Protective Relay Market Analysis

Global Protective Relay Market Overview:

Protective Relay Market Size was valued at USD 2.14 Billion in 2023. The Protective Relay market industry is projected to grow from USD 2.25 Billion in 2024 to USD 3.47 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.53% during the forecast period (2024 - 2032). Increased transmission and distribution capacity and increasing the amount of energy produced by renewable sources are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Analyst Quotes:

"With the increase in investment in renewable energy sources and the rise in renewable generation capacity, particularly solar, wind, and biofuels major companies are investing aggressively in the Protective Relay. Moreover, growing environmental worries about the depletion of conventional energy sources are projected to draw additional infrastructure expenditures to increase demand for protective relays."

Protective Relay Market Trends

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  Growing renewable energy infrastructure is driving the market growth

  
  

Market CAGR for protective relays is driven by the rising energy demand, leading to an increase in investment in renewable energy sources and the rise in renewable generation capacity, particularly solar, wind, and biofuels. Moreover, growing environmental worries about the depletion of conventional energy sources are projected to draw additional infrastructure expenditures to increase demand for protective relays. Increased use of renewable energy sources alters the normal operating mode of the power grid, which in turn affects the performance of protective relays and automation equipment. Switching to renewable energy sources can minimize Short-circuit currents and the protection system's insensitivity to this defect. Demand for protective relays is expected to rise due to the issues mentioned above in the future.

Additionally, the increasing need for electrical power, which should enhance sales of protective relays, is largely attributable to industrial change in developing nations. The proliferation of commercial and industrial establishments and the expansion of substations and transmission grids, especially in China and India, have all contributed significantly to the market's development. Increasing product demand from a wide variety of end-use sectors and rising energy demand will protective relay Market. One major reason that will slow the protection relay market's expansion is the rising penetration of these devices into power transmission and distribution infrastructure. Moreover, within the foreseen time frame, the market will expand rapidly as new numeric relays replace antiquated electromechanical and static relays. Therefore, the increasing prevalence of energy supply is fueling the expansion of the international market.

For instance, ABB has introduced a new member of the Relion product family to provide reliable, smart, and environmentally responsible electrification. The REX610 improves basic energy transmission applications by facilitating safety and control. As a result, the demand for protective relays is predicted to grow throughout the forecasted time due to the rising demand for energy supply. Thus, the driving factor is the protective relay market revenue.

Protective Relay Market Segment Insights:

Protective Relay Voltage Insights

The protective relay market segmentation, based on voltage, includes low, medium, and high. In 2022, the medium segment led the protective relay market in revenue. The high percentage can be attributed to medium voltage protective relays' rising popularity for power grids and switchyards.

Figure 1: Protective Relay Market by Voltage, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Protective Relay Application Insights

The protective relay market segmentation, based on application, includes feeders, transmission lines, motors, transformers, and generators. The motors category is anticipated to grow at a CAGR of 6.00% over the projected period, making up the largest market share because motor protection relays are mostly used in industrial and commercial settings. Increases in commercial and industrial activity, especially in the manufacturing sectors (chemical, mining, and energy) in China, India, and Japan, are anticipated to drive demand in the motor protection relay market.

Protective Relay Operating Mechanism Insights

The protective relay market segmentation, based on the operating mechanism, includes electromechanical relays, static relays, and digital relays. The digital relays category is expected to grow fastest at a CAGR of 6.00% in the future because more resources are being allocated to smart grid initiatives, distribution and transmission infrastructure construction, and substation automation. Digital-protected relays are high-tech with built-in features, including metering, communication, self-test, and more.

Protective Relay End-Use Insights

The protective relay market segmentation, based on end-use, includes industrial, utilities, railways, and others. The utility's category is expected to grow fastest at a CAGR of 6.00% in the future because of the proliferation of new grids across various nations.

Protective Relay Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American protective relay market will dominate because of the expansion of transmission networks, the modernization of the nation's electrical infrastructure, and the switch to solar power. Having so many established businesses in this sector has also helped to lure investors regarding developed infrastructure.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Protective Relay Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe’s protective relay market accounts for the second-largest market share because the region's electrical infrastructure investment has increased significantly in recent years. Further, the German protective relay market held the largest market share, and the UK protective relay market was the fastest-growing market in the European region.

The Asia-Pacific protective relay market is expected to grow at the fastest CAGR from 2023 to 2032 due to the rise in electricity consumption in the Asia-Pacific area, which has been a primary cause in developing the region's protective relay market and increasing public understanding of renewable energy sources. In addition, the expansion of the region's infrastructure, in tandem with its increasing urbanization, has contributed to the market's expansion. Moreover, China’s protective relay market held the largest market share, and the Indian protective relay market was the fastest-rising market in the Asia-Pacific region.

