Industrial Automation Magazine India

Protective relay market to grow by USD 690.09 Mn from 2022 to 2028, Technavio

Published on : Monday 13-11-2023

Technavio has announced its latest market research report titled Global Protective Relay Market 2024-2028.

New York, November 10, 2023 – The protective relay market is expected to grow by USD 690.09 million from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 5.07% during the forecast period. The market is segmented by type (digital and numeric relay, electromechanical and static relay), application (feeder, transmission line, generator, motor, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The report analyses the market size and growth and provides accurate predictions on the growth of the market.

The growing focus on grid modernization is a key factor driving market growth. The evolution of electricity networks, driven by the need to adapt to changing energy environments, is playing a key role in stimulating demand for protective relay devices. In addition, the performance of protective relays is essential to detect and react to unusual network conditions, thereby ensuring grid stability and reliability under these changes.

The report recognises the following as some of the key players in the protective relay market: ABB Ltd, ALSTOM SA, Chongqing Blue Jay Technology Co Ltd, Contrel elettronica S.r.l., Eaton Corp Plc, ERLPhase Power Technologies Ltd, ETA Elektrotechnische Apparate GmbH, Fanox Electronic SL, General Electric Co, HNAC Technology Co Ltd, ISKRA elektro in sistemske resitve d.o.o, Larsen and Toubro Ltd, Littelfuse Inc, Mitsubishi Electric Corp, Rockwell Automation Inc, Schneider Electric SE, Siemens AG, Solcon IGEL Group, Terasaki Electric Co Ltd, and ZIV Automation

 

Major Trend

New product development related to protective relays is a major trend in the market.

·These new products, in keeping with the integration of renewable sources and energy system requirements linked to modern interconnected power grids, are improving grid efficiency, reliability, and sustainability.

·In addition, there are other applications such as cranes, lifts, air conditioning compressors, and the timber industry.

 

Significant Challenge

Cybersecurity concerns related to digital protective relays are significant challenges restricting market growth.

·To exchange data and monitor remotely, industrial protective relays are increasingly integrated into digital systems.

·In addition, disruptions and security risks may occur if unauthorised access is allowed to these systems.

·Moreover, many Industrial Relays are associated with the IoT ecosystem which is also frequently subject to cyber-attacks.