Protective Relays Market (Updated Version Available)
Protective Relays Market | Size, Share & Trends Analysis, By Type (Overcurrent Relays, Electromechanical Relays, Directional Relays, Distance Relays, Digital & Numerical Relays, Pilot Relays and Differential Relays), Voltage (Low, Medium and High), Application (Feeder Protection, Transmission Line Protection, Motor Protection, Capacity Bank Protection, Transformer Protection, Generator Protection, Bus Bar Protection and Others), End Use (Industrial, Utilities, Renewables and Others), By Region and Segment, Forecast Period 2022-2030
Report ID : RI_673731 | Date : September 2024 |
Format : 
Key Market Overview:
Protective relays market size was worth over USD 2.02 Billion in 2022 and is anticipated to reach over USD 3.20 Billion by 2030, growing at a CAGR of 5.9% during the forecast period (2022-2030).
Protective relays are a type of safety devices that are typically used to monitor the electrical power system for any abnormal conditions and protect it from damage. They are designed to automatically detect and isolate faults such as over-current, over-voltage, or under-voltage, and trip the breaker or switch to disconnect the faulty section of the system. This helps prevent damage to the electrical equipment and ensure the stability and reliability of the power system.
Protective relays are designed to be highly reliable that ensures accurate and effective operations in detecting and isolating faults. Thus, relays are a cost-effective solution for ensuring the safety and reliability of electrical power systems. The relays are also considered as a cost-effective alternative to replacement of damaged equipment or fixing power outages caused due to faults. Also, protective relays are versatile and offer wide applications as monitoring sensor to evaluate voltage, current, power and frequency within power systems. Another aspect that supports the high adoption of protective relays is easy maintenance. Such relays offer simple and straightforward design that allows for rapid and easy troubleshooting.
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Market Dynamics:
Driver:
The modernization of electrical infrastructure, especially in developing countries such as India, Japan, and Brazil, results in increased demand for protective relays to upgrade and improve the safety and reliability of electrical or power grid systems. Further, the advancements in protective relay technology such as the development of intelligent and digital relays also drives the growth of the protective relay market. Also, rising awareness among businesses as well as consumers in terms of electrical safety also fuels the demand for protective relays to prevent electrical system damage.
Restraint:
The high costs associated with installation of protective relays especially in old electrical systems with requirement of retrofitting mainly restricts the market growth. Further, the lack of specifications and standardization in the context of such relays limits the wide adoption of protective relays. Such limitation is especially in terms of manufacturers that invest large budgets for providing consistent and compatible products. Moreover, the presence of alternative solutions such as self-healing power grids and distributed energy resources also hampers the protective relays market growth.
Opportunities:
The scope of development in terms of smart grid technology is expected to offer creative opportunities for demand of advanced protective relays that have the potential to integrate with power systems and provide improved protection and reliability. Moreover, growing expenditures on electric vehicle charging infrastructure is also anticipated to offer lucrative growth opportunities to the market growth. Such charging stations have the potential to involve protective relays to meet the unique power quality requirements of such charging infrastructure.
Protective Relays Market Segmentation:
By Types
The precision resistor market can be segmented by type, metal film precision resistors, wirewound precision resistors, metal foil precision resistors, and others. Wirewound The type segment is separated into overcurrent relays, electromechanical relays, directional relays, digital & numerical relays, distance relays, pilot relays and differential relays. The digital & numerical relays is anticipated to contribute largest shares to the market growth in terms of revenue. Digital and numerical relays use advanced algorithms and software to make precise measurements which significantly reduced the possibility of human error. Such relays are also easily programmed and reconfigured that enables manufacturers to meet changing system requirements and improve overall power system performance. Thus, the segment growth is primarily attributed to the high adoption by manufacturers in terms of transmission infrastructure development. Further, electromechanical relays are also estimated to support the market growth in terms of volume. Owing to the ability of handling high switching loads, such electromechanical relays are ideal for applications that need to be switched due to fluctuations in current or voltage.
