Protective Relay Market Segmentation:
Application Segment Analysis
Transmission & distribution segment share in the protective relay market is poised to reach 18% by the end of 2035. The use of protective relays in transmission and distribution networks is expected to rise substantially in the coming years. Relays such as these provide a significant function in protecting lines, transformers, and other equipment against problems such as overloads, short circuits, and electrical irregularities.
Moreover, according to the IEA, around the world demand for energy is projected to grow at an average yearly pace of 3.4% through 2026, fueled by economic expansion and electrification efforts, emphasizing the need for efficient safety measures. Consequently, with the growth in this segment, the protective relay market is poised to rise.
End-User Segment Analysis
In protective relay market, utilities segment share is estimated to cross 32% by 2035. Protective relays detect malfunctioning devices and hazardous conditions, maintaining the electrical grid's safety and reliability.
In addition, the growing focus on energy security and the need to control the fluctuation of renewable energy sources requires smarter and more connected grids, which increases the need for protective relay systems. Utilities are making investments in high-quality control and protection relays to increase grid stability, reliability, and efficiency.
Furthermore, the residential & commercial segment is also set to grow at the highest CAGR over the forecast period. This growth of the segment is expected to be encouraged by growing residential and commercial infrastructure which is further boosting the need for energy. For instance, in 2022 there were approximately 93,000 office buildings across the globe.
Our in-depth analysis of the market includes the following segments:
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