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 digital & numeric relay segment, by technology, is expected to be the fastest market during the forecast period
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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The transformer segment is expected to be the largest Protective Relay Market, by application, during the forecast period
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.
Asia Pacific is expected to dominate the global Protective Relay Market during the forecast period.
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.
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Some of the top players in the Protective Relay Market include ABB (Switzerland), GE (US), Schneider Electric (France), Siemens (Germany), and SEL (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.