WILMINGTON, DE / ACCESSWIRE / August 26, 2022 / Transparency Market Research Inc.: The growth of protection relay market pivots on back of need for robust overcurrent protection mechanisms in energy distribution systems and power transmission grids. Rising demand for power in various industrial sectors such as automotive, oil & gas, and metals and mining has paved the way to massive commercialization of protective devices over the past few years. The trend had helped the global protection relay market reach value of US$ 2.96 Bn in 2021.
Several protective relay manufacturers are capturing substantial revenues from the increasing trend of digitalization of substations. Stridently, investments in smart power distribution systems are catalyzing adoption of renewable power sources, thereby unlocking enormous prospects in the protection relay market. With governments making large investments in modernization of grids in both developing and developed nations, the demand for protection relays is expected to proliferate.
Electromagnetic relays have been widely commercialized in recent years, anchored in their benefits of remarkable reliability and product functionalities. Indeed, the segment held a major share of the protection relay market in 2021. The compatibility of the products in relation to both AC and DC systems makes them suitable for protection technology used in motors and transformers, which will continue to impel their demand.
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Key Findings of Protection Relay Market Study
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Protection Relay Market: Key Drivers
Protection Relay Market: Regional Dynamics
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Protection Relay Market: Competition Landscape
A relatively small number of vendors control a majority of stakes in the protection relay market, rendering the landscape highly consolidated over the years.
Some of the key players keen on expanding product portfolio to strengthen their positions include Meidensha Corporation, TE Connectivity, Schneider Electric, Siemens, Rockwell Automation, Inc., Rockwell Automation, Inc., General Electric Company, Fanox, Basler Electric, ABB.
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