Research Nester’s recent market research analysis on “Protective Relay Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global Protective Relay market in terms of market segmentation by component, distribution channel, end-user, and by region.
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Increasing Demand for Renewable Energy to Promote Global Market Share of Protective Relay
The market for protective relays is booming as a result of the rising need for energy, which is also boosting investments in and capacity of renewable energy sources including solar, wind, and biofuels. Furthermore, it's expected that growing infrastructure spending and a surge in demand for protective relays would result from growing environmental concerns about the quick depletion of conventional energy sources. The increasing use of renewable energy sources alters the typical working mode of the power grid, which affects automation and protective relay performance. By switching to renewable energy, short-circuit currents and the protection system's insensitivity to this defect can be decreased. It is projected that the previously mentioned factors will support the market growth.
Some of the major growth factors and challenges that are associated with the growth of the global protective relay market are:
Growth Drivers:
• Growing adoption from various end-use industries
• Rapid Shift towards Industrialization
Challenges:
The market for protective relay may witness slow growth due to Inaccuracy brought on by external influences and inappropriateness for converting high currents. The majority of protective relays require regular testing and maintenance since they are non-directional. Relay operation is impacted by dust, pollution, and component aging, which can result in erroneous trips. However, the mechanical inertia of the component also limits the protective relay's operating speed.
Some other factors such as cybersecurity concerns and high initial cost may hamper the growth of the protective relay market.
By end use, the protective relay market is segmented into Infrastructure, Industrial, Government, Power, and Others.
The power segment is anticipated to hold a share of XX% during the forecast period. This is a result of the increased use of different power tools and devices, including busbars, feeders, transformers, and others. Other factors driving this segment's revenue growth include the construction of new distribution & transmission networks, the replacement of antiquated electromechanical protective relays with more advanced numerical relays, automation of the substation to improve power quality, and the widespread use of smart grids to improve grid management. The protective relay is expected to be enhanced by industrial development and the increase in power generation capacity worldwide. In Asia, the rising per capita use of electricity and the region's expanding population are some of the key drivers of demand in the upcoming years.
By region, the Asia Pacific protective relay market is to hold a share of 32% by the end of 2036. The primary driver of the market for protective relays is the rapid rise in energy consumption across the globe, especially in Japan, China, and India, where population growth has increased demand for power and home infrastructure. For example, the United Nations predicts that India will surpass all other countries in population in the near future, with 1.66 billion people living there by 2050 and 1.5 billion by 2030. The market for protective relays will gain from the notable trend of urbanization.
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