Protective Relay Market : Current Analysis and Forecast (2022-2030)

Report Description

The Protective Relay Market is expected to grow at a steady rate of around 6% owing to the rising renewable energy additions and the growing need for the replacement of old electromechanical and static relays with numeric relays. A protective relay is a switchgear component that detects a fault and initiates the circuit breaker’s operation to isolate the damaged component from the system as a whole. They are minimal and independent gadgets that can recognize unusual circumstances. Defensive transfers identify unusual circumstances in the electrical circuits by continually estimating the electrical amounts which are different under ordinary and issue conditions. After the fault has been detected, the relay activates to close the breaker’s trip circuit. As a result, the faulty circuit is disconnected, and the breaker is opened. Moreover, growing investment in electricity grids and infrastructure projects, the increasing adoption of renewable energy, and growing energy usage are some of the most prominent factors driving the growth of the market. For instance, according to Energy Information Administration, between 2018 and 2050, the world’s energy consumption will rise by nearly 50%. The majority of this growth comes from nations that are not members of the Organization for Economic Cooperation and Development (OECD), and it is concentrated in Asia, where strong economic growth is driving demand.

Some of the major players operating in the market include ABB; General Electric; Schneider Electric; Siemens; Schweitzer Engineering Laboratories, Inc.; Toshiba Energy Systems & Solutions Corporation; Hitachi Energy Ltd.; Mitsubishi Electric Corporation; Rockwell Automation; and OMRON Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst voltage, the medium voltage is expected to grow at a substantial CAGR during the forecast period”

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.

“Amongst application, the transmission line segment held the significant share of the market in 2021”

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.

“Asia-Pacific to lead the growth”

Asia-Pacific catered to a significant share of the global protective relay market in 2021. One of the primary drivers is the increasing demand for electricity in the region, driven by population growth, urbanization, and industrialization. As the demand for electricity grows, power systems become more complex, and the need for reliable protection systems becomes increasingly important. Moreover, the Asia Pacific 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.

Protective Relay Market Report Coverage

 Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global protective relay market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Protective Relay Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global protective relay market were the three major steps undertaken to create and analyze the adoption of protective relay in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global protective relay market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the protective relay market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

after obtaining the historical market size of the protective relay market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as voltage, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Protective Relay market. Further, we conducted factor analysis using dependent and independent variables such as voltage, application, and end-user of the protective relay market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the protective relay market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Protective Relay market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the protective relay market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global protective relay market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global protective relay market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the voltage, application, and end-user in the global protective relay market.

The main objective of the Global Protective Relay Market Study

The current & future market trends of the global protective relay market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the protective relay market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the voltage, application, and end-user
• Define and analysis of the regulatory framework for the protective relay industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the protective relay market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the protective relay market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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