Protective Relay Market Regional Analysis:
European Market Insights
Europe industry is estimated to dominate majority revenue share of 35.2% by 2035. This growth of the market in this region is poised to be dominated by a rising urban population. For instance, the European Commission states that in 2021, over 38.9% of the individuals were residing in urban areas. Hence, this has further boosted the demand for electricity in this region.
Among this region, the market for protective relay is the UK is predicted to generate a revenue of USD 5.33 billion for the year 2035 which is also the highest compared to all other nations in Europe. This growth is set to be driven by the growing production of wind energy in this region.
Moreover, the German market is also projected to have exponential growth in this region owing to growing investment in smart grid adoption.
Furthermore, with the rise in net zero initiatives the market for protective relay in France is additionally projected to rise at a faster pace over the forecast period.
Latin America Market Insights
The Latin America protective relay market is expected to expand over the forecast period. The major element to influence the market growth in this region is the growing electricity generated by hydro plants. As per the EIA report, hydropower is the major source to generate electricity in most countries in Latin America, accounting for 45% of the electricity supply from the region in total. As a cause of this factor, the demand for protective relay is predicted to experience a surge in this region.
Further, the Brazilian market for the protective relay in this region is poised to observe a rise in revenue amounting to USD 1.48 by the end of 2035. This could be owing to the rise in population in this region.
Moreover, the market in Mexico for protective relay is also estimated to rise along with Brazil owing to the rising funding to this nation to build efficient power supply sources.
Additionally, Argentina nation is experiencing a rise in non-hydro renewable projects which is further predicted to expand the market for protective relay in this area.