Protective Relay Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the protective relay market grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's footprint, with important market developments including new product launches, contractual agreements and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the protective relay industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the protective relay industry to benefit clients and increase the market sector. In recent years, the protective relay industry has offered some of the most significant technological advancements. Major players in the protective relay market, including Hitachi ABB Power Grids, Schneider Electric, Siemens AG, Eaton, Mitsubishi Electric, Toshiba Corporation, SEG Electronics GmbH, Fuji Electric Co. Ltd, Littelfuse Inc., WEG, TE Connectivity Ltd., Basler Electric, Rockwell Automation Inc., Woodward Inc., CIRCUTOR SA, PBSI Group, Orion Italia s.r.l, Schweitzer Engineering Laboratories, General Electric, and others are attempting to grow market demand by investing in research and development operations.

For nearly 150 years, Toshiba has been a market pioneer in the energy sector, including power production, infrastructure sectors like water treatment, and the devices sector crucial to social and information infrastructure growth. We are making advancements in resilient infrastructure and renewable energy sources today. Toshiba fully harnesses the power of data to create vital goods and services for the globe. Toshiba is a single-source choice for many solutions and clients because of its broad selection of semiconductors and storage products. We closely collaborate with OEMs, ODMs, CMs, VARs, fabless semiconductor makers, retailers, and our distribution partners to determine the ideal product mix and new technological advancements. In March 2023, Toshiba Electronic Devices & Storage Corporation ("Toshiba") announced the "SSM14N956L," a 12V common-drain N-channel MOSFET with a current rating of 20A, for use in battery protection circuits in lithium-ion (Li-ion) battery packs.

SEL specializes in developing digital technologies and platforms that safeguard, regulate, and automate power systems. With this technique, blackouts can be avoided, and the dependability and safety of the electrical supply are increased at a lower cost. With its headquarters in Pullman, Washington, SEL is an entirely employee-owned business that has been making products in the US since 1984 and offers its services to clients worldwide. Our technologies are developed, tested, built, distributed, taught, and supported at SEL facilities as part of our commitment to creating and manufacturing dependable, high-quality products. Hence, we are convinced you and your clients can depend on them to keep vital systems running smoothly. In February 2023, The SEL-2741 was a high-end operational technology (OT) software-defined networking (SDN) Ethernet switch that was recently added to SEL's line of operational technology (OT) SDN switches.

Key Companies in the Protective Relay Market include

• Hitachi ABB Power Grids


• Schneider Electric


• Siemens AG


• Eaton


• Mitsubishi Electric


• Toshiba Corporation


• SEG Electronics GmbH


• Fuji Electric Co. Ltd


• Littelfuse Inc.


• WEG


• TE Connectivity Ltd.


• Basler Electric


• Rockwell Automation Inc.


• Woodward Inc.


• CIRCUTOR SA


• PBSI Group


• Orion Italia s.r.l


• Schweitzer Engineering Laboratories


• General Electric

Protective Relay Industry Developments

May 2023: Toshiba Electronic Devices & Storage Corporation ("Toshiba") has introduced the TCR1HF family of LDO regulators, which offer high voltages, a wide input voltage range, and the lowest [1] stand-by current consumption in the industry. The first three items in the new series have been shipped.

March 2023: Electric Co., Ltd. is pleased to announce the recent release of the MICREX-VieW FOCUS Evolution, a new member of plant automation, monitoring, and control solutions from MICREX-VieW's FOCUS Series. It has a flexible configuration that may be altered to meet the needs of each given customer.

April 2023: GE Power Conversion and Nedstack Fuel Cell Technology have agreed to continue their joint development of marine fuel cell technology. Industry participants are working and aggressively supplying alternative marine fuel and electric power technology solutions to the greater merchant marine market to facilitate the sector’s transition to net zero.

The new all-in-one protective relay from ABB promises inventive simplicity in 2021. REX610 is intended to make protection and control of fundamental power distribution applications easier as the power grid changes. With the expectation that global energy consumption would almost quadruple by 2050, power distribution networks will only get bigger and more intricate. ABB is responding by introducing a new member of the Relion® product family, which is intended to facilitate safe, intelligent, and environmentally friendly electrification. The REX610 simplifies the protection of people, industrial processes, and grids with its unique simplicity.

With the release of the 7SR46 in 2022, Siemens will be adding to its line of Reyrolle protection devices. The main use of the Reyrolle 7SR46 protection relay is to supply earth fault and overcurrent protection in medium voltage distribution transformer stations. This protective relay is a complement to a wide range of protection relays designed for industrial and distribution grids. The protection device, which is mounted in a ring main unit, instantly disconnects network cables when it detects a cable problem.

Protective Relay Market Segmentation

Protective Relay Voltage Outlook

• Low


• Medium


• High

Protective Relay Application Outlook

• Feeder


• Transmission Line


• Motor


• Transformer


• Generator

Protective Relay Operating Mechanism Outlook

• Electromechanical Relays


• Static Relays


• Digital Relays

Protective Relay End-Use Outlook

• Industrial


• Utilities


• Railways


• Others

Protective Relay Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America