Digital Protective Relay Market size is projected to grow at substantial growth rate during the forecast period i.e., between 2024-2036 which can be attributed to the rising demand for electricity globally, and the growing requirement for safe distribution channels and electricity supply through transmission lines across a different network.
Since 2010 to 2018, the total energy supply has only witnessed a hike, with the quantity being more than 12.5 million ktoe in the latter and approximately 15 million ktoe in the former year. Along with these, increasing emphasis on substation automation and transmission infrastructure development is also estimated to drive growth to the market in the coming years. Moreover, the compactness and user friendliness of digital relays is expected to offer lucrative opportunities to the market growth over the forecast period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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Regional Scope |
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The market can be segmented by end use into industrial, infrastructure, power, government and others. Out of these, the power segment is expected to witness a significant growth over the forecast period owing to the rise in the use of digital protective relay in various platforms including transformers, bus bars, and high voltage substations, and hike in power production capacity worldwide. Moreover, based on voltage, the medium voltage segment is assessed to account for the largest market share by the end of 2029, on the back of growing usage of medium voltage relays in substations and power systems and increasing demand for enhanced residential infrastructure. Additionally, on the basis of application, the motor protection segment is expected to witness the highest growth in the coming years, which can be credited to the growth of the commercial sector and surge in the manufacturing capacity of the world, especially in Asia Pacific.
Our in-depth analysis of the global market includes the following segments
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By Voltage |
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By Application |
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By End Use
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APAC Market Statistics
On the basis of geographical analysis, the digital protective relay market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific industry is set to hold largest revenue share by 2036, owing to presence of large manufacturing hubs and densely populated regions which require stable electricity throughout the day. Another factors evaluated to drive growth to the market in this region is rising focus on substation automation under IEC 61850 standard along with developed grid infrastructure activities, and increasing demand for improved energy solutions. Surging infrastructural developments in countries such as India and China are further expected to provide lucrative opportunities to key players in the region in the near future.
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Author Credits: Abhishek Verma
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