voltage, low voltage, etc. Thus, the growing demand for protection against major accidents is likely to dictate the growth trajectory of the protective relay market in the forthcoming years.
An upsurge in energy consumption has been witnessed in recent years. The global population explosion is expected to further fuel demand for energy which is poised to aid the expansion of the protective relay market. In addition, the shift towards the adoption of renewable energy is also projected to augment the market over the next couple of years.
The influx of investors is prognosticated and is likely to have a positive influence on the growth of the protective relay market in the foreseeable future. Product development and innovation as a response to the increasing demand for reduced carbon intensity and higher operational efficiency are presumed to drive the expansion of the market in the forthcoming years.
Market Segmentation:
By voltage, the global protective relay market research has been segmented into high, medium and low.
By protection mechanism, the protective relay market has been segmented into feeder, transmission line, motor, transformer, generator, and busbar.
By end-user, the global protective relay market has been segmented into marine, renewable, and utilities.
Regional Analysis:
By region, the global protective relay market has been segmented into North America, South America, Europe, Asia-Pacific, Middle East, and Africa.
Asia Pacific houses the world’s most populous nations with accelerating economic growth rate. The growing number of energy distribution projects being undertaken in these country-level markets are expected to dictate the growth trajectory of the protective relay market in the region. Furthermore, the region is shifting towards renewable sources of energy. It is further expected to augment the regional market. North America and Europe are two important growth pockets. These regional markets are anticipated to remain highly lucrative through the forecast period.
Competitive Dashboard:
Some of the major players of the protective relay market profiled in this report are Littelfuse Inc. (U.S.), Eaton Corporation Plc (U.S.), General Electric (U.S.), Beckwith Electric Co. Inc. (Ireland), Schweitzer Engineering Laboratories (U.S.), ZIV Inc. (U.S.), Schneider Electric (France), Cooper Industries (Ireland), Alstom Group (France), ERL Phase Power Technologies Ltd. (Canada), NR Electric (China), and Mitsubishi Electric Corporation (Japan).
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