Industry Verticals: Protective Relay Market by Key Driver, Challenges and Opportunities 2027

According to a recent report published by Research Dive, the global protective relay market is anticipated to garner $2.92 billion by 2027, growing at a health CAGR from 2019 to 2027.

The report segments the global market on the basis of voltage, application, end use and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.

Request for FREE sample report with TOC at: https://www.researchdive.com/request-toc-and-sample/263

Factors Affecting the Market Growth-

As per the report, growing population and usage of machinery are expected to greatly fuel the growth of the protective relay industry, during the forecast period. On the other hand, high installation and maintenance cost is likely to hamper the development of the global protective relay market.

The medium segment will be the most lucrative till 2026-

Based on voltage, the global protective relay market is divided into low, medium, and high. Among these, the medium segment will have a dominating share in the global market and they are expected to register a significant revenue during the forecast timeframe. Medium voltage protective relay systems are increasingly being used in substations and power systems. Further, they are majorly used in residential settlements, shops, and showrooms.

Feeder Protection segment expected to register maximum growth-

Based on application, the global protective relay market is divided into feeder protection, generator protection, bus-bar protection, capacitor bank protection, breaker protection, transformer protection, and others. Among these, the feeder protection relay segment is anticipated to register significant growth during the forecast period owing to have the capability to protect the overhead lines and power cables. These overhead power transmission lines are usually lengthy and are operated in harsh open environments which majorly increase the chances of faults and abnormality.

Connect with Our Analyst to Contextualize Our Insights for Your Business: https://www.researchdive.com/connect-to-analyst/263

The power segment will grow exponentially over the forecast period-

Based on end use, the global protective relay market is divided into industrial, government, power and others. Among these, the power segment as an end-use industry will grow exponentially during the forecast period. The significant rise in population and increased electricity consumption in households are the major factors driving the growth of the power segment.

Regional Breakdown of the Market-

Regionally, the report evaluates the global market across North America, Europe, Asia Pacific, and LAMEA. Among these, Asia Pacific region is expected to hold the largest market share in the protective relay market during the forecast period. Growing infrastructural development in the power industry and a significant rise in investments related to the renewable energy sector are the major factors driving the growth of protection relay systems in the region.

Top Companies Leading the Market-

The major players of the global protective relay industry are Siemens, Doble Engineering Company, GENERAL ELECTRIC, Fanox, NR Electric Co., Ltd., ABB, Eaton, Schneider Electric, TOSHIBA CORPORATION, and Mitsubishi Electric Corporation. These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.

Mr. Abhishek Paliwal
Research Dive
30 Wall St. 8th Floor, New York
NY 10005 (P)
+ 91 (788) 802-9103 (India)
+1 (917) 444-1262 (US) Toll
Free : +1 -888-961-4454
Email: support@researchdive.com
LinkedIn: https://www.linkedin.com/company/research-dive
Twitter: https://twitter.com/ResearchDive
Facebook: https://www.facebook.com/Research-Dive
Blog: https://www.researchdive.com/blog
Follow us on: https://covid19impactmarket.wordpress.com

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

This release was published on openPR.