The global protective relay market reached a value of US$ 3.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2027, exhibiting a CAGR of 4.17% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Protective relay refers to a mechanical or digital system that is installed in electrical circuits to minimize failures in motors, generators, and transformers. It receives inputs in the form of current, voltage, resistance, and temperature, compares them to set points, and provides the outputs in the form of indicator lights, control warnings or alarms. It also acts as a fault sensing device that gives the tripping command to the circuit breaker, thereby minimizing the damage caused to the other equipment or devices in the circuit. In comparison to the traditionally used protective relays, modern variants are microprocessor-based digital devices that are more efficient and cost-effective.

Rapid industrialization, along with the increasing demand for renewable energy sources from the power sector, is one of the key factors driving the growth of the market. The widespread adoption of renewable energy (RE) sources has further increased the product utilization at different functional levels in the smart grid network to avoid or mitigate power outages. Furthermore, the increasing construction of power substations across the globe is also providing a boost to the market growth. These substations supply electricity for commercial and domestic utilization and use protective relays to trigger alarm switches and circuit breakers during extreme voltage fluctuations. Additionally, the increasing complexities of electrical circuit designs have pushed the demand for protective relays to register over-current, over-voltage and under-frequency for reversing power flow and avoiding any major accidents. Other factors, including the rising awareness regarding safety in the power industry and extensive research and development (R&D) activities, are projected to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global protective relay market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on voltage, type, application and end-use.

Breakup by Voltage:

High
Medium
Low

Breakup by Type:

Electromagnetic Relays
Solid-State Relays
Microprocessor Relays
Others

Breakup by Application:

Feeder Protection
Transformer Protection
Motors Protection
Generators Protection
Busbar Protection
Others

Breakup by End-Use:

Power Generation and Distribution
Industrial Equipments and Systems
Railways
Others

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being ABB Ltd., Basler Electric Company, Bender GmbH & Co. KG, Eaton Corporation, Fanox Electronics, General Electric, Littelfuse Inc., Mitsubishi Electric Corporation, NR Electric Co. Ltd. (NARI Technology Development Limited Co.), Schneider Electric, Schweitzer Engineering Laboratories Inc., Siemens Aktiengesellschaft, Toshiba Corporation, Woodward Inc., etc.

Key questions answered in this report:

How has the global protective relay market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global protective relay market?
What is the breakup of the market based on the voltage?
What is the breakup of the market based on the type?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end-use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global protective relay market and who are the key players?
What is the degree of competition in the industry?