By Voltage
The voltage segment is divided into low, medium and high. The medium voltage segment contributed largest shares to the market growth in 2021. Medium voltage relays are mainly used by manufacturers due to built-in safety features that reduce the risk of electrical accidents that results in ensured safety of personnel and equipment. Such relays are also compatible with a wide range of medium voltage switchgear that aids in easy integration within existing power systems. Further, low voltage segment is also projected to support the growth of protective relays market statistics during the forecast period. Low voltage relays pose a lower risk of electrical shock and fire. Thus, such relays are mainly considered safe to use within manufacturing environments.
By Application
The application segment is categorized into feeder protection, transmission line protection, motor protection, capacity bank protection, transformer protection, generator protection, bus bar protection and others. The motor protection segment contributed largest shares to the market growth in 2021. The high usage of relays for circuit-breaker and contactor-controlled motors in a various drive applications, including those for pumps, fans, compressors, mills, and crushers supports the segment growth. Moreover, transmission line protection segment is also anticipated to support the market growth in terms of volume. Protective relays are mainly adopted to detect faults on transmission lines in early stages such as short circuits and overloading, allowing for prompt corrective action.
By End Use
The end use segment is categorized into industrial, utilities, renewables and others. The utilities segment accounted for largest share contribution to the protective relays market growth in 2021. High dependence of the industry on power system and equipment protection in order to establish network stability fuels the demand for protective relays. Also, the growing focus on labor safety also results in high demand for protective relays to reduce the risks of power outages and equipment damage caused due to electric overload within facilities. Furthermore, the industrial segment is also projected to support the market growth in terms of volume. An increased emphasis on technology advancements within industrial setting results in high demand of protective relays for efficient processes.
By Region
The regional segment comprises Europe, the Middle East and Africa, Asia Pacific, North America, and Latin America. Asia Pacific is anticipated to support the market growth in terms of largest market shares. The established presence of renewable industry in this region is major factor that results in increased market growth. Also, growing emphasis by businesses as well as governments on human safety boosts the demand for protective relays in manufacturing facilities.
Further, North America is also estimated to support the market growth with fastest CAGR growth during the forecast period. The large presence of established market players mainly supports the market growth in North American region. Such manufacturers of protective relays are working together and entering into agreements with other firms to provide electrical components in this region and upgrade the electrical infrastructure.
Protective Relays Market Competitive Landscape:
The main aspect that contributes to the competitiveness of the market is the level of research and development investments made by players. Leading players in the market are continuously investing in research and development activities to enhance their product offerings and stay ahead of the competition. In terms of product offerings, such market players offer a wide range of innovations in protective relays such as overcurrent relays, differential relays, distance relays, and directional relays. Market players are also focusing on providing customized solutions to cater to the specific requirements of customers. Mentioned are industry players that form latest market concentrationâ€\"
ï‚·ABB
ï‚·Mitsubishi Electric Corporation
ï‚·Siemens
ï‚·Rockwell Automation
ï‚·Fuji Electric
ï‚·Schneider Electric
ï‚·NR Electric Co., Ltd.
ï‚·Toshiba
ï‚·Littelfuse
ï‚·Tianshui
ï‚·Fanox
ï‚·Euchner
E. Dold & Söhne GmbH & Co. KG
ï‚·Motortronics
ï‚·Captron
ï‚·Enda
ï‚·Eaton
Recent Developments:
In May 2021, ABB introduced a new product to Relion® line named REX610 that is aimed at promoting safe, intelligent, and sustainable electrification. In terms of innovative design, the REX610 simplifies the protection of power grids, industrial processes, and multiple individuals.
ï‚·In July 2021, Industry.AI, a subsidiary of Bharat Light & Power Pvt. Ltd. that specializes in enterprise artificial intelligence, has partnered with Sharper Shape of the US to deliver solutions for power grid monitoring and maintenance.
ï‚·In December 2022, ABB initiated a Relay Retrofit Program to upgrade select SPACOM protection relays to the advanced REX610 technology. The REX610 is a cutting-edge, all-in-one protection relay with a capacity to handle all primary power distribution applications with six variants. Such management ability results in wide adoption of relays in terms of installation, operation, and maintenance. Further, the relay is flexible and have potential for adjustments over time in terms of evolving protection, communication, and network needs.
