The Latest Protective Relay Industry Statistics Explained
According to MarketsandMarkets, the global Protective Relay market in 2019 stood at USD 4.5 billion with major demand coming from utilities.
The statistic provided highlights that the global Protective Relay market reached a value of USD 4.5 billion in 2019, as stated by MarketsandMarkets. This suggests a significant market size for Protective Relays, which are crucial components in ensuring the safe and efficient operation of electrical systems. The mention of major demand coming from utilities indicates that the utility sector is a key driver of market growth, likely due to the increasing focus on grid modernization and reliability in the face of evolving energy demands and challenges. This statistic underscores the importance of Protective Relays in safeguarding electrical infrastructure and the potential economic scale of the market within the utility sector.
By 2026, the Protective Relay industry is expected to reach USD 8.41 billion.
The statistic states that the Protective Relay industry is projected to reach a market value of USD 8.41 billion by the year 2026. This figure indicates the estimated total revenue generated by companies involved in manufacturing and providing protective relay devices and related services by the specified year. The forecast suggests potential growth and increasing demand for protective relay systems in various sectors such as electrical power transmission, distribution, and industrial applications. Factors driving this anticipated expansion may include advancements in technology, increased focus on grid reliability and efficiency, as well as infrastructure development projects globally. This statistic provides valuable insights into the market outlook and opportunities within the Protective Relay industry for businesses, investors, and stakeholders.
Asia-Pacific accounted for the largest share of the Protective Relay Industry in 2019.
The statement “Asia-Pacific accounted for the largest share of the Protective Relay Industry in 2019” indicates that the Asia-Pacific region had the highest proportion of market sales or revenue within the protective relay industry compared to other regions in the year 2019. This statistic suggests that the demand for protective relays, which are essential components in electrical systems for protecting circuits from damage, was particularly strong in the Asia-Pacific region during that time period. Factors contributing to this could include rapid industrialization, infrastructure development, and increasing investments in energy and power sectors in countries within the Asia-Pacific region.
The feeder protection sector accounted for about 24% of the Protective Relay Industry in 2019.
The statistic “The feeder protection sector accounted for about 24% of the Protective Relay Industry in 2019” indicates that a specific segment within the protective relay industry, known as the feeder protection sector, comprised approximately one-fourth of the total industry revenue or market share in the year 2019. This suggests that feeder protection equipment, which is integral to safeguarding electrical systems from faults and disruptions, held a significant position within the overall protective relay market during that time period. The prominence of the feeder protection sector highlights its importance in ensuring the reliability and efficiency of electrical infrastructure and emphasizes its role in the broader industry landscape of protective relays in 2019.
Fully numerical relays are expected to grow at the fastest rate of 6.28% during the forecast period.
The statistic indicates that the market of fully numerical relays is projected to experience the highest growth rate of 6.28% during the forecast period. This suggests a strong momentum in the adoption and demand for fully numerical relays, which are advanced devices used in electrical systems for protection and control purposes. The significance of this growth rate lies in its potential impact on the market dynamics and industry trends, highlighting a shift towards more technologically advanced and efficient relay systems. This trend may be driven by factors such as increasing investments in upgrading power infrastructure, the need for enhanced reliability and performance in electrical systems, and advancements in digital technologies. Overall, the statistic signifies a promising outlook for the fully numerical relays market in the near future.
More than 45% of the Protective Relay sales in 2019 were made to the power sector.
The statistic “More than 45% of the Protective Relay sales in 2019 were made to the power sector” implies that a significant portion of the total sales of protective relays in 2019 were to companies within the power sector. This suggests that the power sector had a strong demand for protective relays, which are vital components used to protect electrical systems from damage. The high percentage of sales to the power sector indicates that it is a key market for protective relay manufacturers and highlights the importance of reliable and efficient electrical protection systems within the power industry.
China was the fastest-growing market for Protective Relay Industry in 2019 with a CAGR of 7.5%.
This statistic indicates that in 2019, China experienced the highest growth rate in the Protective Relay Industry compared to other markets, with a Compound Annual Growth Rate (CAGR) of 7.5%. A CAGR of 7.5% means that, on average, the market size for protective relays in China grew by 7.5% each year between the baseline year and 2019. This suggests a significant increase in demand for protective relays in China, likely driven by factors such as economic expansion, infrastructure development, or technological advancements that require the use of protective relay devices. This growth rate outpaced that of other markets, making China a key player in the global protective relay industry in 2019.
By 2027, the demand for overload protection relays is expected to rise to 18524.9 K Units.
The statistic indicates that by the year 2027, the demand for overload protection relays is projected to increase significantly to 18524.9 thousand units (K Units). This implies a growing need for these devices in various industries to protect electrical equipment from damage caused by excess currents. The rise in demand could be driven by factors such as increased industrialization, technological advancements, and a greater awareness of the importance of equipment protection. This statistic suggests a positive outlook for the market of overload protection relays in the coming years, highlighting a potential opportunity for manufacturers and suppliers in the industry to meet the rising demand.
