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. A
detailed analysis report of COVID-19
impact on Global Protective Relay Market is provided with the
report.
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 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).
About Market Research Future:
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Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
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