Protective relays market size was worth over USD 2.02 Billion in 2022 and is anticipated to reach over USD 3.20 Billion by 2030, growing at a CAGR of 5.9% during the forecast period (2022-2030).
Protective relays are a type of safety devices that are typically used to monitor the electrical power system for any abnormal conditions and protect it from damage. They are designed to automatically detect and isolate faults such as over-current, over-voltage, or under-voltage, and trip the breaker or switch to disconnect the faulty section of the system. This helps prevent damage to the electrical equipment and ensure the stability and reliability of the power system.
Protective relays are designed to be highly reliable that ensures accurate and effective operations in detecting and isolating faults. Thus, relays are a cost-effective solution for ensuring the safety and reliability of electrical power systems. The relays are also considered as a cost-effective alternative to replacement of damaged equipment or fixing power outages caused due to faults. Also, protective relays are versatile and offer wide applications as monitoring sensor to evaluate voltage, current, power and frequency within power systems. Another aspect that supports the high adoption of protective relays is easy maintenance. Such relays offer simple and straightforward design that allows for rapid and easy troubleshooting.
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 4.77 Billion |
| CAGR (2022-2030) | 6.5% |
| Base Year | 2021 |
| By Type | Metal Film Precision Resistors, Wire Wound Precision Resistors, Metal Foil Precision Resistors, and Others |
| By Application | Test & Measurement Equipment, Medical Equipment, Semiconductors, Telecommunication, Industrial Automation, Military Equipment, and Others |
| By Geography | |
| Key Players | TE Connectivity, Bourns, Yageo, KOA Corporation, Panasonic, Stackpole Electronics, Caddock Electronics, Riedon, Ohmite, Welwyn Components, TT electronics, Vishay Intertechnology, Stackpole Electronics Inc |
Market Dynamics:
Driver:
The modernization of electrical infrastructure, especially in developing countries such as India, Japan, and Brazil, results in increased demand for protective relays to upgrade and improve the safety and reliability of electrical or power grid systems. Further, the advancements in protective relay technology such as the development of intelligent and digital relays also drives the growth of the protective relay market. Also, rising awareness among businesses as well as consumers in terms of electrical safety also fuels the demand for protective relays to prevent electrical system damage.
Restraint:
The high costs associated with installation of protective relays especially in old electrical systems with requirement of retrofitting mainly restricts the market growth. Further, the lack of specifications and standardization in the context of such relays limits the wide adoption of protective relays. Such limitation is especially in terms of manufacturers that invest large budgets for providing consistent and compatible products. Moreover, the presence of alternative solutions such as self-healing power grids and distributed energy resources also hampers the protective relays market growth.
Opportunities:
The scope of development in terms of smart grid technology is expected to offer creative opportunities for demand of advanced protective relays that have the potential to integrate with power systems and provide improved protection and reliability. Moreover, growing expenditures on electric vehicle charging infrastructure is also anticipated to offer lucrative growth opportunities to the market growth. Such charging stations have the potential to involve protective relays to meet the unique power quality requirements of such charging infrastructure.
Protective Relays Market Segmentation:
By Types
The precision resistor market can be segmented by type, metal film precision resistors, wirewound precision resistors, metal foil precision resistors, and others. Wirewound The type segment is separated into overcurrent relays, electromechanical relays, directional relays, digital & numerical relays, distance relays, pilot relays and differential relays. The digital & numerical relays is anticipated to contribute largest shares to the market growth in terms of revenue. Digital and numerical relays use advanced algorithms and software to make precise measurements which significantly reduced the possibility of human error. Such relays are also easily programmed and reconfigured that enables manufacturers to meet changing system requirements and improve overall power system performance. Thus, the segment growth is primarily attributed to the high adoption by manufacturers in terms of transmission infrastructure development. Further, electromechanical relays are also estimated to support the market growth in terms of volume. Owing to the ability of handling high switching loads, such electromechanical relays are ideal for applications that need to be switched due to fluctuations in current or voltage.
