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Protective Relay Market Trends

Report ID: GMI7941
Published Date: Jan 2024
Report Format: PDF

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Protective Relay Market Trends

The increasing adoption of smart grid technologies is fueling the demand for intelligent protective relays. These relays are equipped with advanced communication features, enabling real-time monitoring, control, and coordination within smart grid infrastructures. Protective relays are being incorporated with more sophisticated protection algorithms to enhance fault detection, reduce false alarms, and provide adaptive protection strategies. These algorithms contribute to a more reliable and efficient grid protection.

There is a growing emphasis on power quality issues including voltage stability, harmonics, and reactive power management. Protective relays with advanced features are being developed to address these concerns and maintain high power quality standards. Condition monitoring technologies are being integrated into protective relays, allowing for continuous assessment of relay health. This trend supports predictive maintenance strategies, thereby reducing downtime and extending equipment lifespan.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Industry size for protective relay surpassed USD 2.5 billion in revenue in 2023 and is set to expand at over 5% CAGR from 2024 to 2032 attributed to the ongoing grid modernization and smart grid initiatives globally.

Low-voltage protective relay industry size is anticipated to grow at over 5% CAGR from 2024-2032 owing to the extensive usage in residential and commercial applications for protecting electrical systems at voltages typically up to 1 kV.

Asia Pacific held more than 30% revenue share of the protective relay market in 2023 and is poised to exhibit robust growth through 2032 owing to rapid industrialization and urbanization, leading to an increased demand for electricity in the region

Some of the leading protective relay companies are FANOX ELECTRONIC, SL, Schneider Electric SE, Toshiba Corporation, Eaton Corporation Plc., ABB Ltd., Siemens AG, Schweitzer Engineering Laboratories, Inc., Larson & Toubro Limited, NR Electric Co., Ltd., and Rockwell Automation Inc.