According to the new research report by IMARC Group, the global protective relay market grew at a CAGR of around 6% during 2014-2019. Looking forward, the market is expected to continue its moderate growth during the next five years.
A protective relay refers to a mechanical or digital system installed in electrical circuits to reduce failures in motors, generators, 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.
Get a PDF Sample for more detailed market insights: https://bit.ly/3ieJcSx
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://bit.ly/33sh4ad
Insights on Market Segmentation:
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
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St
Sheridan, WY 82801
Email: [email protected]
Follow us on twitter: @imarcglobal