Protective relays are the devices designed that act as an emergency fail safe if and when a fault is detected in the circuit and the breaker is needed to trip. Electromagnetic devices were the first protective relays which relied on electromagnetic coils to trip the circuit breaker in case of a disturbance in the electromagnetic field. Later the microprocessor digital protection relays were developed, which worked on the principles of electro mechanics such as magnetic attraction or magnetic induction, equipped with potential fault detection and location signaling. The protection relays are used to protect the electrical grids from varying voltage and current densities. The functionalities of protective relays vary from fault detection to synchronous checks when grids are interconnected. However the main functionality of a protective relay is in power system protection. These devices need to quickly respond within a few thousandths of a second to identify the disturbance and trip the circuit breaker. The life span of protective relay devices is very long and they are termed as “silent sentinels” protecting the transmission lines and grids at very effective operable costs.
Rise in electricity consumption levels, developing sustainable renewable energy grids, technological revamp of older relay devices along with advanced microprocessors are some of the significant factors anticipated to boost the market growth. Additionally, automation in the grids and distribution units along with favorable government policies towards complete electrification are factors projected to drive the global protective relay market with a notable CAGR during the forecast period, i.e., 2020-2028. Based on construction type, the market is segmented into electromechanical, induction disc overcurrent relay, static and others, out of which, the highest market share is estimated to be held by the segment for electromechanical protective relays. This can be attributed to its sensitivity to grid fluctuations, quick response times and life span. The market is further segmented by power source into self, auxiliary and dual powered. Among these segments, the self-powered segment is predicted to hold the largest market share in the next few years owing to its capability to function autonomously and its independence from the grid power. Additionally, the option to remotely operate these protective relays further is estimated to contribute to the growth of the segment. CLICK TO DOWNLOAD SAMPLE REPORT
According to the World Bank, the urban population accounted for 55.27% of the total population globally in the year 2018. This resulted in higher electricity consumption for domestic and industrial use. This rate of consumption globally and the government’s policies of achieving total electrification in developing countries is driving the need to generate more electricity. This results in a demand surge for distribution feeder protection relay systems. Moreover, avoiding transmission losses amidst Covid-19 are some of the considerable factors that are estimated to promote the growth of protective relay market. Additionally, this growth is backed by rising number of initiatives taken by governments of different regions to automate the electrical grids and avoid failures caused as a result of uneven voltage drops and natural calamities.
On the back of growing technological advancements and concerns towards developing ecofriendly solutions in order to minimize carbon emissions, the global protective relay market is estimated to witness noteworthy opportunities throughout the forecast period. This, in turn, is driving manufacturers to come up with consumer and nature-friendly solutions.
The potential factor that might affect the growth of the market is the high cost associated with installation and maintenance of protective relay devices.
Our in-depth analysis of the protective relay market includes the following segments:
On the basis of regional analysis, the protective relay market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market the relay devices. Moreover, the retrofitting and revamping the existing grid infrastructure and the need for efficient generation and transmission components for electricity from renewables in this region further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of growing automation in the grid infrastructure and initiatives to increase renewable energy capacity addition in the region, especially in countries such as China, India and Japan. This is further anticipated to result in the increased demand for protective relay devices.
The protective relay market is further classified on the basis of region as follows:
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