According to the new research report by IMARC Group, the global protective relay market exhibited moderate growth during 2015-2020. Looking forward, the market expects to grow at a CAGR of around 6% during (2021-2026).
Base Year: 2020
Forecast Year: 2021-2026
Industry Definition and Application:
A protective relay refers to a mechanical or digital system installed in electrical circuits to reduce failures in motors, generator, and transformers. It receives inputs in the form of voltage, current, resistance, and temperature. A protective relay matches the received input to set points and displays the outputs in the form of indicator lights, control warnings or alarms. It also prevents potential failures and helps in detecting the damaged equipment or devices in the circuit by giving the tripping command to the circuit breaker. The modern variants of the protective relay are microprocessor-based digital tools that are more efficient and cost-effective than their conventional counterparts.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends and Drivers:
The growing adoption of renewable energy sources have substantially increased the product utilization in the smart grid network to minimize power outages. Moreover, the growing construction activities for power substations worldwide are further bolstering the market growth. The power stations employ protective relays to trigger alarm switches and circuit breakers during extreme voltage fluctuations while supplying electricity for commercial and residential applications. Additionally, the growing number of advanced electrical circuit designs have further aggravated the demand for protective relays to monitor over-current, over-voltage, and under-frequency for reversing power flow and avoiding major accidents. Furthermore, the increasing awareness regarding safety in the power sector and extensive R&D activities are also expected to drive the protective relay market.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/protective-relay-market
Protective Relay Market Segmentation:
The report has segmented on the basis of Voltage, Type, Application, End Use and geography
Breakup by Voltage:
Breakup by Type:
Breakup by Application:
Breakup by End-Use:
Power Generation and Distribution
Industrial Equipments and Systems
Breakup by Region:
Middle East and Africa
Who are the Major Protective Relay Market Key players?
The report provides a detailed analysis of the market leaders, including.
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