Industrial applications are anticipated to grow at a CAGR of 5% in the Protective Relay market.
The statistic “Industrial applications are anticipated to grow at a Compound Annual Growth Rate (CAGR) of 5% in the Protective Relay market” indicates the projected annual growth rate for industrial applications within the protective relay industry. This means that over a specific period (usually multiple years), the demand for protective relays in industrial settings is expected to increase by 5% each year on average. This growth rate provides insight into the expansion of the market and signals the potential opportunities for companies operating in this sector to capitalize on the growing demand for protective relay systems within industrial applications.
Microprocessor-based protective relays are projected to account for over 60% of the market by 2023.
This statistic indicates that microprocessor-based protective relays are expected to significantly dominate the market by 2023, accounting for more than 60% of all protective relays sold. This projection suggests a growing trend towards the adoption of advanced technology in the field of protective relays. The shift towards microprocessor-based relays may be driven by factors such as advancements in digital processing capabilities, increased reliability and accuracy of these devices, as well as the benefits of remote monitoring and diagnostic capabilities offered by such systems. Overall, this statistic highlights the industry’s movement towards modern, digitally-enabled solutions for protection and control applications in various sectors such as power systems, industrial processes, and utilities.
Transformer protection segment is expected to reach around USD 1.5 billion by 2025.
The statistic “Transformer protection segment is expected to reach around USD 1.5 billion by 2025” indicates that the market value of products and services related to transformer protection is forecasted to grow significantly by the year 2025. This growth is likely due to factors such as increasing demand for reliable electricity supply, technological advancements in transformer protection systems, and the need to minimize downtime and maintenance costs for electrical infrastructure. The projected USD 1.5 billion market value highlights the potential opportunities for businesses operating in the transformer protection segment and suggests a positive outlook for the industry in the coming years.
Electrical utilities are the largest end-user segment, accounting for over 70% of global demand for Protective Relays.
The statistic that electrical utilities are the largest end-user segment, accounting for over 70% of global demand for Protective Relays, indicates that the majority of protective relay systems are purchased and utilized by companies within the electrical utilities industry. This suggests that electrical utilities have a significant need for protective relays, which are critical components in ensuring the safe and reliable operation of their electrical systems. The high demand from this sector also highlights the importance of protective relays in safeguarding the infrastructure and operations of electrical utility companies, underlining the critical role these devices play in maintaining the stability and security of power systems on a global scale.
The Middle East and Africa is expected to experience significant growth, thanks to upcoming power infrastructure development projects.
The statistic suggests that the Middle East and Africa region is projected to undergo substantial growth due to the implementation of new power infrastructure development projects. This indicates that there is an anticipated increase in investment and activity in the energy sector within the region, which is expected to drive economic growth and social development. Such infrastructure projects could lead to enhanced electricity access, improved energy efficiency, and the creation of job opportunities, contributing to overall progress and modernization in the Middle East and Africa region.
Schneider Electric, ABB, and Siemens collectively dominate more than half of the global Protective Relay market.
The statistic indicates that Schneider Electric, ABB, and Siemens hold a significant share of the global Protective Relay market, collectively accounting for more than half of the total market revenue. This means that these three companies are the major players in the Protective Relay industry, exerting significant influence and control over the market. Their dominance suggests that they have a competitive advantage in terms of product offerings, market presence, and customer base compared to other competitors in the industry. Their collective market share exceeding 50% highlights their strong positions in the market and the importance of their products and services in the sector.
The low voltage protective relay segment is set to expand at a CAGR of 6% from 2019 to 2025.
The statistic provided indicates that the low voltage protective relay segment is projected to experience a Compound Annual Growth Rate (CAGR) of 6% from 2019 to 2025. This means that over the specified period, the market for low voltage protective relays is anticipated to grow at a steady annual rate of 6%. This expansion suggests an increasing demand for these relays, which are essential components in ensuring the protection and safety of electrical systems operating at lower voltage levels. The CAGR figure serves as a useful metric for understanding the potential growth trajectory of this segment within the specified timeframe, offering insights for industry stakeholders and investors looking to capitalize on this market trend.
The use of protective relays in renewable energy installations is expected to grow at a rate of 7.3% annually through 2025.
This statistic indicates the projected growth rate of the utilization of protective relays in renewable energy installations over the next few years. A growth rate of 7.3% annually suggests that there will be a steady increase in the adoption and implementation of protective relays in renewable energy systems. The use of protective relays is essential for ensuring the safety and reliability of renewable energy installations by detecting and responding to abnormal operating conditions. The anticipated growth signifies a growing recognition of the importance of protective relays in maintaining the stability and efficiency of renewable energy systems, highlighting the industry’s commitment to enhancing operational security and performance.
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