The Growing Need for the Replacement of Old Electromechanical and Static Relays with Numeric Relays is the Main Reason for the Dominance of North America in the Protective Relay Market!
- Himanshu Patni
- June 5, 2023
- NEWS, TELECOM & IT
- Protective Relay Market, Protective Relay Market Analysis, Protective Relay Market Growth, Protective Relay Market Outlook, Protective Relay Market Share, Protective Relay Market Size, Protective Relay Market Trends
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The Asia Pacific protective relay market is expected to experience significant growth in the coming years due to several factors. The region is experiencing rapid economic growth, leading to increased investment in infrastructure projects such as power plants, transmission lines, and distribution networks. These large-scale projects require advanced protection systems to ensure reliable and safe operation, driving demand for protective relays. Further on, the Asia Pacific region has abundant natural resources, and governments in the region are investing heavily in renewable energy as a means of reducing their dependence on fossil fuels and meeting their commitments to reduce greenhouse gas emissions. Protective relays play a crucial role in integrating renewable energy into the grid by detecting and isolating faults in real time, thereby preventing damage to equipment and ensuring an uninterrupted power supply. Besides, the region is home to many emerging economies with rapidly expanding middle-class populations, leading to increased demand for consumer electronics, appliances, and other electrical devices. As a result, the demand for electricity is expected to continue to grow, driving the need for protective relays to ensure the safety and reliability of the power systems. Furthermore, the Asia-Pacific protective relay market is highly competitive due to the presence of numerous regional and international players and in order to create state-of-the-art protection systems that can meet the growing demand for power systems that are both dependable and effective, these companies are making significant investments in research and development.
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APAC Protective Relay Market Revenue (2020-2030)- USD Mn
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Based on voltage, the market is segmented into low, medium, and high. The medium segment is expected to grow at a prominent CAGR during the forecasted period owing to the rising electricity demand for energy in the residential sector. Moreover, the increased adoption of solar energy and wind energy also supports the growth of the market, and the rural electrification being carried out in various countries with green energy targets will also help the global protective relay market to grow.
On the basis of application, the market is categorized into transmission line, transformer, motor, generator, and others. Among these, the transmission line segment catered to a significant share of the market in 2021 and is expected to grow at a robust CAGR during the forecast period. The growth of this segment can be attributed to the factors such as growing demand for energy, advancements in technology, and an increasing focus on grid modernization.
Global Protective Relay Market Segmentation
Market Insight, by Voltage
· Low
· Medium
· High
Market Insights, by Application
· Transmission Line
· Transformer
· Motor
· Generator
· Others
Market Insights, by End-User
· Utilities
· Industrial
· Marine
· Others
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· APAC
o China
o India
o Japan
o Rest of APAC
· Rest of the World
Top Company Profiles
· ABB
· General Electric
· Schneider Electric
· Siemens
· Schweitzer Engineering Laboratories, Inc.
· Toshiba Energy Systems & Solutions Corporation
· Hitachi Energy Ltd.
· Mitsubishi Electric Corporation
· Rockwell Automation
· OMRON Corporation
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