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The global protection relay market, valued at USD 2.5 billion in 2022, is expected to exceed USD 4.05 billion by 2032, with a projected Compound Annual Growth Rate (CAGR) of 5.45% during the forecast period from 2023 to 2032. Asia Pacific contributed over 30.1% of the revenue share in 2022, and it is anticipated to continue its growth due to increasing electricity demand, prominent market players, rapid industrialization, investments in transmission and distribution infrastructure, and a focus on personnel safety. In contrast, North America is expected to exhibit the highest CAGR during the same period, driven by rising electricity demand, a well-established power sector, industrial progress, and a surge in renewable energy sources.
The Asia Pacific protection relay market was valued at USD 0.73 billion in 2022, projected to reach around USD 1.22 billion by 2032, growing at a CAGR of 5.45% between 2023 and 2032. The region's growth is attributed to increasing electricity demand, significant market players, rapid industrialization, investment in transmission and distribution infrastructure, and a focus on personnel safety. Initiatives like Ujwal DISCOM Assurance Yojana (UDAY), Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY), and Integrated Power Development Scheme (IPDS) in India contribute to the region's growth. Additionally, investment in renewable energy sources in countries like China is a key driver, with China expected to lead in renewable capacity additions globally.
North America is witnessing rapid growth in the electrical enclosure market, driven by increasing electricity demand, a robust power sector, industrialization, and the growth of renewable energy sources. In 2022, the US generated 4.23 trillion kWh of electricity, with 22.1% from renewables. Government initiatives promoting renewable energy sources are expected to drive the demand for protection relays.
Protective relays are crucial components in modern electrical systems, detecting faults and initiating circuit breaker operation to isolate faulty sections. The market's growth is fueled by factors such as the integration of renewable energy sources, government investments in power infrastructure, technological advancements, and the global demand for electricity. Increased awareness of personnel safety, stringent safety standards, urbanization, industrialization, and the replacement of outdated relays contribute to market expansion.
The protective relay market is expected to reach USD 4.05 billion by 2032, growing at a CAGR of 5.45% from 2023. Asia Pacific is the largest market, while North America exhibits the highest CAGR during the forecast period. The market is segmented by voltage range, application, and end-user, covering regions like North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The increasing adoption of renewable energy sources is anticipated to drive market growth.
Renewable energy is considered a secure and sustainable solution, with lower emissions compared to fossil fuels.
Smart products utilizing renewable energy sources contribute to market expansion.
Volatility in raw material prices, including copper, iron, steel, silver, and nickel, poses a challenge to market growth.
Supply chain disruptions due to raw material price fluctuations may impact demand and final product prices.
Rising government investment in the electrical power sector presents opportunities for market players.
Increased electricity demand globally drives investments in power infrastructure and reliability, boosting demand for protective relays.
Application Insights:
Holds the largest share in the protection relays market.
Growth attributed to rapid industrial and commercial sector expansion, driving demand for motor protection.
Anticipated to witness significant growth due to increasing energy demand, technological advancements, and a focus on grid modernization.
Medium voltage segment expected to dominate, driven by its widespread use in power systems and substations across industrial and residential sectors.
Utilities segment leads the market, fueled by distribution network growth and the replacement of old electromechanical relays with advanced numeric relays.
In August 2023, Toshiba unveiled surge-protection Zener diodes "XCUZ Series," suitable for the automotive industry, enhancing device and circuit protection against noise.
The global protection relay market features both small-scale and large-scale players. Prominent companies include Eaton, Littlefuse Inc., ABB Group, Schneider Electric SE, Siemens, Mitsubishi Electric Corporation, General Electric Company, Fanox, Toshiba Corporation, and others.
Market size was USD 2.53 billion in 2023, projected to reach USD 4.05 billion by 2032, with a CAGR of 5.45%. Asia Pacific is the largest market, and North America exhibits the fastest growth. Segmentation includes voltage range (low, medium, high), application (feeder protection, transmission line protection, transformer protection, generator protection, motor protection, emergency shutdown systems, and other applications), and end-user (utilities, industries, railways, and other end-user industries). Regions covered include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The global protection relay market, valued at USD 2.5 billion in 2022, is expected to exceed USD 4.05 billion by 2032.
The global market is projected to grow at a CAGR of 5.45% during the forecast period, 2023-2032.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65544
Published on :
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