Global Protection Relay Market: Introduction
Transparency Market Research delivers key insights on the global protection relay market. In terms of revenue, the global protection relay market is estimated to expand at a CAGR of ~9% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global protection relay market.
A protection relay is a device designed to trip a circuit breaker when fault is detected in an electric system. Protection relays are being increasingly used in various industrial applications, owing to their capability to protect machinery and electric circuits from damage. In an electric transmission and distribution network, protection relays are employed to identify the fault of the location. Protection relays are of multiple types, such as electromagnetic relays, solid-state relays, and microprocessor relays. Selection of the protection relay depends upon various applications such as line protection, generator protection, transformer protection, and motor protection. Protection relays are largely used in the global energy & utility industry, especially in power distribution networks, for safety purposes. Furthermore, the demand for technologically-advanced microprocessor relays is increasing, owing to their high reliability at high voltage ranges. This, in turn, is expected to boost the global protection relay market during the forecast period.
Global Protection Relay Market: Dynamics
Increased demand for protection relays for use in the safety of utility infrastructure is expected to fuel the adoption of these relays significantly during the forecast period. The primary use of protection relays is to detect faults in electric circuits and associated equipment. The use of protection relays helps energy companies protect high-cost equipment and utility infrastructure from damage. Also, the ability of protection relays to detect faults at an early stage is helpful in improving the lifespan of electric equipment.
Protection relays are used in numerous applications. In transformer protection applications, medium- and high-voltage relays are largely used. The rising demand for safe power transformers compels manufacturers innovate and find better technological solutions to fulfill the needs of customers. The rising number of progression and power transformer installations, worldwide, is expected to promote the growth of the global protection relay market in the next few years. Growing number of renewable energy plants across the globe is estimated to have a significantly positive impact on the global protection relay market during the forecast period. Various steps are being taken by governments around the world to reduce carbon footprint. The demand for protection relays for use in high-voltage applications is expected to increase in the next few years, as several manufacturers are working toward the development of highly reliable microprocessor relays for use in smart grid infrastructure.
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