The global Protective Relay Market is projected to reach USD 2.7 billion by 2025 from an estimated market size of USD 2.0 billion in 2020, at a CAGR of 5.7% during the forecast period. The global Protective Relay Market is set to witness significant growth owing to increased renewable capacity addition, substation automation, and replacement of older electromechanical relays with new and advanced microprocessor-based relays.
The transformer segment is expected to be the largest segment of Protective Relay Market
The transformer segment is expected to grow at the highest rate during the forecast period due to the continuous maintenance of electricity distribution infrastructure and the expansion and upgrading of the power grid and to accommodate fluctuating renewable energy in Asia Pacific, North America, and Europe.
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The Utility segment is expected to hold the largest share of the protective relay market
Utilities had the largest share (45%) of the protective relay market, by end-users, in 2019. This is due to the large scale use of protective relay by utilities in various applications, such as transformers, feeders, busbars, and high voltage substations. The utility segment is expected to continue its dominance over the forecast period due to the development of new distribution network and grid expansion projects, replacement of old electromechanical protective relays with new and more advanced numeric relays, substation automation for improved power quality, and implementation of smart grids for better grid management.
The digital & numeric relay segment is expected to be the fastest growing segment of protective relay market
The digital & numeric relay segment is projected to be the fastest Protective Relay Market, by technology, during the forecast period. The market is driven by new transmission line expansion and power distribution network upgrades in the region. Increased focus on substation automation, smart grid implementation, and the development of distribution & transmission infrastructure are expected to drive the market segment in Asia Pacific over the forecast period.
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Asia Pacific is expected to lead the global Protective Relay Market.
The growth of a Protective Relay Market in Asia Pacific can be attributed to the increasing renewable energy capacity addition in countries such as China, India, South Korea, and Australia. Additionally, the market is driven by the expansion of distribution and transmission infrastructure, the modernization of existing infrastructure through substation automation, and the replacement of electromechanical relays with numeric ones in Asia Pacific.
Some of the top players in the Protective Relay Market include ABB (Switzerland), GE (US), Schneider Electric (France), Siemens (Germany), and SEL (US).
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