Protective Relay Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Voltage (Low, Medium, High), By Protective Mechanism (Motor Protection, Feeder Protection, Transformer Protection, Transmission Line, Others), By Industry Vertical (Manufacturing, Energy & Power, Others), And By Geography - Forecasts From 2021 To 2026

The global protective relay market is expected to grow at a compound annual growth rate of 6.57% over the forecast period to reach a market size of US$6,903.002 million in 2026 from US$4,421.740 million in 2019. 

A protective relay is a device that detects the fault and initiates the operation of the circuit breaker to eliminate the defective element from the rest of the system. These relays work together with control and sensing devices to achieve their desired function. Protective relays have applications in the electric power industry. Some of the preferred potentials of protective relay circuits include adequateness, selectivity, reliability, stability, power consumption, system security, speed, and time.

Market Outlook.

The growing global population leading to the ever-increasing need for electrical power is the major driver of the global protective relay market. Growing adoption of automation processes across end-user industries combined with expanding transmission and distribution infrastructure globally are also projected to propel the growth of the protective relay market over the next six years. Growing security issues will augment the demand for Cyber Protective Relays in the coming years. However, the high cost of installation and maintenance can obstruct the growth of the protective relay market.

GLOBAL PROTECTIVE RELAY MARKET, US$ Million, 2019 to 2026

Source: Knowledge Sourcing Intelligence Analysis

Increasing demand for energy and power.

The market is expected to surge in the coming years, due to the rise in electricity demand, worldwide. The growing urban population is expected to play a major role in the overall electricity growth. According to the World Bank, 68% of the world's population is expected to live in urban areas, by the year 2050, up from 55% in the year 2018. According to the data given by the International Energy Agency, the global electricity demand saw a surge of 1.4% in the year 2019. There had also been a growth in the adoption of nuclear and renewable power. China, one of the biggest consumers of electricity, had witnessed a growth in electricity demand by 4.7% in the same year. Moreover, the electricity demand in countries like India, Vietnam, and Indonesia is expected to surge due to the rise in manufacturing and irrigation activities, and other related factors. With the rising electricity demand, the need for safer, secure, and advanced power relay devices and solutions, are expected to surge at an exponential rate, in the coming years.

GLOBAL PROTECTIVE RELAY MARKET SHARE, BY VOLTAGE, 2019 & 2026

(sample figure)

                                          2019                                                                                     2026

Increasing Cyber Attacks.

The market is expected to surge in the coming years, due to the rise in cyber-attacks on electric grids and other electrical-related components, globally. In the year 2015, a massive cyberattack occurred in Ukraine, which had left around a quarter of a million country's population without electricity.  As the world had been adopting novel renewable energy solutions and had been adding millions of other types of electrical components, such as smart meters, there had been an increase in the potential for further cyber intrusions and attacks, globally. The increase in smart applications and digitization is also expected to emerge as a potential platform for further cyber intrusions. Moreover, in October 2020, it was reported in India that the blackout in its financial city of Mumbai had been caused due to cyber sabotage. Protective relays are expected to emerge as a potential solution to hinder cyber attacks and intrusions. According to ABB, one of the biggest players in the market, protection relays are an imperative part of power systems, that are also essential for cybersecurity solutions. These trends are expected to play a major role in market growth, in the coming years.

A rise in construction activities.

The market is expected to register significant growth, due to the rise in construction activities, globally. Countries, like the United States, China, and India, are expected to enhance the overall market growth. According to the data given by the National Investment & Promotional Agency of India, the construction market in the country is expected to emerge as the third biggest market, worldwide, by the year 2025, and is expected to grow at around 7.1%, per year. According to the data given by the Associated General Contractors of America, the construction sector has become a major contributor to the US economy. The construction industry in the country creates around US$1.3 trillion worth of structures, per year. China is also expected to register significant growth, in the coming years. According to the International Trade Administration, the country's construction market is expected to grow at an average of 5.2% between the years 2021 and 2029. With the rise in the construction and real estate sector, the electricity demand is expected to surge at an exponential rate, in the coming years. Moreover, the countries in the Middle Eastern region, such as the United Arab Emirates and Saudi Arabia are expected to play a major role in the market growth. Saudi Arabia, under its 2030 vision, has been investing a significant sum of capital to develop world-class infrastructure, to diversify itself from the oil and gas economy.

Protective Relay Market Scope:

Report Metric	Details
Market size value in 2019	US$4,421.740 million
Market size value in 2026	US$6,903.002 million
Growth Rate	CAGR of 6.57% from 2019 to 2026
Base year	2019
Forecast period	2021–2026
Forecast Unit (Value)	USD Million
Segments covered	Voltage, Protective Mechanism, Industry Vertical, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	ABB, Siemens, Fujitsu, Schneider Electric, Omron, SEL Group, General Electric, Coto   Technology, Littelfuse, Ashida Electronics Pvt. Ltd.
Customization scope	Free report customization with purchase

 

Segmentation:

• By Voltage
  • Low
  • Medium
  • High
• By Protective Mechanism
  • Motor Protection
  • Feeder Protection
  • Transformer Protection
  • Transmission Line
  • Others
• By Industry Vertical
  • Manufacturing
  • Energy & Power
  • Others
• By Geography
  • North America
    • USA
    • Canadá
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Thailand
    • Taiwan
    • Indonesia
    • Others

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Frequently Asked Questions (FAQs)

Q1. What will be the protective relay market size by 2026?
A1. The global protective relay market is expected to reach a total market size of US$6,903.002 million in 2026.

Q2. What is the size of global protective relay market?
A2. Protective Relay Market was valued at US$4,421.740 million in 2019.

Q3. What are the growth prospects for the protective relay market?
A3. The protective relay market is expected to grow at a CAGR of 6.57% over the forecast period.

Q4. How is the global protective relay market segmented?
A4. The global protective relay market has been segmented by voltage, protective mechanism, industry vertical, and geography.

Q5. What factors are anticipated to drive the protective relay market growth?
A5. The growing global population leading to the ever-increasing need for electrical power is the major driver of the global protective relay market.