By Voltage
The voltage segment is divided into low, medium and high. The medium voltage segment contributed largest shares to the market growth in 2021. Medium voltage relays are mainly used by manufacturers due to built-in safety features that reduce the risk of electrical accidents that results in ensured safety of personnel and equipment. Such relays are also compatible with a wide range of medium voltage switchgear that aids in easy integration within existing power systems. Further, low voltage segment is also projected to support the growth of protective relays market statistics during the forecast period. Low voltage relays pose a lower risk of electrical shock and fire. Thus, such relays are mainly considered safe to use within manufacturing environments.
By Application
The application segment is categorized into feeder protection, transmission line protection, motor protection, capacity bank protection, transformer protection, generator protection, bus bar protection and others. The motor protection segment contributed largest shares to the market growth in 2021. The high usage of relays for circuit-breaker and contactor-controlled motors in a various drive applications, including those for pumps, fans, compressors, mills, and crushers supports the segment growth. Moreover, transmission line protection segment is also anticipated to support the market growth in terms of volume. Protective relays are mainly adopted to detect faults on transmission lines in early stages such as short circuits and overloading, allowing for prompt corrective action.
By End Use
The end use segment is categorized into industrial, utilities, renewables and others. The utilities segment accounted for largest share contribution to the protective relays market growth in 2021. High dependence of the industry on power system and equipment protection in order to establish network stability fuels the demand for protective relays. Also, the growing focus on labor safety also results in high demand for protective relays to reduce the risks of power outages and equipment damage caused due to electric overload within facilities. Furthermore, the industrial segment is also projected to support the market growth in terms of volume. An increased emphasis on technology advancements within industrial setting results in high demand of protective relays for efficient processes.
By Region
The regional segment comprises Europe, the Middle East and Africa, Asia Pacific, North America, and Latin America. Asia Pacific is anticipated to support the market growth in terms of largest market shares. The established presence of renewable industry in this region is major factor that results in increased market growth. Also, growing emphasis by businesses as well as governments on human safety boosts the demand for protective relays in manufacturing facilities.
Further, North America is also estimated to support the market growth with fastest CAGR growth during the forecast period. The large presence of established market players mainly supports the market growth in North American region. Such manufacturers of protective relays are working together and entering into agreements with other firms to provide electrical components in this region and upgrade the electrical infrastructure.
Protective Relays Market Competitive Landscape:
The main aspect that contributes to the competitiveness of the market is the level of research and development investments made by players. Leading players in the market are continuously investing in research and development activities to enhance their product offerings and stay ahead of the competition. In terms of product offerings, such market players offer a wide range of innovations in protective relays such as overcurrent relays, differential relays, distance relays, and directional relays. Market players are also focusing on providing customized solutions to cater to the specific requirements of customers. Mentioned are industry players that form latest market concentrationâ€\"
ï‚·ABB
ï‚·Mitsubishi Electric Corporation
ï‚·Siemens
ï‚·Rockwell Automation
ï‚·Fuji Electric
ï‚·Schneider Electric
ï‚·NR Electric Co., Ltd.
ï‚·Toshiba
ï‚·Littelfuse
ï‚·Tianshui
ï‚·Fanox
ï‚·Euchner
E. Dold & Söhne GmbH & Co. KG
ï‚·Motortronics
ï‚·Captron
ï‚·Enda
ï‚·Eaton
Recent Developments:
In May 2021, ABB introduced a new product to Relion® line named REX610 that is aimed at promoting safe, intelligent, and sustainable electrification. In terms of innovative design, the REX610 simplifies the protection of power grids, industrial processes, and multiple individuals.
ï‚·In July 2021, Industry.AI, a subsidiary of Bharat Light & Power Pvt. Ltd. that specializes in enterprise artificial intelligence, has partnered with Sharper Shape of the US to deliver solutions for power grid monitoring and maintenance.
ï‚·In December 2022, ABB initiated a Relay Retrofit Program to upgrade select SPACOM protection relays to the advanced REX610 technology. The REX610 is a cutting-edge, all-in-one protection relay with a capacity to handle all primary power distribution applications with six variants. Such management ability results in wide adoption of relays in terms of installation, operation, and maintenance. Further, the relay is flexible and have potential for adjustments over time in terms of evolving protection, communication, and network needs.
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| Corporate User | : $7460 |
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| Multi User | : $5460 |
| Corporate User | : $7460 |
Buy Now
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